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Most of the real estate giants are hoping to bind back in the year 2010. There has been a massive turn down in the space utilization compared to last year. According to the website www.propertykhazana.com, the total utilization of space was at 27 million sq feet in 2009, compared to 38 million sq feet in the year 2008. This was primary because of the rigid attitude of the IT and BPO’s which deals with majority of commercial spaces, which will be 70% in the country.
The coming year seems to be good. According to ED, of Cushman and Wakefield, “Economic boom has encouraged the growth and development of office space in the year 2010”. Most of the companies are cautious about the growth in the year 2009, because of the economic slowdowns. In India there will be about 5 million square feet of space utilized in the next two years. Bengaluru is holding about 3 million sq feet. This indicates the growth of IT and ITES segments. IT companies are getting new contracts which will encourage them to grow in the real estate sectors.
Most of the markets has seen approx 25% downward trend in the field of rentals in the year 2009. The last three months rentals have shot up, except in some locations in Mumbai. Delhi also saw a turn down from 4% to 27% during the year. As per the source of www.propertykhazana.com , Gurgaon is expected to see a great fall in the rentals. Most of the major cities actually recorded 53 million sq feet of new office area supply.
Most of the corporate houses are venturing to buy and leasing property on a regular basis. The promoters are also realizing this. Furthermore, in the coming years all this is going to change. Please visit the website www.propertykhazana.com for more updates.
Source: NBTVLIVE

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