IMPACT OF SUSTAINABILITY ATTRIBUTES ON THE PERFORMANCE OF PRIME OFFICE MARKET IN THE NATIONAL CAPITAL REGION OF DELHI

Anil Kashyap, James Berry and Jim Berry

ERES from European Real Estate Society (ERES)

Abstract: Real estate in the National Capital Region of Delhi has experienced an unprecedented boom in development specifically in the industrial, information technology and retail sectors of the economy which in turn is creating a escalation in demand for residential and office space. The liberal policies of government, in relation to the streamlining of planning permissions and licence procedures for mega construction projects, have attracted foreign investments since the 1990s. As the traditional CBD in Delhi did not have sufficient space to accommodate modern office buildings, the emergence of multi-centred office developments in district centres and sub centres has been a key driver in the real estate market. The paper analyses the impact of sustainability attributes on the performance of office space based on a classification of key variables (macro-economic, property, design, energy efficiency and behavioural variables) including an evaluation of market segmentation (prime and secondary offices) in the National Capital Region of Delhi. This research will determine how price is influenced by sustainability criteria in the office market and will be of benefit to players in the private (real estate providers) and the public sectors (planners and policy makers).

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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