Constructors Anticipates Progress in Commercial Estate Demand
Following the correction in commercial realty rates in metros by 20% to 40%, top builders (expect|anticipate|await} sales to modify by 50% in the third quarter and the fourth quarter of 2009-10. In the 1st 2 quarters of the fiscal, sales of office space rentals grew 10% to 15%. To tap the progressing opportunity, large builders in many metros are offering ready-to-possess offices, shops and commercial lot, and under-construction offices at 15 percent to 20% discount. The correction in commercial realty rates comes at a time when the general opinion is floaty. There is ample cash flow in the market. However, the correction in the office space rentals is 15%— lower than that of the residential real estate sector.
Harinder Dhillion, vice-president (marketing) of Delhi-based Raheja Builders, “New Delhi followed by Gurgaon and Noida have witnessed 15% increase in sales of commercial space since the second quarter of this fiscal. As a result, we are planning to offer price discounts of up to 10% to 15% on office space rentals through our commercial properties based in Gurgaon.”
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