– By Sunil Sisodiya
A significant change in the commercial and residential real estate market is happening in India in 2024 owing to a combination of economic factors, changed consumer preferences, and rapid advances in technology. While the Indian economy is recovering from the aftermath of the pandemic and has advanced at an increased rate of urbanization, the growth of the real estate sector will be steady. The landscape, however, which the real estate developers, investors, and buyers need to be attentive to is undergoing significant transformations.
The office space market in India continues to witness a slow and steady revival in the commercial real estate segment. According to a report, the office leasing activity in India’s top cities is likely to reach over 45 million square feet in 2024. This marks a recovery of about 80% of pre-pandemic levels, mainly because of the IT, BFSI, and consulting sectors, which have taken the lead in office leasing. Demand now favors grade-A office spaces, where business is no longer in favor of new, well-located offices fitted with state-of-the-art facilities. The boom in hybrid working has shifted demand since, when reassessing their needs for office space, businesses have tended to add flexibility to layouts. Flexible office spaces and coworking hubs are rising on account of a diverse set of business players: from start-ups to big enterprises.
Also Read How universities are preparing engineers in India to lead the AI race Mahindra Lifespaces enters joint development for 37 acre land in Mumbai Trump 2.0: ‘America first’ and India Festive Financial Boost: The Economic Impact of Seasonal Home Buying
Also Read90 per cent of India-Russia trade in local currency now
The growing demand for warehousing and logistics facilities through rapid growth in e-commerce drives the market for commercial real estate. The industry report also hints that demand for warehousing space has jumped 30% in the last year alone. Not surprisingly, more than 40% of this rise comes from e-commerce companies. Be it global or domestic players who are dealing with the need to have a robust logistics infrastructure, it is prompting investment in warehouse facilities in the key logistics hubs across the country as the adoption of e-commerce is rapid.
Demand is expected to sustain in 2024 for the mid-to-luxury segment,
» Read More
