DLF, India’s largest real estate company, is targeting to increase its CRE (office and retail) supply to 36-40 million sft in the upcoming years. Presently, its office and retail space covers around 31 mn sft, of which 2 mn is vacant.
The developer has planned to add 4 mn sft of new office space in Gurgaon and Chennai in the next two to three years. Construction is expected to start soon and get complete in 24-36 months. They are already in process to evaluate projects in Pune and Hyderabad, to add another 3 mn sft. Construction could start in the next six to eight months. Two new retail destinations — The Mall of India in Noida and The Chanakya in South Delhi— will also open soon. Marketing of the Cyber Park in Gurgaon will start around April, it is learnt.
DLF aims to increase rental revenues to Rs 3,000 crore from Rs 2,400 crore now by the end of the next fiscal year.
RMZ, another big player in office space and backed by QIA, owns 13 mn sft office space and plans to take this to 20 mn by 2017 and 80 mn sq ft by 2021. Embassy, Bengaluru-based developer, has about 30 mn sft of offices and plans to add 12 mn in the next 3 years.
Read more: Business Standard