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Real estate companies are looking forward to the RBI’s decision on new banking licences almost as eagerly as would-be bankers. New players who secure licences to run banks will have a pressing requirement for office space in a short space of time, says real estate consultancy firm Jones Lang LaSalle. Most retail branches of banks in India operate in a space of around 3,000 sq.ft and Jones Lang LaSalle estimates that new banks will open around 25 branches each in Tier-I cities by end-2014, assuming that the RBI issues the new licences by January. This would result in demand for around half a million square feet of retail space in the first year of the foray, even if just five new licences are issued, it says.
PRIME LOCATION - These spaces are likely to be situated in prime localities. In addition, setting up registered offices, corporate offices and regional headquarters would translate into demand of another 0.5-1 million sq.ft.
PRIME LOCATION - These spaces are likely to be situated in prime localities. In addition, setting up registered offices, corporate offices and regional headquarters would translate into demand of another 0.5-1 million sq.ft.
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