The big strides made by the commercial office real estate with a substantial pick up in new office space supply is a healthy sign that will positively impact the growth of residential real estate in the months ahead. Office space supply has risen by 46% during the first quarter of 2019 on the back of rising demand from corporates and co- working operators. According to industry statistics, office space supply has risen to 13.4 msf in the top nine cities of Delhi- NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad and Kochi. In
Delhi- NCR, the office space supply rose to 1.5 million square feet in the first quartr of the 2019 calendar year, up from 1.2 million square feet a year ago. Says Pradeep Aggarwal, Chairman, Assocham National Council on Real Estate
Housing & Urban Development and Founder & Chairman, Signature Global Group, ” Of late, the increasing transparency brought in by RERA and favorable policies like home loan interest subsidy under PMAY and big cut on GST on under construction homes have provided the much needed impetus to residential real estate. And now the impressive growth of investment grade commercial office realty , coupled with retail growth will help fuel the revival of housing”.