DelhiCapital territory of the Republic of India
Delhi is the largest commercial centre in northern India; in the financial year 2009-10 it had a gross State Domestic Product of 2,176 billion (US$32 billion).
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Delhi, India’s capital territory, is a massive metropolitan area in the country’s north. In Old Delhi, a neighborhood dating to the 1600s, stands the imposing Mughal-era Red Fort, a symbol of India, and the sprawling Jama Masjid mosque, whose courtyard accommodates 25,000.
India's GDP growth for the third quarter of FY2015–16 slowed down to 7.3% from 7.7% in the previous quarter. Growth in the construction sector was witnessed at 4.0% during the third quarter, up from the 1.2% growth in the previous quarter. The government, in its Union Budget 2016–17, exempted the Dividend Distribution Tax (DDT) for Special Purpose Vehicles (SPVs) of Real Estate Investment Trusts (REITs), which will make REITs more attractive in the real estate sector. The Parliament recently passed the Real Estate (Regulation and Development) Bill 2015, which is expected to create a uniform regulatory environment and bring transparency to the sector, thereby giving a boost to investments into the sector
Surge in office supply and net absorption
In the first quarter of 2016, Grade A office supply in Delhi-NCR was recorded at 2.5 million square feet (msf), an increase of over 82% from the previous quarter. IT Parks accounted for 44% of this new supply, followed by Information Technology – Special Economic Zones (IT-SEZs) at 39% and the rest in commercial developments.
At 709,200 sf, Grade A net absorption declined by 37% compared with the previous quarter due to consolidations and relocations by occupiers. Grade A leasing activity is recorded at 1.1 msf with the highest share (27%) constituted by Information Technology and Information Technology enabled Services (IT-ITeS) sector, followed by Banking, Financial Services and Insurance (BFSI) (15%) and aviation (10%). No pre-commitments were noted during the quarter.
The surge in new supply along with the dip in net absorption during the quarter led to a rise in overall vacancy levels in Grade A developments. Overall vacancy was recorded at 30.1%, a 1.1 percentage point increase from the previous quarter. Rental values of most submarkets remained largely stable during the quarter. The weighted average rentals in South-east Delhi submarket increased by over 58% from the last quarter due to availabilities in prime properties quoting higher rentals.
Approximately 2.0 msf of office space, concentrated in Gurgaon and Noida, is scheduled for completion during the next quarter. Demand is expected to remain at similar levels during the next quarter. Rental values are expected to maintain status quo across submarkets amidst stable demand.
QUICK FACTS ABOUT
- Current Population18.7 MN
- Metro & AirportsCONNECTIVITY
- Per Captia income$4,124