The commercial realty market in the financial capital of india is only set to grow further on the back of an improvement in global economies.
Market report shows that across India 13 million square feet of office space has been absorbed in the first half of 2013. Whereas, in the first half of 2012, this figure was 12.8 million square feet. Also in the first half of 2013, construction of around 19.3 million square feet of office space has been completed as compare to 10.7 million square feet of 2012, happened in the same time duration. The major portion of this growth, which occurred in the first half of 2013, belongs to Mumbai, making it the city registering the highest absorption of 3.8 million square feet of office space. At one hand the demand is growing high and on the other hand the supply is getting limited.
Mumbai’s commercial office space market has been showing signs of firming up over the fourth quarters ending Q4 FY2013.
Transaction activity tends to be concentrated in the first half of the financial year as expansion plans are inclined to be executed in that period. However, the fact that Q4 FY2013 showed 26% rise in the transacted volumes. Year-on-Year and almost 57% compared to the preceding quarter, bodes well for the market.
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.