About 4-5 lakh job opportunities in big cities in 2 years: CBRE

Apr 28 2014, 14:38 IST
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Employment opportunities to the tune of approximately 4-5 lakh are expected to be generated within the next two years across the country’s leading cities. Employment opportunities to the tune of approximately 4-5 lakh are expected to be generated within the next two years across the country’s leading cities.
SummaryDelhi-NCR, Bangalore are expected to contribute more than half of this expected employment opportunity.

inward investment," he added.

Magazine noted that the country has already attracted a large number of occupiers from a range of sectors, including financial and business services, media, technology and telecommunications, and pharmaceuticals.

"This has been supported by a general process of de-regulation and a range of specific government initiatives designed to attract foreign investment, such as relaxation of rules on foreign ownership, streamlining of the development process, and promotion of a range of high-tech growth industries," he said in a statement.

Improved international and domestic infrastructure connections have supported growth in a number of cities, including Mumbai’s financial cluster and the economic hub of the NCR.

"Growth in the technology sector has particularly contributed to this phenomenon. With the US economy on a gradual recovery graph, improving prospects could also translate into more back-office opportunities for India," he said.

Stating that India’s commercial office market across leading cities has been headed towards a mature growth curve, Magazine said that various off-shore funds and key institutional players are turning to investments in core commercial assets.

He highlighted that private equity firms, pension funds and real estate investment trusts (REITS) own close to 80 per cent or more of the office space market in most mature markets around the world.

"With the possibility of Indian REITs taking off, and India’s core commercial assets yielding comparatively high rentals among emerging markets, it would seem that India is presently poised to make the best of the opportunity headed its way," Magazine said.

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