India's Commercial Realty Boom: GCCs Drive Growth, Delhi-NCR Emerges as Hotbed
Global companies lease nearly 53 million sq ft of office space to expand GCCs in India, Delhi-NCR emerges as a key hub driven by Noida Expressway
Commercial RealtyGccsDelhincrNoida ExpresswayGrade A Office SpacesReal Estate NewsAug 24, 2024
The Delhi-NCR region, particularly around the Noida Expressway, is emerging as a hotbed for commercial realty growth. Sanchit Bhutani, Managing Director of Group 108, emphasized the potential of Delhi-NCR, stating, “The report showcases a positive viewpoint for Delhi-NCR’s commercial space market in India. Notably, the area around the Noida Expressway indicates higher potential, fueled by the demand for office spaces and retail outlets. Significant infrastructure developments like the Noida International Airport have further strengthened commercial realty growth.
As global businesses expand their presence in the region, this trend encourages developers to create more specialized and premium office spaces, catering to the unique needs of various industries and enhancing the overall vibrancy of India's commercial real estate landscape.
In the Delhi-NCR region, particularly around the Noida Expressway and Gurugram, this demand is reshaping the commercial landscape. Harinder Singh Hora, Founder Chairman, Reach Group, said, “Gurugram's office market is undergoing a transformative phase, driven by a perfect storm of factors. Robust infrastructure development, coupled with a thriving startup ecosystem and the increasing adoption of advanced technologies, is attracting global corporations.
As the city evolves into a digital hub, demand for innovative and sustainable workspace solutions is escalating. This dynamic environment is propelling Gurugram towards becoming a leading commercial center in India and a global business destination.”
Salil Kumar, Director of Marketing and Business Management at CRC Group, points out that the surge in leasing by GCCs is particularly strong for Grade A office spaces. “The heightened demand for Grade A office spaces will not only drive rental prices in prime locations in Delhi-NCR but also catalyze new developments, further strengthening the commercial real estate sector.
As global companies secure large office spaces for their GCCs in India, we anticipate sustained demand for commercial spaces, encouraging developers to develop and deliver future-ready office spaces.
CBRE is a leading global real estate consulting firm, while Zyoin is a specialist in talent acquisition and management solutions. Group 108 is a real estate development company, Reach Group is a real estate and infrastructure development company, and CRC Group is a real estate development company.
Group 108 is a real estate development company that focuses on creating premium office spaces and retail outlets. Reach Group is a real estate and infrastructure development company that has developed several commercial and residential projects in India. CRC Group is a real estate development company that specializes in developing Grade A office spaces.
Frequently Asked Questions
What is driving the growth of India's commercial real estate sector?
The rapid expansion of Global Capability Centres (GCCs) is driving the growth of India's commercial real estate sector.
Which cities are witnessing the highest demand for office space from GCCs?
Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai are witnessing the highest demand for office space from GCCs.
What is the significance of the Noida Expressway in Delhi-NCR's commercial realty growth?
The Noida Expressway is a key factor driving commercial realty growth in Delhi-NCR, with significant infrastructure developments like the Noida International Airport further strengthening the sector.
What type of office spaces are in high demand from GCCs?
Grade A office spaces are in high demand from GCCs, particularly in prime locations in Delhi-NCR.
How is the demand for commercial spaces expected to evolve in the future?
The demand for commercial spaces is expected to remain sustained, encouraging developers to develop and deliver future-ready office spaces.
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