Tech companies drive Noida office space leasing

Tech companies drive Noida office space leasing

Tech companies absorbed almost 60% of the fresh office lease in Noida. The office-absorption report by the real estate researcher further stated that a total of 7, 06,063 square metres of office space was absorbed in Noida, Gurgaon and Delhi in 2016.

Noida city has alone soaked up 36% or 2, 51,770 sqm of the office space. Gurgaon, leading the show, absorbed 51% of the office lease while Delhi recorded only 13% space absorption.

“In Noida, the technology sector, with 60% share, remained the key driving force in office space rentals. In Gurgaon, though the tech firms absorbed the maximum 32% of office space, the sector’s volume share in this regard reduced significantly from last year’s 64%,”. About 2.8 million sq ft (or 2, 60,220 sqm) of new space will be added to the total office stock in NCR in 2017.

The demand for new office space will be met by a slew of commercial constructions nearing completion in Noida and Greater Noida in 2017. However, as compared to tech-driven institutional rentals, commercial and industrial sectors have seen a plunge in rental values by 5%, the research report revealed.

Property owners have tried to retain existing occupiers with several projects nearing completion, promising high supply over the next three quarters.

January 21, 2017 / by / in ,
Deadline for Metro line in Ghaziabad extended to June 2018

The deadline for Dilshad Garden Metro line in Ghaziabad has been extended by a year from June 2017 to June 2018. Dilshad Garden – New bus stand Metro line project is covering 9.41 kilometres. Construction work was remaining on the project and June 2017 was impossible deadline, now, 80-85% complete.

About the ongoing construction at Arthala in Mohan Nagar, Ghaziabad, despite a land issue. “In the worst-case scenario, if the land issue is not resolved, DMRC will bypass the Arthala station and will still run the Metro line.

Out of the total budget of Rs 2,210 crore for the construction of the Metro line, the DMRC chief said an estimated Rs 900 crore has been received while Rs 1,310 crore is still pending.

GDA has paid Rs 590 crore, Avas Vikas Parishad Rs 50 crore, and UPSIDC Rs 3.3 crore.

January 19, 2017 / by / in , , , , ,