In the recent past, Southern cities have shown strong growth in demand and supply for commercial properties with Vijaya Diagnostic Centre acquiring a property in Hyderabad for ₹. 35 crores and gaming firm Gameskraft acquiring a property for ₹. 130 crores in Marathahalli, Bengaluru’s eastern suburb. While both the deals have something in common, the latter stands out for several reasons.
For starters, this comes at a time when the real money gaming industry is moving through an uncertain period, due to the new law banning real money games in Karnataka. However, that hasn’t prevented Gameskraft from moving forward with the deal and setting an example for why Hyderabad, Bengaluru, and Chennai dominate India’s office market with a whopping contribution of 66% towards the total demand.
According to recent reports, Gamekraft has bought the sixth, seventh and eighth floors of the property, which is spread across 1.21 lakh sq ft from Embassy Property Developments. The deal for the property was registered in August of 2021 and will help Gameskraft expand its business. With the gaming industry being valued at just under ＄1 billion, the ex[ected growth rate stands at 44% and can even touch ＄3.75 billion in India by 2024.
While the gaming industry was always touted to be a success, the Covid-19 induced lockdown was the main reason for its phenomenal growth. It is known that the world’s largest gaming deals took place in the past year and their growth is an indication of a good future, despite the recent introduction of gaming laws.