Most of the companies relocating as part of their cutting short their expenses have resulted in weakening the demand for Office Space in Delhi and other NCR regions. CBRE, a US based real estate and property consultant, has reported that the office space demand is weak across the country in the January to March quarter of 2013. Though there was a slight growth in the office space absorption by the end of last year, the momentum faded this year.
The demand for office space across the country has been affected. Due to the sluggish real estate market, many of the corporates were planning to shift their offices to bigger offices, leading to an increase in the demand. However this expansion plan was overturned by the global economic crisis. The impact of global financial crisis is severe in the subcontinent too. The IT sector too has not been raising any demand. Though the weak IT demand does not affect the demand for Commercial Space in Delhi, it too has slightly affected the commercial sector in the national capital region.
Though there are many upcoming commercial projects in the National Capital region, there aren’t many in Delhi. So to say there is not sufficient numbers of Commercial Property in Delhi. All the more the properties which the Center has are old and devoid of many modern facilities and amenities which the people look for. Thus the sentiment of the takers is diverted to other NCR regions.
There are vast number of commercial properties are coming up in other NCR regions. Most of the upcoming projects have most modern facilities and amenities. In comparison to these outstanding projects the facilities available at Delhi is nothing. This is the reason why there is no good response for Commercial Space in Delhi. Experts opine that the demand will be boosted by the redevelopment of many such existing projects.
Once redevelopment takes place, the demand for Office Space in Delhi will be boosted. In the opinion of the experts, the business class people want to have offices in projects which provide better facilities and amenities. As the commercial projects in other NCR locations are far better in amenities and facilities, the business class people are more attracted to these locations.
You can notice easily that there are many good projects are coming up in these regions. There are many upcoming commercial hubs in these areas. All these factors pull the demand for Commercial Property in Delhi downward. Yet, it has to be noted that there are some locations in Delhi which is highly demanded. Connaught Place in Delhi is one of the top commercial hubs in the capital. Though the other regions have commercial projects with better amenities, location advantages are better in Delhi for sure.
Residential Properties in Delhi 