16 Jul 2024

India's office space market is rebounding in 2024, with gross leasing activity reaching 32.8 million sq. ft. in the first half across nine major cities, a 14% year-on-year increase. Technology companies, accounting for 28% of leased space, and Global Capability Centers (GCCs) driving 37% of the demand, are key contributors. The popularity of flexible workspaces is also rising, comprising 16% of leasing activity. With high-quality, sustainable office developments and expansions into Tier-II cities, the outlook remains positive for the rest of 2024, underscoring India's growing appeal as a global office hub.Read more

16 Jul 2024

Neo Asset Management Pvt. Ltd. has appointed Neeraj Sanghi as Managing Director and Operating Partner. Neeraj, with over four decades of experience, will lead the company's Infrastructure Operations. He previously served as CEO of Highway Concessions One, significantly growing the platform. Neeraj's expertise spans business strategy, asset acquisition, and project management. India's infrastructure sector is booming with the Government's USD 1.4 trillion National Infrastructure Pipeline. CEO Hemant Daga highlighted Neeraj's role in enhancing the company's infrastructure management capabilities and meeting growing client demands.Read more

15 Jul 2024

Maharashtra's cooperative banks can now provide loans to housing societies for self-redevelopment, a move announced by Deepak Tawre, State Commissioner of Cooperation. This decision benefits nearly 1,000 proposals in Mumbai, Thane, and Pune. Previously stalled by lack of funding and clear RBI guidelines, the new directive requires banks to perform due diligence, ensuring secure and transparent processes. This initiative is particularly significant for older societies, allowing them greater control over redevelopment and supporting urban renewal efforts. By facilitating these loans, Maharashtra addresses the urban housing crisis while promoting efficient land use and independence for housing societies.Read more

15 Jul 2024

According to RBI data, housing loan outstanding rose by 16.9% year-on-year in May 2024, reaching INR 23.49 lakh crore, up from 13.8% growth in May 2023. This surge suggests increased confidence in the real estate market, driven by lower interest rates and a stable job market. Experts predict a potential drop in home loan interest rates by 50 basis points in 2024, making homeownership more accessible. Additionally, credit to large industries grew by 7.1%, while MSME loans rose by 15.5%, indicating robust economic activity. However, personal loan segments like credit card debt grew at a slower pace, reflecting cautious consumer borrowing.Read more

15 Jul 2024

Grihum Housing Finance, in collaboration with the Central Bank of India, now offers competitive Loans Against Property (LAP) under the RBI's co-lending framework. This partnership aims to support MSMEs by bridging funding gaps crucial for their growth and economic contribution. Grihum's extensive network and understanding of semi-urban and rural markets complement Central Bank of India's affordable funding sources, enabling competitive interest rates for MSME borrowers. Simplified processes and dedicated support further enhance accessibility to capital, empowering businesses to invest, create jobs, and drive local economies. Grihum's financial performance highlights its commitment to fostering financial inclusion and supporting India's economic progress.Read more

15 Jul 2024

Savills India's latest report highlights robust demand for premium residential properties in key cities like Gurugram, Noida, Mumbai, Bengaluru, and Goa. Gurugram leads with a 53% price increase, followed by Noida at 30%. Under-construction projects command higher premiums, indicating a preference for new amenities. The Reserve Bank of India's maintained interest rates have made home financing more affordable, further stimulating the luxury housing market. Mumbai sees significant growth, especially in central and western suburbs, driven by larger living space trends for hybrid work models. Bengaluru shows moderate gains, with under-construction projects outperforming completed ones. Goa emerges as a hotspot for second homes, driven by lifestyle preferences and remote work trends.Read more

15 Jul 2024

In a record-breaking second quarter of 2024, India's seven key office markets - Mumbai, Delhi NCR, Bengaluru, Chennai, Kolkata, Pune, and Hyderabad - surpassed 1 million sq. ft. in gross leasing each for the first time. The total leasing volume reached 18.38 million sq. ft., a 21.3% increase from the previous quarter, continuing a year-long trend of strong activity. Bengaluru led with 33% of the total, followed by Delhi NCR at 20.7%. The tech sector dominated with 31.5% of the leasing, while BFSI, manufacturing, and flex space operators also contributed significantly. Net absorption grew by 27.5%, indicating robust business expansion and reinforcing India's status as a global office hub.Read more

12 Jul 2024

In the second quarter of 2024, institutional investment in Indian real estate increased significantly to USD 2.52 billion, marking a 20% year-on-year increase. This growth was predominantly driven by booming investments in residential and warehousing sectors, contrasting sharply with a steep decline in office assets. Foreign investors, led by the US and UAE, dominated the landscape, comprising 81% of total investments Regionally. Bengaluru and Delhi-NCR emerged as prime investment destinations. With a strong focus on high-quality industrial facilities and evolving supply chains, the sector is poised for continued expansion, buoyed by rising e-commerce demands and technological advancements.Read more

12 Jul 2024

BBMP's efforts to increase property tax revenue have fallen short, with collections between April 1 and June 29 this year totaling INR 1,646 crore, 28% less than last year's INR 2,287 crore. This represents only 32% of the targeted INR 5,210 crore. Officials attribute the shortfall to the state's Lok Sabha elections and hope that extending a 5% rebate until July 31 will improve collections. Notably, daily collections picked up to INR 25 crore in the last week of June. Shortfalls vary across zones, with Mahadevapura seeing the highest decline at 38%. BBMP aims to intensify efforts to meet targets.Read more

12 Jul 2024

CBRE South Asia's latest survey reveals significant shifts in India's office space landscape. The report highlights a growing adoption of flexible workspaces, with over 58% of companies expected to allocate more than 10% of office space to flexible arrangements by 2026, up from 42% in early 2024. Indian firms lead in embracing this trend compared to their American counterparts. Additionally, nearly 70% of companies plan to expand office space, focusing on decentralised operations across Tier-II and III cities for talent accessibility and cost efficiency. The survey underscores a renewed focus on sustainability and employee wellbeing in office design, signalling dynamic growth prospects across India.Read more