India’s commercial realty booms as global companies expand GCCs, Delhi-NCR emerges as hotbed driven by Noida Expressway | Mint

A recent joint report by CBRE and Zyoin highlights this trend, revealing that since 2022, global companies have leased nearly 53 million square feet of office space in key cities such as Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai to establish and expand their GCCs.

India’s commercial real estate sector is experiencing unprecedented growth, driven largely by the rapid expansion of Global Capability Centres (GCCs).

Sanchit Bhutani, Managing Director of Group 108, also emphasized the potential of Delhi-NCR, particularly around the Noida Expressway. “The report showcases a positive viewpoint for Delhi-NCR’s commercial space market in India. Notably, the area around the Noida Expressway indicates higher potential, fueled by the demand for office spaces and retail outlets. Significant infrastructure developments like the Noida International Airport have further strengthened commercial realty growth. As global businesses expand their presence in the region, this trend encourages developers to create more specialized and premium office spaces, catering to the unique needs of various industries and enhancing the overall vibrancy of India’s commercial real estate landscape.”

In the Delhi-NCR region, particularly around the Noida Expressway and Gurugram, this demand is reshaping the commercial landscape. Harinder Singh Hora, Founder Chairman, Reach Group, said, “Gurugram’s office market is undergoing a transformative phase, driven by a perfect storm of factors. Robust infrastructure development, coupled with a thriving startup ecosystem and the increasing adoption of advanced technologies, is attracting global corporations. As the city evolves into a digital hub, demand for innovative and sustainable workspace solutions is escalating. This dynamic environment is propelling Gurugram towards becoming a leading commercial center in India and a global business destination.”

Salil Kumar, Director of Marketing and Business Management at CRC Group, points out that the surge in leasing by GCCs is particularly strong for Grade A office spaces. “The heightened demand for Grade A office spaces will not only drive rental prices in prime locations in Delhi-NCR but also catalyze new developments, further strengthening the commercial real estate sector. As global companies secure large office spaces for their GCCs in India, we anticipate sustained demand for commercial spaces, encouraging developers to develop and deliver future-ready office spaces.”

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