Currently, there is about 160 msf of Grade A office space
that is scheduled to be ready between 2016 and 2019 in the top 8 cities i.e.
Mumbai, Delhi-NCR, Pune, Bangalore, Hyderabad, Kolkata, Chennai, Ahmedabad.
These cities already account for about 415 msf of Grade A operational office
spaces as of December 2015. This completed inventory gives REITs an opportunity
to generate an estimated rental income of USD 5.4 billion, added to which the
upcoming Grade A supply between 2016-2019 gives a potential incremental rental
income of USD 2.5 billion by 2019.
The commercial real estate market in Noida has shown an
upsurge in last few quarters. Moreover, the state government is going to
develop a mobile & technology manufacturing hub around Noida and Greater
Noida. Area wise, WTC Noida is WTCA's largest operating WTC, second to Beijing,
China. The project is being developed by Viridian RED. These developments have
encouraged many MNCs to shift their base to Noida. One such shift happened last
year when Vivo Mobile, a mobile handset manufacturer shifted their operations
to WTC Noida.
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