The spell cast by the global crisis in 2008-09 seems to be finally wearing off, as transactions concluded in the last six months show signs of a pick-up in
demand for office space. Recent research conducted by sector experts in the realty space has shown that the return of the IT sector and IT-enabled services, and an overall positive perception about economic recovery, has had a benevolent impact on demand for commercial space, and that this is also slowly cascading into the retail space with footfalls and sales volume improving. Most of the development in 2010 is expected to happen in tier-I cities of NCR,
Mumbai, Bangalore and Chennai. That said, while demand has picked-up in recent quarters, we expect rental expectations to remain under check given the
supply pipeline which is building up in these segments.
