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As per the sources available with www.propertykhazana.com, the commercial realty market in India has failed with the realty consultancies approximate surplus of supply to take care of 4 years of demand. Some millions of commercial spaces are lying unoccupied in Mumbai, NCR, Chennai, Pune, Bangalore, and Kolkata and in Hyderabad; developers have put on hold their commercial ventures and changed them to housing ventures at many places. More than 50 Million Sq.ft of commercial space is lying unoccupied in Mumbai specially at Nariman Point, as the National Capital Region account stands at 23 Million Sq.ft, Chennai at 21 Mn Sq.ft and Pune and Hyderabad at 15 Mn Sq.ft, Ahmedabad of 6 Mn Sq.ft, Bangalore around 25 Mn Sq.ft and Kolkata at 10 Mn Sq.ft. The surplus supply is expected at about 166 Mn Sq.ft of all set and under construction of commercial spaces to finish within the year across the localities.
As per the RESI data saying at the www.propertykhazana.com , “More than 50 Mn Sq.ft commercial spaces are lying vacant in Mumbai. Commercial realty rates across the country have seen the correction of more than 25% across India due to the declining demand,” said the Chairman and Country head Anuj Puri of Jones Lang LaSalle. Sarang Wadhawan VC and MD of a important commercial space developer HDIL said that, “We will not perform all of them instantly as proposed before, certain demand is on leisure because of the fluctuating financial system and the companies which are cutting down on fixed cost is leading to poor inclusion of commercial space.” HDIL is developing 9.29 Mn Sq.ft of CS and Godrej Properties is relocating 2 prime ventures Godrej Garden City in Ahmedabad and Godrej Oasis in Hyderabad with a focal point as the demand for CS is reducing.
Source: NIMMA BENGALURU

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