Because of the emergence of metros at most of the places including the Bangalore city the most of the space is being covered with the developmental undertakings of the metro project .As reported by the sources to the www.propertykhazana.com by the real estate experts like Cushman and Wakefield it is expected to be covered with 33.75% at Bangalore at an acres of 13.5 million square feet, the areas at Chennai is going to be covered by about 6.5 million of commercial space which is considered as the second covered or space that is filled.
The NCR forecasted a increase in the growth which will be doubled as the statistical figures reveal that 6.4%of million square feet was occupied in the year 2006 as compared to the occupying of 3.2 million square feet in the year 2005.In the succeeding year the growth would be at a rate of 9.9 million considering the square feet of about 3.5 million at commercial areas. Leading to the increase in growth of occupation of space, the rise in the rates of rent gets revised, contributing to the increase of 60% of space that is been occupied. As a result of which the IT cities or Tier II cities like Delhi, Gurgaon and Noida are gaining their economic importance.
The other places like Hyderabad, Kolkata, Mumbai and Pune the increase in commercial space have accounted to occupying of 3 million square feet, 1.5 million square feet, 5 million square feet and 2.6 million square feet respectively.
As the development of metro undertakings are observed at Bangalore commercial space has been created for promoters (builders),apart from that commercial space have been used for insurance, banking and other corporate or for the development of IT sectors.
With the increase market at retail sectors, growth of IT sectors the commercial areas have paved the way for the improvement in the occupancy of more number of commercial spaces. According to the sources reported to the www.propertykhazana.com by the ‘Malls of India’ the occupancy of retail markets is going to be occupied at a 90 million square feet in the succeeding year 2007.
As per the report given by the MNC (Multi National Company) naming Ernst and Young (E&Y) the retail occupancy will be more because of the establishments of hypermarkets, franchises at the Tier II cities will be experiencing a massive growth in the retail sector making the way for the increase in the occupancy of commercial spaces, because the establishment of retail sector going to take place at the commercial spaces only.
Source: NIMMA BENGALURU
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