India's Real Estate Booms in 2024 Record Leases, Sales, Investment

India's Real Estate Booms in 2024 Record Leases, Sales, Investment

India's Real Estate Booms in 2024 Record Leases, Sales, Investment

India's real estate sector is thriving in 2024, setting new records across office leases and residential sales. The market has seen unprecedented growth, driven by soaring consumer confidence, robust foreign investments, and expansions by multinational corporations. Anshuman Magazine, Chairman & CEO of CBRE India, South-East Asia, Middle East & Africa, highlighted these trends, emphasizing the sector's strong growth trajectory.

India's office real estate market has performed exceptionally well in 2024, with record-breaking leasing activity of 53.3 million sq. ft from January to September. During this period, 36.2 million sq. ft of new office space was completed, with Bengaluru, Hyderabad, and Pune accounting for 66% of the supply. Global capability centres (GCCs) played a pivotal role, contributing 38% to the leasing activity, with Bengaluru leading at 49%, followed by Hyderabad, Pune, and Chennai.

Domestic companies also displayed robust demand, making up 42% of the office space absorption. Indian technology firms, flexible space operators, and banks were among the top contributors. Technology companies saw significant growth, representing 24% of the total leasing activity, with Bengaluru at the forefront with 30%, followed by Delhi-NCR and Hyderabad at 14% each.

Additionally, sectors  BFSI, entertainment and media (E&M), flexible space providers, and life sciences further diversified demand, underscoring  sector's resilience and adaptability. With record-breaking activity across various segments, 2024 is shaping up to be a landmark year for India’s real estate market, setting the stage for continued growth and innovation in the industry.

 

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