While residential property sales saw a decline in Q3 of 2024, office leasing is going strong in top cities of the country. Anshul Jain, chief executive, India, Southeast Asia and APAC tenant representation, Cushman & Wakefield, shares his outlook for different property segments in an interaction with Raghavendra Kamath.
What is the outlook on office leasing and rents in 2025?
Home loan: Acquiring a home is often seen as the ultimate achievement of most Indians, signifying financial stability and security earned through diligent saving and hard work. The process of purchasing a home can be both exhilarating and overwhelming. The initial and crucial step in buying a home is determining your budget and how much you can afford. Very few individuals can buy a home outright with cash, which is why most prospective homeowners turn to securing a loan.
The Insolvency and Bankruptcy Board of India (IBBI) has proposed reforms to streamline the insolvency process for real estate companies and enhance protection for homebuyers.
Office space absorption across six major Indian cities has shot up by around 30 percent on-year to 55.1 million square feet in the first nine months of 2024.
Experts estimate that the office space demand will surpass 70 million square feet by the end of 2024 across Mumbai, Bengaluru, Delhi NCR, Hyderabad, Chennai and Pune.
Setting up city-level economic development councils (CEDC) to leverage economic potential of cities, empowering district authorities to check on urban sprawl and planning for rural to urban transition are among the key recommendations of the Centre-appointed high-level committee on urban planning, ThePrint has learnt.
The Indian residential real estate (RRE) segment, which witnessed nearly a decade of sluggishness, has demonstrated remarkable resilience in the post-covid era. Prior to the pandemic, the sector was reeling under various challenges of demonetisation, the enactment of RERA, non-banking financial companies (NBFC) crisis, and pessimistic consumer sentiments, CareEdge Ratings has said in a report.
Once recognised for affordable and mid-segment properties, the twin cities of Noida and Greater Noida, have emerged as hotspots for premium real estate over the past five years. Real estate experts and available market data shows that property prices have doubled over the last five years in Noida and Greater Noida.
Since February 2024, Greater Noida has seen the registration of 8,106 flats following developers' adoption of the UP-government's policy aimed at reviving stalled real estate projects in the state. A report presented to the Greater Noida Industrial Development Authority's (GNIDA) board on October 27 indicated that an additional 8,000 flats are anticipated to be registered by March next year.
As the real estate market picks up pace, Hyderabad, the capital and largest city of Telangana, is showing sustained growth. According to a report by prop-tech platform Square Yards, Hyderabad saw a 20% rise in sales value and a 7% increase in transactions during July-September 2024.
Real estate leaders like Aparna Constructions and Estates continued to dominate Hyderabad’s residential market, while Prestige Group also secured a top position among the leading developers in terms of both registered home sales and value.
Only two years into his first term, Narendra Modi rocked India’s real estate sector by introducing the Real Estate (Regulation and Development) Act, 2016 (RERA). This legislation marked one of the most comprehensive regulatory changes the market had ever seen, signalling the prime minister’s clear intent to tackle the inefficiency and corruption that had long plagued the industry.
