The real estate market has shown a clear sign of revival following the formation of
Congress-led UPA government with a clear majority at the
Centre. Apart from the
affordable housing sector, which has witnessed a surge in demand, office space too has registered fresh demand, which was almost dormant for last one year, ever since the global economy went into a tailspin.
Commenting on the latest biometrics of the real estate sector in the country, Anshuman Magazine of CB Richard Ellis (South Asia) said, In the 1st quarter of 2009, confidence and sentiment was low in the real estate market. The formation of a new government has improved market sentiment, while the global economic decline appears to be bottoming out. This has resulted in an improvement in the velocity of office space offtake, especially in the small to medium segments . This is further supported by a substantial decline in rentals in the past one year.
Surge in demand for office space is a good sign for the economy, and also for the real estate sector. The opening of new offices means investment is likely to pick up, which will help revive the economy. At the same time, it also leads to creation of new jobs, which drives the demand for residential real estate. Normally, the demand for residential space increases by a factor of ten to that of office space.
More : economictimes.indiatimes.com
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