If demonetisation severely impacted the residential real estate segment in 2016 with sales dropping by 9% from 2015, the commercial real estate segment, backed by demand for office space, saw sales climbing 9% in 2016 over the previous year, according to real estate consulting firm.
In a report, the property consultant said the year witnessed the absorption of more than 43 million sq. ft. of commercial real estate. “Supply addition during the year touched 35 million sq. ft. with India’s office stock reaching a milestone of over 0.5 billion sq. ft. higher than several East Asian economies,” said the property consultant in a statement.
Read more: The Hindu