Pick up in the requirement of Office spaces in Delhi-NCR

Office Space in Delhi-NCR

The National Capital Region (NCR) has long been considered as one of the prime office markets
in the country. The biggest pull factors for companies looking to set up big campuses are good
connectivity, planned infrastructure and ample affordable housing options for employees. Places like
Gurgaon and Noida have seen tremendous development in the past five years, and a bulk of new
supply is coming up in these very regions.

The NCR is expected to have fresh office supply of nearly 48 million sq ft in the next three years, with
fast paced growth in the IT/ITeS sector contributing hugely to the demand.

Most of the supply has come up in the peripheral business districts of Gurgaon, Noida, Greater
Noida and secondary business districts of Saket and Jasola; Noida and Gurgaon, though, continue to
be the preferred locations for companies.

The MNCs and corporates looking forward to set up their offices in India, were wondering whether
to go with the conventional wisdom of opting for the financial market of India or innovate with the
new emerging financial centres in Delhi-NCR in general and Gurgaon in particular. Most of the office
supply has come up in the peripheral business districts of Gurgaon, Noida, Greater Noida and the
secondary business districts of Saket and Jasola.

The proposed metro rail connecting Noida with Greater Noida, will further enhance the connectivity
of the sectors on the expressway and Greater Noida. Even though sentiments remain cautious in the
wake of the global economic scenario, we expect some green shoots of recovery, considering the
consolidation of domestic economic fundamentals and initiation of reforms.

According to CBRE, the fast-developing cities of Gurgaon and Noida, in the National Capital Region,
have seen some large multinationals fill office space during the quarter. In Gurgaon, American
Express and Cairn Energy have leased 200,000 sq ft of space each, Convergys and Salient BPO have
taken up 250,000 lakh sq ft and 40,000 sq ft, respectively. Fiserv has taken up 200,000 sq ft of space
in Noida. The last quarter saw a number of enquiries for expansion space also emerging, which
points to an improvement in sentiment over last year.

The debate as to whether Delhi-NCR is emerging as the new financial capital of the country or
Mumbai still holds an edge, depends on the given stakeholders' facts in hands, perception and
stake in the given market. However, what can be vouchsafed is the fact that from the office
occupier's perspective, Delhi-NCR in general and Gurgaon in particular holds an edge due to better
connectivity, infrastructure and fresh supply. Whether that takes it to the financial capital or not, is
something which is subjective at this point of time. http://www.cosmicindia.in/

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