NEW DELHI 18/11/2014: With the process of land allotment in the first phase of $100-million Delhi-Mumbai industrial freight corridor (DMIC) over, industry experts feel the office space market along the ambitious infrastructural project is expected to witness medium to strong growth over the next few years. A clutch of overseas companies, including Granito Ceramica, Nitco Tiles, and McCain, have already shown interest in setting up their units in the industrial zones falling in the six states along the proposed corridor, namely Delhi, Uttar Pradesh, Haryana, Rajasthan, Gujarat and Maharashtra. \"The cumulative growth in office space market is expected to be 20-30 per cent but it will not be uniform,\" said Navin Raheja, Chairman of the National Real Estate Development Council (NAREDCO).
States like Gujarat and Maharashtra may register higher growth than others, Raheja added. Projects like smart cities and DFCCI will also contribute as the engines for this projected growth. Among the nodes identified for industrial development in the first phase include Meerut-Muzaffarnagar industrial area in Uttar Pradesh; Faridabad-Palwal industrial area in Haryana for engineering and manufacturing industry; Jaipur-Dausa industrial area in Rajasthan for marble, leather & textile industry; Nimach-Nayagaon industrial area in Madhya Pradesh for engineering and agro-processing industry and; Vadodara-Ankleshwar in Gujarat for general manufacturing industry.
\"Traditionally, industrial units have a tendency to make their offices along with their manufacturing setups. Therefore, these zones in DMIC will see corresponding spurt in office space market,\" said Santosh Kumar, CEO, operations at real estate consultant JLL.