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quite accommodative and mod- ern. Known for its manufacturing as well as service base, Pune is on a high trajectory path with IT parks in Hadapsar (by Goel Ganga developments), Yerawada (by DB Realty) Wagholi, Baner, Mundhwa etc. changing the landscape of the city.


Chennai The Chennai realty market is driven by a healthy mix of IT/ITeS, manufacturing and logistics. The southern part of the city, along old Mahabalipuram road (OMR) and grand southern trunk road (GST), is driven by the IT/ ITES segment. Pacifica Tech Park is 1.1 million sft on 7.29 acres of land on OMR.


Kolkata Kolkata is on the IT radar too and huge investments by some IT companies are happening. The 10,000 hectare Rajarhat area is emerging as a hot destination for IT and ITeS. Several IT parks have emerged with Ascendas, DLF, Videocon-Salarpuria, Bengal Intel- ligent Park, Technopolis, Infinity Benchmark, Infinity Waterside,


Millennium and The Hub together set to create over 37 million square feet of space in Rajarhat and Sector V.


Kochi Kochi’s real estate market has largely been driven by repa- triation of funds by non-resident Indians (NRIs). The city’s real estate market is expected to see significant growth once under- development facilities such as the Vallarpadam international (shipping) container terminal and technology parks become opera- tional. The Kochi Trade Centre is a project with investments from the Middle East.


Coimbatore


The city which is known as the Manchester of the South has evolved into an engineering hub and is getting toehold into the IT sector. Several companies have set up base here finding engineer- ing talent is easy. The Tidal park is one key facilitator and the prop- erty market is on the upswing. Globuse is setting up a convention centre, commercial office com- plex and an integrated township.


Oversupply Indicators are that the office market will be flooded with fresh commercial properties coming into the market, though at slower pace than in the previous two years. Analysts have pointed out that the supply may temper rent- als in some cities.


“Demand for offices will be driven by consolidation in and reloca- tion to special economic zones by large information technology (IT) companies seeking to reduce costs,” according to Ashutosh Limaye of JLL.


“Several IT companies are look- ing to pre-lease office space to take advantage of the favourable commercial terms currently being proposed by commercial office space developers. Demand for of- fices is expected to remain stable. However, supply is expected to outweigh demand in most prime cities of India. Commercial office space rents and capital values are expected to increase across all cities, albeit marginally,” adds Limaye. G


GIREM 101 9


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