Office space absorption to reach 132 million sqft by 2017: Report

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MUMBAI: Bullish on the revival of the economy after general elections, real estate consultancy firm Cushman & Wakefield expects nearly 132 million sqft of office space, across the eight major metros, to get absorbed by 2017.

The supply of office space between 2013 and 2017 in the top eight cities-Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad, Ahmedabad, Kolkata, and Pune is expected to be around 143 million sqft.

Of this 143 million sqft, around 90 million sqft are currently under various stages construction and is expected to get completed by 2015, the report said.

To know more: Office space absorption to reach 132 million sqft by 2017: Report

Times Property: Commercial setups, connectivity boost residential demand in andheri east

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Situated in the western suburbs of Mumbai, the eastern part of Andheri, known for its commercial setups, is becoming a promising residential destination to watch out for. The planned commercial development here includes the Maharashtra Industrial Development Corporation(MIDC), the Santacruz Electronic Export Processing Zone(SEEPZ) and the Solitaire Corporate Park. All of these projects are boosting the residential market in the locality. The area is well-placed and connected to major parts of the city, including the airport.

Times of India – Makeover: Redevelopment: Turning dust to gold

Rustomjee Aspiree

Rustomjee Aspiree – A commercial redevelopment project undertaken by Rustomjee

For a space starved city, redevelopment offers residents of dilapidated and old buildings the twin advantages of a new, modern home with latest amenities without the need to relocate.

The Times of India – Makeover, highlights the challenges for the same, commented by Mr. Chandresh Mehta, Director, Rustomjee. Mr. Mehta says that there is immense growth in physical infrastructure in terms of open spaces, roads, water and sewerage and the social infrastructure like schools, colleges and hospital development activity of the belt. While huge quantum of money is being collected by the government by way of premiums towards redevelopment, the fluctuating government policies and norms and the colossal approvals are amongst the biggest challenges for redevelopment in the suburban region.

Read More: Redevelopment: Turning dust to gold

Mydigitalfc: Office space demand set to revive, may grow 21% in ’13

Office space demand is expected witness an year-on-year increase of 21 per cent to 38 million sq ft in the calendar year 2013, mainly driven by demand from information technology (IT and IteS), banking, financial services and insurance (BFSI) sector.

Boman Rustom Irani, CMD – Rustomjee, said for the past two years there has been very less addition of office space as there was an oversupply situation and developers mostly focused on residential segment. Now with demand slowly picking up, office space absorption is likely to increase in 2013. He expects a 10-15 per cent price increase in commercial space rentals as demand starts reviving.

Read more: Office space demand set to revive, may grow 21% in ’13

Awards won by Rustomjee

Here’s a look at a few awards bagged by Rustomjee: 

  • Highly Commended Residential Redevelopment India at Asia Pacific Property Awards 2011
  • Highly Commended Commercial Redevelopment India at Asia Pacific Property Awards 2011
  • Highly commended for the category of Best Developer – Mixed Use (Future) 2010 at Cityscape Asia
  • Excellent Brand in real estate at Mapsor India Property Awards
  • Best Developer – Commercial Project at Cityscape Asia Real Estate Awards

To view a list of all awards won by Rustomjee, please visit: http://www.rustomjee.com/awards.html