India’s IT capital Bengaluru is expected to continue its lead in India's commercial real estate market with 330-340 million square feet of office stock by the year 2030, according to a report by the Confederation of Indian Industry and CBRE.
THE UNION government has revised the annual ground rent for land leased to several prominent five-star hotels in New Delhi — from thousands or lakhs of rupees a year to crores each — leading to at least two such hotels, The Imperial and The Claridges, to challenge the move in the Delhi High Court, The Indian Express has learnt.
High street retail, characterized by its open-air environment and direct street access, has historically been the bustling heart of urban commerce in India. Iconic areas like Connaught Place in Delhi and Colaba Causeway in Mumbai epitomize this vibrant culture. However, the advent of shopping malls transformed the retail landscape by centralizing shopping, amenities, and entertainment. Despite this shift, high streets have evolved to offer unique consumer experiences, blending convenience with a mix of mid to luxury brands.
As the world commemorates the World Youth Skills Day, India stands at a crucial stage in its quest to transform its construction workforce through targeted upskilling initiatives. With the construction sector playing a pivotal role in India’s economic growth, employing over 71 million individuals and contributing significantly to the GDP, the need for a comprehensive skills enhancement program has never been more urgent.
An economy is often on solid ground when prices of equities and premium real estate move northward—not perhaps at the same pace, but nevertheless in tandem. Stocks tend to provide higher returns than most asset classes and are also one of the more liquid investments. This allows investors to book partial profits and pump that surplus into property.
The last decade (2014-H1 2024) has seen homebuyers' wait for possession in large under-construction projects in the top seven cities reduce to 4.9 years, from 6.1 years in the 2010-2019 period, according to Anarock data. "Large and listed players account for nearly 34% of the market today. The stringent rules imposed on project delays by the regulatory authorities have also been a key factor in reducing the completion time," said Anuj Puri, chairman, Anarock Group.
Considerable attention has been devoted to the rising demand for luxury and ultra-luxury homes in India, commanding prices upwards of Rs 1 crore. Equally discussed has been the marked decline in interest for affordable units, priced below Rs 50 lakh. However, there hasn't been much discussion about the mid-segment that connects these two extremes.
Larger spaces and high-value homes with enhanced amenities in western Chennai are becoming increasingly popular among homebuyers, thanks to the upcoming metro connectivity. A report by property consultants Knight Frank India, ‘India Real Estate - Residential and Office Market - Jan-June 2024,’ says the Chennai residential market reported a 12% year-on-year increase in residential sales.
While the average completion time for large real estate projects across the country was down by 20% to 4.9 years in H12024 from 6.1 years in 2019, it was the southern cities that were markedly ahead of their northern, western, and eastern counterparts. For all large projects launched and completed between 2014 and H1 2024, the average completion time was lowest in Chennai with 3.6 years, while Hyderabad and Bengaluru clocked in at 4.2 and 4.8 years respectively, an analysis by Anarock has said.
Bengaluru has held on to its status as the top choice for non-resident Indians looking to invest in India’s residential real estate market, especially those eyeing budget and mid-segment housing, data sourced from multiple consultancy firms by HT Digital showed. The city’s pleasant weather to property value appreciation, cosmopolitan culture, high rental yields and a thriving commercial landscape are the major pull factors for this set of homebuyers.
