COVID-19 seriously disrupted the Indian office sector in 2020. The total sector-specific office leasing activity in the three dominant IT hubs Bengaluru, Hyderabad and Pune declined by approx. 55% against the preceding year – from 62.35 mn sq. ft. in 2019 to 27.80 mn sq. ft. in 2020. However, these three cities are witnessing a significant rise in leasing activity by the non-IT/ITeS sectors like the BFSI segment.
The pandemic has significantly altered previously dominant trends in the Indian residential market. Notably, it has dented the overall new affordable housing supply share across the top 7 cities. Latest ANAROCK research indicates that out of the total new launches of approx. 36,260 units across the top 7 cities in Q2 2021, the affordable segment (priced <INR 40 lakh) contributed a mere 20% share.
Considering the millennial’s requirements are essential for real estate companies across India to give the construction industry a new trend. Companies like Mana Projects have already started the trend and are already focusing on futuristic homes. Undoubtedly, millennials will be the most significant demographic category active in property transactions in the coming years.
AsiaOne List of Top 50 Real Estate Brands and Leaders 2020-21 by Wealth has been created based on the valuation of top real estate brands and leaders. Even though there might have been inadvertent omissions, the list is the most authentic attempt to identify India’s top real estate leaders and to measure their holdings’ value. The Listing comprises Pan India findings and regional findings.
Leading diversified professional services and investment management company Colliers today released the Growth engines of innovation: How Asia Pacific’s technology hubs are reshaping regional real estate report, an in-depth analysis of how the growth of the APAC technology sector is transforming the region’s property markets.
IT-BPM sector has been the prime driver of the office demand in India over last decade. The employment in IT-BPM sector grew at rate of 6% CAGR over the last decade. The employment figure reached about 4.4 million in 2020 from about 3.0 million employment in 2011, which is an addition of 1 million skilled white-collar jobs.
Knight Frank, in its latest report Asia-Pacific Prime Office Rental Index Q1 2021 has cited that despite there being uncertainty around the performance of India’s office sector, Bengaluru, NCR and Mumbai markets are expected to remain stable in rental values over the next 12-months.