According to a real estate industry expert, Cognizant giving up 11 million square feet of commercial office space in large cities may not have a huge impact on the commercial market in India. This portfolio is spread across markets such as Bengaluru, Hyderabad, Pune, Kolkata, and Chennai. This means that not more than 3 to 3.5 mn sq ft is likely to be released into the market in a year across three years.
After six consecutive rate hikes, Reserve Bank of India has kept benchmark lending rates unchanged at 6.5%, raising hopes of a reduction in the near future
The move will provide some respite to affordable and mid-income housing segments and support the current home-buying sentiment, said real estate experts.