Insurance Companies Perk Up Property Market

The initial rush from dotcoms and media companies earlier in the year having died down, real estate consultants now see prices heading northwards yet again.

As many as 18 MoUs have been signed between Indian companies and foreign insurance majors who are to set up shop in India.

Consultants have listed Tata-AIG, General Insurance Corpora- tion, HDFC-Standard Life, as well as C&G Australia who are looking for large office spaces, mainly in Mumbai and Delhi.

Several others have begun to test the property markets while there is also interest in setting up corporate offices in Chennai, Bangalore and Hyderabad by a few of the joint venture companies.

 

In Mumbai, the main complexes that are being zeroed on lie in the Central Business District which include A-grade properties in Nariman Point as well as office space in Fort, Worli and Cuffe Parade. Real estate analysts say the range of office space demanded in the island city by the insurance joint ventures lie between 40,000 to 65,000 square feet.

On the other hand, many insurance companies have set eyes in Connaught place in Delhi