The commerical real estate service firm NAI on Tuesday unveiled its operations in six cities.
"We want to offer our expertise in commerical real estate service to the booming Indian market," NAI president and chief operating officer Jeffrey Finn said.
The US-based company, which recorded business of over $27 billion last year, would provide its services in the four metros as well as Bangalore and Hyderabad.
A total of 200 million square feet office space would be demanded in India, mainly due to 3.5 million jobs that would be outsourced from the country in the next five years, he said.
Major portion of the projected demand would be fulfilled by the space currently vacant, Finn said, adding on an average 10-20 milion sq ft new space would be needed every year over the next decade.
NAI's projection is based on its global survey conducted in conjunction with renowned real estate economist Peter Linneman of Wharton School.
The creation of jobs due to outsourcing would also boost the demand in the residential section, the report said.
Abhijit Malkani, regional director of NAI's Indian operations, said the company would spread its wings in the second phase to cities like Pune and Jaipur by 2005.
He said automobile, bio-tech and energy companies are demanding office space accommodation in the domestic market. Investing in properties has become a more attractive option than in stocks, he added.
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