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The forces of demand supply operate here as in any other market. The initial demand for office space from the MNCs' led many builders to construct property and rent it out. The sudden deluge of the builders over a period of two to three years dropped the prices of property in Gurgaon, Haryana…
In fact, the year 2002 witnessed a total leasing volume of 1.5 million square feet4 of office space in the NCR. The bulk of the fresh demand was from the Information and Communication Technologies (ICT) companies (approximately 75 percent) and followed by banking, insurance and financial services." The factors which favored the growth of the Noida, Gurgaon as for locating ITES industry were proximity to the airport, cheap rental rates, and also good infrastructure, business friendly government policies, like a tax free holiday. Since real estate is all about location, the location of Gurgaon and Noida seems most appropriate in every way. There is a good supply of manpower too from all parts of North India, which makes it most suitable to locate this industry in the NCR region. One more reason for the spurt of the ITES industry in this area is the mobility of the people of Delhi and North India.
The trend over the past seven to eight years has been positive. A call center typically needs about 100,000 Sq.ft or more space, which is quite a substantial amount. The amount of space that such companies require is much more than what any other company would need. The infrastructure that the new areas offer is topnotch and much better than that available in the Delhi region. ...
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