Property saw a growth in demand of 15% in the second quarter of financial year 2009-10, after slowing down to 10% during the first quarter of 2009-10. The rise has, of course, been helped by the base effect of a negative growth in the corresponding quarter of the previous year. This is still way off the 35% to 40% growth witnessed in January to March 2008 in metros. The figures are culled from a cross-sectional survey of the reports of chief real estate tracking firms.
Sanjay Dutt, chief executive officer, Jones Lang Lasalle Meghraj, said the Indian commercial office market saw 10 m sq ft of office space commitment pan-India in top major IT cities, including Mumbai and Delhi. 'Of this, the bulk of the demand (almost 70%) came in the second quarter. The supply of commercial properties is all set to touch 55m sq ft by December, with an expected demand for 25 million sq ft during the period. Moreover, front office space will generate huge demand in comparison with IT parks and SEZ.'