IT boost to spur realty growth in Gurgaon

With Covid accelerating the digital businesses, the IT companies are set for a blockbuster performance in Q4, which in turn will boost the growth of real estate sector.

Post- Covid, acceleration in digital technologies , has improved the demand for IT services. This has resulted in strong deal bookings during the past 5 months. This will lead to substantially higher growth in the fourth quarter and the upcoming quarters. According to the industry estimates, a 3.9% qoq growth is expected in the January-March quarter. Tier 2 cities are likely to clock growth of 3.3-5.2% qoq constant currency growth. Further, a Gartner report says that IT spending in India will reach $93 billion in 2021, registering an increase of 7.3% from 2020.The spending is further expected to grow to $98.5 billion in 2022. This should prove to be a booster dose for Covid hit real estate.

Says Mr. Pradeep Aggarwal, Chairman, Signature Global and Chairman, Assocham National Council on Real Estate, Housing and Urban Development, ” This is a positive development. Especially considering that Gurgaon is an IT hub and IT/ITes firms are largest office space occupiers in the city in NCR. And as besides good infra and connectivity, office space absorption is a key driver of residential real estate, IT boost will have a positive rub off on Gurgaon’s residential real estate market”.

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