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Commercial Space Shortage Hampers India's Boom

Posted by: Abhijeet Chavan

27 December 2006 - 12:00pm

New Delhi is cracking down on businesses that operate in areas not zoned for commercial use. But businesses have nowhere to go in a booming city that suffers from a severe shortage of commercial real estate.

"Even as government inspectors scuttle around New Delhi handing eviction orders to shopkeepers and other business owners [that violate zoning ordinances], the city is suffering from a dire lack of commercial space that leaves those affected with nowhere to go.

The shortage has become all the more glaring in light of India's booming economy, which grew 9.2% last quarter compared with a year earlier. Multinational companies are flocking to India for a piece of the action. But many arrive to find harsh realities masked by the dazzling statistics, such as crumbling infrastructure and a bureaucracy that has failed to address such problems.

The dearth of legal commercial space in Delhi — for offices, retail outlets, banks and restaurants — is a prime example of the impediments to efficient economic activity and growth in India."

Full Story: In India, a boom that's bursting at the seams
Source: The Los Angeles Times, December 23, 2006
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