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REAL ESTATE TOP STORIES

Investments in Indian real estate touch $3.4 bn in the first half of 2018

Residential, retail and office sectors all saw an increase in demand. Companies leased around 8 mn sq ft more space as compared to same time last year, taking the total gross space leased in the first half of 2018 to around 24 mn sq ft

Total investments in India real estate in the first half of 2018 was recorded at $3.4bn. Of this, an overwhelming majority was in the IT and commercial sector, said the report titled India’s Real Estate Milestones – A 20 year narrative by Confederation of Indian Industry (CII) in association with JLL.

The IT and commercial sector attracted close to $1.8 bn during the period while retail recorded approximately $272 mn, it said.

Ramesh Nair, Chairman, CII Realty & Infrastructure Conclave and CEO & Country Head, JLL India stated : “There has been a paradigm shift in the momentum of real estate witnessed in the first half of 2018. All aspects of the sector – residential, retail, office and investments, have seen a healthy increase in demand. What we note specifically is the quantum of this rise which has increased significantly, ushering a revival of the sector backed by strong fundamentals.”

The first half of 2018 saw the corporate leasing activity rise by 54% over the same period last year. This trend, driven by large technology companies, co-working, financial services and global in-house data centres is a reflection of the modern thriving business environment.

Companies leased around 8 mn sq ft more space as compared to same time last year– taking the total gross space leased in the first half of 2018 of the year to about 24 mn sq ft. Cities responsible for contributing most to this growth were Bengaluru and NCR, with a share of 26% each in gross leasing volumes during this period.

The report also observed that occupiers not only are inclined towards space take-up as part of their consolidation/relocation plans, but also geared towards expansion-driven space strategy which is a pointer towards an upswing in the business cycle.

The residential sector recorded a rise of 25% year-on-year (YoY) in the first half of 2018. This was attributed to two factors: returning buyers’ confidence on account of implementation of RERA in most states, and stable capital values that have started to show an upward trend – the report stated.

In the retail sector, net absorption in the first half of 2018 for retail space has seen a rise of over 75% YoY, recording a total absorption of 1.9 mn sq ft in the first half of 2018. The retail market has been seeing a new lease of life with growth in leasing activities from both international and domestic brands, according to the report.

-GBO Correspondent

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