Supply of office space across Indian cities has exceeded demand
With little supply in the central business district, Bangalore, India’s information technology hub, saw the highest demand for office space in the first quarter of 2008 at 5.14 million sq. ft. It was followed by the National Capital Region (NCR), comprising New Delhi and its satellite cities, with 2.2 million sq. ft. A report says though the demand for office space remained upbeat at 14 million sq. ft across India’s cities; around 15.54 million sq. ft of supply has come into the market in the same quarter. In both NCR and Bangalore, much of the limited supply was a result of large pre-commitments in 2007 that were delivered in the first three months of this year. The demand in Bangalore has been spurred by a number of new aero-engineering and logistics companies here. The problem here is, with huge demand for Grade A office space in prime areas and little supply, there is a problem of oversupply in peripheral areas like Whitefield and Marathahalli. In Mumbai 11% of the total projected supply of 2008 (19 million sq. ft) entered the market in the first quarter and most of these are in suburban business districts such as Andheri, Bandra-Kurla Complex and a special economic zone in Powai. Office rentals increased marginally at 6% with about a 7-9% rise in Bangalore and a sharp 24% growth in Pune. NCR rental values rose 2–4% in select micro markets while the commercial segment of Gurgaon saw rentals going up 3% with fresh supply in the quarter. Rental values fell in certain areas such as the IT segment in Noida, which saw a 4% fall due to fresh supply along with the existing vacant stock.
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“Coastal Paradise”-A View on Goa Real Estate
When we hear someone talking about “Goa” the images of beaches, lush forested hills, shiny sand, swaying coconut tress, and charming faces start evolving before our eyes. Also known as India’s smallest state, Goa is a tiny land located on the west coast of India. It is a boom time for property market in Goa with more and more investors ready to park big money here as they are confident to get lucrative yields in long term. Despite all the controversies and protests by non governmental organizations, the investor-sentiment in Goa remains up and positive. Real estate developers say that investors, who have inclination towards Goa, are all the way excited about properties in Goa and wish to grab the one for them, at the earliest. One of the property projects in Goa that is seen as one of the most potential investment options is “Coastal Paradise”. Spread across 11275 sq. mt of land, "Coastal Paradise" is residential complex which is in proximity to three most famous beaches of south Goa named Benaulim, Colva, and Sernabatim as well as to Margao city. The project offers Studio & 1 - 2 BHK Apartments as well as 3 BHK row villas scheduled for completion by December 2009. The project includes a swimming pool, landscaped gardens to give the residents a luxurious feeling, adequate front and backyard space ideal for parking or delving in a fit of landscaping all meant to provide you the luxurious living with nature.
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