26 Jun 2024

The Indian office space market is experiencing a major shift towards flexible workspaces, with WeWork India at the forefront. The Competition Commission of India (CCI) has approved the acquisition of a significant stake in WeWork India by a new investor group led by Real Trustee Advisory Company, acting for Volrado Venture Partners Funds, and Embassy Buildcon. This group will acquire 100% of the shares of 1 Ariel Way Tenant Limited, which holds WeWork India's shares. With an India-centric ownership structure, WeWork India is poised to meet local market needs. The flexible workspace market in India is projected to grow to over 40 million sq. ft by 2025, up from 19 million sq. ft in 2020.Read more

25 Jun 2024

Wipro, Infosys and Cognizant, together saw shrink in its office space by 3.7 percent. Wipro occupied 24.97 million sq ft at the end of March 2024 while Infosys saw a decline by 0.23 million sq ft in the financial year 2024. Both the companies have shut down some of their offices. Additionally, NASSCOM stated that India�s IT firms have reported weakest dollar revenue growth ever. All three multinational companies are also experiencing cutting down on employees- Infosys with 3,17,240 employees at the end of March 2024 and Cognizant with 3,47,700 employees. Wipro also saw a decline in workforce by 24,516.Read more

25 Jun 2024

CRISIL Ratings anticipates that India's pivotal infrastructure sectors-real estate, renewable energy, and roads-will draw investments totaling INR 15 trillion over the next two years. This substantial inflow underscores India's strategic emphasis on sustainable infrastructure development, the integration of green energy, the expansion of road networks, and the fulfilment of escalating demands in real estate. The report underscores the role of policy interventions in augmenting investor interest and strengthening the credit profiles of private entities. However, challenges persist, particularly in sectors such as renewable energy and roads, where the effective execution of projects and industry acceptance of new models remain pivotal concerns.Read more

24 Jun 2024

Quick-commerce company Zepto is expanding its dark store network to stock a wider range of products, including high-value items like electronics and luxury goods, aiming to enhance its non-grocery delivery capabilities. This move aligns with Zepto's strategy to improve quick commerce while maintaining its focus on 10-minute grocery deliveries. Zepto, which operates around 250 dark stores in major cities, plans to set up larger storage facilities and replenish smaller stores based on demand. Despite substantial revenue growth, Zepto faces financial challenges with significant losses. The company is preparing to raise over USD 1 billion ahead of a potential 2026 IPO.Read more

24 Jun 2024

The Goa Industrial Development Corporation plans to hold a fresh auction for a commercial plot in Verna Industrial Estate, as it was dissatisfied with the bid received during the previous e-auction. Three plots consisting of one hotel plot and two generic commercial plots were previously put up for auction. While the generic plots received good prices upwards of INR 25,000 per sqm, the bid of INR 8,600 per sqm for the hotel plot was deemed too low. Hence, GIDC cancelled the previous auction for the hotel plot. GIDC hopes the fresh auction will fetch more satisfactory bids for the remaining hotel plot in Verna Industrial Estate.Read more

21 Jun 2024

Since the 2019 elections, residential property prices in India's top seven cities (Mumbai, Delhi, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata) have increased at a Compound Annual Growth Rate (CAGR) of 6%, according to Anarock. Prices rose from INR 5,600 per square foot in June 2019 to INR 7,550 by March 2024. This trend mirrors post-2014 election patterns, indicating potential links between economic optimism and real estate investments. Despite the pandemic, strong demand and limited supply have driven prices up, suggesting robust long-term investment potential in India's major cities.Read more

21 Jun 2024

Residents of Jailorwala Bagh are set to receive new flats from the Delhi Development Authority (DDA) as part of the "Jahan Jhuggi Wahin Makan" scheme. Starting July, 1,078 eligible families will move into 1,675 newly constructed EWS (Economically Weaker Section) flats, each costing INR 25 lakh but subsidized to INR 1.4 lakh for slum dwellers. These 340 sq ft units include a bedroom, living room, kitchen, bathroom, and balcony. The project also features community halls, shops, a childcare center, classrooms, a clinic, and ample green spaces and parking. This marks DDA's second successful in-situ rehabilitation effort.Read more

20 Jun 2024

India's economic growth is projected to drive a surge in housing demand, with experts forecasting a requirement for 100 million new dwelling units by 2030. Rising household incomes and a burgeoning population are key factors contributing to this demand. Abhishek Lodha, CEO of Macrotech Developers Ltd., anticipates that increasing homeownership opportunities and upgrades will fuel demand further. Prime Minister Narendra Modi's infrastructure and housing initiatives are expected to amplify this growth, potentially adding over USD 906 billion to India's economy. Despite challenges, including scaling up construction activity, India's real estate sector remains optimistic about its long-term growth prospects.Read more

20 Jun 2024

A recent report by Housing.com highlights a significant trend in India's real estate market: Tier-2 cities are experiencing a surge in interest from homebuyers and investors, driven by economic diversification, rising consumer demand, and a post-pandemic relocation trend. Dhruv Agarwala, Group CEO of Housing.com, notes that cities like Kochi, Jaipur, Goa, and Chandigarh are leading the charge, now outperforming the top eight metros by 88 points on the Property Buy Index. Property values in premium locations of these cities are approaching those of Delhi and Mumbai, with impressive year-on-year growth of 10-15%. Additionally, rental yields in Goa reach as high as 8%, compared to 2-3% in major metros, attracting significant investor interest. Online searches for homes priced above INR 2 crore have increased by 121% in Tier-2 cities, highlighting their growing importance and potential in the real estate market.Read more

20 Jun 2024

Mumbai's commercial real estate market is seeing a significant shift towards single-owned and managed properties, driven by higher returns, operational efficiency, and greater tenant satisfaction. Data from CRE Matrix highlights that single-owned assets in key Indian markets like Mumbai, Pune, Bengaluru, and Chennai offer rental yield advantages of up to 32% over strata properties. For instance, Pune's South West region shows an 18% higher rental yield for single-owned properties, with Chennai's Southern Suburbs seeing a 32% advantage. Experts emphasize the benefits of proactive management and tenant experience in single-owned properties, predicting continued investor preference for this model.Read more