Following the increased business confidence, highest growth in capital goods production, buoyant market conditions and manageable inflation rate, all the three important areas of real estate - commercial, retail and residential - will see exponential growth in these four metros, said real estate consultancy major Jones Lang LaSalle.
Taking into consideration the first two quarters, Jones Lang LaSalle review said in its report that though there will be substantial addition in commercial, retail and residential spaces across the four metros, however, the prices are expected to be remain same or marginally go up.

According to the review, Mumbai will see an additional 3.64 million sq ft of office space in the remaining months of 2005 in addition to the 514,500 sq ft area, which came in the second quarter of 2005. Similarly, 1.1 million sq ft office space will be added in Delhi in addition to 730,000 sq ft area in Q2 of 2005.

Bangalore will see an addition of approximately 9 million sq ft area of new office space under various business districts in addition to the 1 million sq ft area while Chennai will add over two million sq ft office space in addition to the 2 million sq ft area.

On the retail front, Chennai will have fresh one million sq ft area based around central and secondary retail districts. Major developers from Bangalore, Mumbai and Pune are contemplating building large malls. Bangalore, which has seen two malls with a space of around one million sq ft coming up in the last few months in 2005 will have another 120,000 sq ft mall by the end of 2005.

In and around NCR, there are a few malls being built with an average sq ft area of 300,000 sq ft in addition to a recent 450,000 Shipra Mall in Ghaziabad. There is almost 700,000 sq ft of mall space being constructed in and around Mumbai and suburban parts of the city is witnessing highest levels of construction.

Two major projects totalling 1.5 million sq ft area were already launched in the last few months, the review pointed out.

On the residential side, the stretch from Goregaon to Kandivili in the western suburbs and Mulund to Thane in the central suburbs are hotbeds of residential activity in Mumbai. Developers have reported an increase in demand across all budget segments.

In Delhi, Greater Noida is fast emerging as a premium residential location with the development of number of high end residential projects like Unitech Horizon, Emerald Court, Eldelco Utopia and NRI City. In Bangalore, high demand for residential apartments continued in the eastern and northern micro markets. Two new projects Brigade Metropolis (36 acres) and Purva Panorama (11 acres) were launched recently.

There are 12 prime residential projects being developed in and around Chennai. The second market residential markets like Royapettah, Anna Nagar and Kilpauk are currently witnessing the construction of 19 projects and another 16 projects are being constructed.