A crucial factor behind over all development of any country is considered to be mostly depending on the accelerated growth rate in real estate sector. Dynamic patterns of using land and its multi diverse practices have enabled the economic growth more vibrant than the decade went past. Both commercial and residential properties are more in functional practice to make rapid economic growth of the country easier. Further the development of commercial properties has played a significant role in our GDP growth in recent times.
Commercial property is like any type of property that is commercially used to make profit. The central point of commercial property is targeted towards economic and business activities. Commercial property is always meant for business purposes and revenue generation. Commercial property is a real estate specially designed for commercial, industrial and institutional activities.
A wide variety of real estates included into commercial properties that are specially used for business and industrial activities. All types of apartments, office buildings, commercial centers, shopping malls, warehouses, institutional buildings and distribution facilities come under the category of commercial properties. Real estates used for scientific research and development activities are also considered as commercial properties.
There are several major elements responsible for such mushrooming growth in commercial real estate sector. Service sector with high growth rate and IT sector, increasing multi-level economic activities and higher public-private participation in industrial sectors are some of the basic reasons behind booming commercial properties in India.
Led by mushrooming information technology industry and organized retail, Growth in commercial office space requirement is increasing day by day. For example, Information technology (IT) and ITES alone is estimated to require 150 million square feet across urban India by 2010. In a similar way, the organized retail industry is likely to require an additional 220 million square feet of land by 2010.
Martinez is currently working as an expert author for Real Estate Development in India. He writes for real estate and real estate related matters like Real estate growth, Real estate guide, Real estate companies, Commercial Real Estate and provides advices on such issues. For more details information on Real estate investors, Real estate jobs, Real estate agencies visit http://www.hotgurgaon.com/
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