Experts Believe That India’s Commercial And Residential Landscape Is Undergoing Massive Shift

According to a recent real estate report, the office leasing activity in India’s top cities is likely to reach over 45 million square feet in 2024 and the demand for the mid-to-luxury segment, is expected to sustain in 2024 as the demand shifts towards integrated townships. While real estate developers, buyers and investors might see a rampant growth in the industry, there are certain section of the industry that might see a boom as compared to others.

For instance, the office space market in India continues to witness a slow and steady revival in the commercial real estate segment. Post pandemic where most offices offer hybrid or work from home facilities businesses are no longer favouring new, well-located offices fitted with state-of-the-art facilities. Instead the focus has shifted to flexible office spaces and coworking hubs for a diverse set of business players: from start-ups to big enterprises.

Because of the rapid growth in the e-commerce section the demand for warehousing and logistics facilities 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.

However, growth might be plateaued for mid-to-luxury segment residences, due to a shift in focus on premium residences that are connected and new localities start to take shape. Integrated townships that enable holistic living, with access to schools, hospitals, shopping centers, and recreational spaces are more in demand. The demand for affordable housing also seems to be on rise as after the push from Pradhan Mantri Awas Yojana (PMAY).

Green buildings are much in demand as the growing awareness of climatic changes has compelled builders to focus on environment-friendly buildings. According to the reports of the Indian Green Building Council (IGBC), there are more than 7,500 green buildings in India, and these figures will be augmented when more builders focus on environmentally-friendly building practices, such as energy-efficient designs, rainwater harvesting systems, and waste management solutions.

The Indian real estate market id definitely undergoing a paradigm shift for the good and betterment of the society.

Source: Financial Express