RAHUL ARORA
Office leasing surges to new record in first half of 2024
The Indian office property market has shown strong performance in the first half of the year, driven by economic resurgence and increased corporate occupancies, with technology and banking sectors leading the way. Gross leasing hit a record high of 33.5 million sq ft, up 29% from last year, setting the stage for a potential new peak in 2024. GCCs played a key role in this growth, with India's leadership in the GCC ecosystem remaining strong.
India office property market surges with record gross leasing in 2024 first half
The Indian office property market has surged, driven by increased economic activity and corporate occupancies, reaching a record 33.5 million sq ft in gross leasing in the first half of the year. Global Capability Centres (GCCs) significantly contributed, with strong leasing momentum across major cities, indicating potential for a record-breaking 2024.
India’s retail realty expansion to continue led by urbanization, consumption growth
The top seven Indian cities--Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kolkata, Chennai--will add over 45 million sq ft of retail real estate through 88 new developments. This anticipated growth will outstrip the retail space supply from the past decade (2014-2023), which totaled around 38 million sq ft, showed data from JLL India.
Gautam Gambhir set to be India head coach? Meets BCCI Secretary Jay Shah post KKR title triumph
Gautam Gambhir celebrated his third IPL title with Kolkata Knight Riders, winning as a mentor after two victories as a player. After the win, He was seen with BCCI secretary Jay Shah, sparking speculation of him taking over as India's head coach from Rahul Dravid. Gambhir's strategic moves, including signing Mitchell Starc and forming a successful opening partnership, transformed KKR's fortunes.
KKR enter fourth IPL final with dominant win over Sunrisers Hyderabad
Kolkata Knight Riders secured their spot in the IPL final with a dominant eight-wicket victory over Sunrisers Hyderabad in Qualifier 1. Mitchell Starc's three wickets in the powerplay restricted SRH to 159 all out, with Rahul Tripathi top-scoring with 55. KKR chased down the target in just 13.4 overs, with Venkatesh Iyer (51*) and skipper Shreyas Iyer (58*) leading the charge. SRH will have another chance to reach the final when they face the winner of the Eliminator on Friday in Chennai.
Security beefed up ahead of rallies by PM Modi, Rahul Gandhi in Delhi
Security beefed up in Delhi for PM Modi and Rahul Gandhi rallies with strict law and order measures in place including PCR vehicles, night patrolling, and traffic diversions.
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IPL 2024: Salt's explosive knock guides KKR to eight-wicket win over LSG
KKR is in the second spot, with four wins and a loss in five matches. It gives them a total of eight points. LSG is at the fifth spot with three wins and three losses, giving them six points.
Kolkata Knight Riders win by 8 wickets against Lucknow Super Giants at Eden Gardens
Nicholas Pooran powered the Lucknow Super Giants to a competitive total after the Kolkata Knight Riders soared high with a sensational bowling attack in the ongoing Indian Premier League (IPL) 2024 at Eden Gardens on Sunday. Spearheaded by Mitchell Starc, the KKR bowlers exercised control throughout the first inning. After the toss, LSG were put to bat and once again continued the trend of losing a couple of wickets in the powerplay as Quinton de Kock and Deepak Hooda departed without a major impact.
Top 7 cities record 15.16 million sq ft gross office leasing in March quarter
The leasing performance in the March quarter is trailing only to the levels of 17.3 million sq ft witnessed in the first quarter of 2020. It has set the platform for India’s office market to reach and even surpass the peak activity levels witnessed in 2023.
In new India, offices buzz in new spots
According to real estate consultancy JLL, the emergence of new business hotspots will contribute about 89 million sq ft to the Grade-A office supply in the top seven cities over the next five years.
FIR lodged against Rahul Gandhi for revealing alleged minor rape victim's identity: Police to Delhi HC
The Delhi Police told the high court that an FIR was lodged against Gandhi for his social media post revealing the identity of alleged rape victim in 2021 and further investigation is underway.
Why bigger and more shopping malls are coming up in top cities
The new supply of retail space in shopping malls increased 72 percent last year to 59.48 lakh square feet across eight major cities to meet rising demand from retailers, according to Cushman & Wakefield. In 2023, as many as 11 shopping malls became operational, covering 59,48,395 square feet of space across the top eight cities. In the previous year, nine malls came into eight markets, totalling 34,49,222 square feet area.
India office market defies global headwinds, Q4 net absorption scales new peak helping 2023 performance
India's office real estate market, despite global challenges, is entering a phase of accelerated growth, with net office space absorption in the top seven cities reaching 41.97 million sq ft in 2023. This marks a new post-COVID milestone and the second-highest annual absorption, fueled by talent and cost advantages and India's growing reputation as an innovation and research hub.
India office space demand growth sustained in 2023 despite global sluggishness
The net office space absorption in the country is seen at par with 2022 closing at 37-39 million sq ft. With leasing activity expected to further pick up pace in the last quarter of 2023, the year is expected to surpass the 2017-2019 average, showed a JLL India analysis.
Floor-wise denotification to help unlock 15-18 million sq ft operational SEZ space: Study
The recent central government notification allowing floor-wise denotification of IT Special Economic Zones (SEZs) is expected to rejuvenate the appeal of IT/IT-enabled services SEZs, transforming them into dynamic office hubs, according to a JLL India study.
Leisure travel may pave the road for realtors to open malls on highways
Experts predict that an upgrade in infrastructure and an increase in leisure travel will drive growth in highway retail. Brands such as Tata Croma, Starbucks, and Uniqlo have already opened or are planning to open stores on highways. Developers are also investing in highway retail, with projects such as a 500,000 sq ft mall on the Mumbai-Nashik highway and a 1.5 million sq ft retail space on the Chandigarh highway.
India office market shows resilience, Q3 net absorption at 6-quarter high
The Indian commercial real estate sector has shown resilience and sustained growth despite global headwinds. Office space absorption in key markets during the September quarter reached its highest level in 18 months. Gross leasing activity also surpassed pre-pandemic levels, with the manufacturing sector leading the way. The strong demand is driven by India's tech ecosystem, which is experiencing increased offshoring and research and development work.
New supply of retail space in shopping malls to rise 43 pc by 2027 in top 7 cities: JLL India
Bengaluru will witness new supply of 4.97 million square feet by 2027, Chennai 6.23 million square feet, Hyderabad 5.48 million square feet, Kolkata 2.94 million square feet, Mumbai 4.5 million square feet and Pune 2.32 million square feet.
REIT monetisation potential prompts retail-led realty assets’ single ownership structures
The listing of retail-led real estate assets through Real Estate Investment Trusts (REITs) has brought greater transparency to transaction and management structures. Developers are now recognizing the need to upgrade retail properties, focusing on factors like tenant mix and mall management to maximize asset monetization. Data from JLL India shows that over half of the retail assets in India with the potential to be listed as REITs are located in Mumbai and the NCR-Delhi region.
Healthtech startup Pristyn Care suspends Lybrate founders
The suspensions came a day after Arora and Narang served a default notice to Pristyn Care demanding outstanding payment resulting from its acquisition of the primary care provider.
India’s office market shows resilience amid global headwinds, snaps 6-quarter declining trend
In the June quarter, 10.49 million sq ft of new completions were recorded, up by 5.3% sequentially. Hyderabad dominated with a 47.2% share of new completions, followed by Bengaluru with a 22% share. Pan-India office space vacancy levels witnessed a marginal drop of 10 bps sequentially to 16.6%, which is expected to remain sticky within the range of 16-17%.
Institutional investors, occupiers flock towards green-certified realty projects
Almost all the negotiations for office properties whether on outright basis or leasing purpose now include sustainability as a key metric. Financiers of housing projects are also showing an inclination towards such projects for investments, industry experts said. The shift is taking place not only on account of global movement, but also following the Indian government’s new environmental, social and governance (ESG) reporting requirements for the top 1,000 listed companies in the country by market capitalization.
Top 7 Indian cities’ January-March net office leasing touches 6-quarter low
The share of leasing in the technology sector, the mainstay of the country’s office market, too has hit a six-quarter low due to slow hiring and global challenges impacting the overall numbers. Net absorption decreased 34% on-year and 4.5% sequentially to 7.63 million sq ft, showed data from JLL India.
Office absorption rises to 3-year high on strong demand
According to Nucleus Office Parks' Quaiser Parvez, the number of global capability centers (GCCs) will continue to increase with additional 400 new centres expected in the next three years. The Indian tech sector's revenue is expected to increase by 84% from $190 billion in 2020 to around $350 billion with digitization services expected to increase 4 times from 2020 to 2025. All of this will lead to a strong demand for offices, and 2023 is also expected to see nearly 50 million sq ft gross leasing.
India office property market net absorption up 46% in 2022, hits a 3-year high
The net absorption for the year has surpassed the five-year pre-pandemic average (2015-2019) by 3.1% as well and is second only to the 2019 net absorption numbers for the past 10 years, showcasing the strong resilience of the Indian office markets.
KL Rahul-Athiya, Sidharth-Kiara & Malaika-Arjun: Celebrity weddings that fans are excited for in 2023
Everyone loves love stories, and these are no different.
India office absorption 30.3 million sq ft in January-September, up 107% on year
Net absorption across the top seven property markets of the country rose 68.5% on-year to 9.86 million sq ft during the quarter ended June. On a sequential basis too, the leasing performance saw 11% growth.
Bangalore office leasing market to witness the strongest quarter: JLL
According to industry experts and developers, a strong supply pipeline, flexible deal structuring, return to work, along strong revival in market sentiment and will continue to strengthen the momentum of office leasing space in the city.
Office absorption shows resilience in June quarter across top 7 cities, up 32% on year
Second wave induced lockdowns push net absorption down 16% sequentially, but better than 61% drop witnessed a year ago.
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