IT sector boom results increase in demand for real estate sector

Most IT hubs like Hyderabad, Chennai, Gurgaon, Bangalore and Mumbai are witnessing higher demand for office space from IT companies.The revival of growth in the information technology (IT) industry is rubbing off on the real estate sector, too.For Santosh Kumar, CEO (operations) at leading property consultant Jones Lang LeSalle Meghraj, it is the revival of the US economy that has encouraged IT companies to start looking at India again for expansion.

Real estate players also report an increase in demand from the IT sector.Increase in the number of enquiries from the IT sector this quarter (ending March) is primarily due to the expansion in terms of hiring more manpower.Network Appliance Incorporated recently acquired a piece of land in Bangalore to expand India operations. Noida-based QA InfoTech is planning to move to a campus that will be almost double the 50,000 sq ft it currently occupies in three separate facilities.

With all large infotech companies back in hiring mode, there has been a spurt of activity in the commercial real estate segment.A demand for office space in the range of 25,000-30,000 sq ft from the IT sector is seen and this is definitely going to increase in the next couple of months.

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