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After a steep nosedive in demand for office space rentals during 2020 and 2021, a new <keyword id="19955574" type="General" weightage="20" keywordseo="Colliers-report" source="keywords">Colliers report</keyword> has now noted that office rentals across six major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> have finally rebounded to their <keyword id="20789690" type="General" weightage="20" keywordseo="pre-pandemic-levels" source="keywords">pre-pandemic levels</keyword> and even inched around 2-8% higher. While some cities like <keyword id="19900176" type="General" weightage="20" keywordseo="Hyderabad" source="keywords">Hyderabad</keyword> and Pune had already gone beyond their pre-pandemic rental levels as early as 2022, <keyword id="19895037" type="General" weightage="20" keywordseo="Bengaluru" source="keywords">Bengaluru</keyword> and Chennai had followed suit a year later in 2023. The last to join the bandwagon were <keyword id="19906633" type="General" weightage="20" keywordseo="Delhi-NCR" source="keywords">Delhi NCR</keyword> and Mumbai, which finally managed to breach their pre-pandemic levels in 2024. However, both Delhi and Mumbai recorded the highest jump in average rentals at 8% each, followed by Mumbai and Chennai, which saw hikes of about 5-6% during this period. The recovery in demand for office spaces, which kicked off in 2022, has stayed steady since. Arpit Mehrotra, Managing Director, Office Services, India, Colliers notes that going ahead, the annual increase in average quoted rentals at the end of 2024 is likely to be higher for certain cities like Delhi NCR and Pune, as compared to other markets. "Moreover, as demand scale-up in Indian <keyword id="20107243" type="General" weightage="20" keywordseo="commercial-real-estate" source="keywords">commercial real estate</keyword> solidifies, notwithstanding unforeseen events, annual space take up to the tune of 60 million sq ft is likely to be the new norm in the medium-term," he added. <h2>Prime location takes the cake</h2>Even within these cities, the growth of rental demand in certain micro-markets, which are located at prime locations, saw greater than the 2-8% average growth. For instance, in Delhi NCR, Gold Course Extension Road, Noida Expressway, and Cyber City saw up to a 25% rise in rentals. In Bengaluru, which saw around 2% <keyword id="22329786" type="General" weightage="20" keywordseo="rental-growth" source="keywords">rental growth</keyword> overall, Whitefield and ORR (Outer Ring Road) commanded a rental premium, with rents here surging by as much as 5-10% between 2019 and 2024. IOMR Zone 1 in Chennai and Bandra-Kurla Complex, Goregaon, and JVLR in Mumbai saw rents surge by around 10-20% from pre-pandemic levels between 2019 and 2024. In contrast, rental rates in Chennai and Mumbai grew at around 5% and 6%, respectively. In Hyderabad, SBD, or the Secondary Business District, which comprises of Gachibowli, Hitec City, and more, saw rentals surge between 5-10% between 2019 and 2024, as opposed to the 5% cumulative rental growth experienced by Hyderabad. In Pune, CBD and Kharadi saw rentals inch up by 5-10%, whereas the whole of Pune only saw their rentals grow by around 5% during the past 6 years. Mumbai and Delhi have also seen a dip in <keyword id="23656583" type="General" weightage="20" keywordseo="vacancy-levels" source="keywords">vacancy levels</keyword> since 2019. While this has dropped to 20% in Delhi at present, Mumbai ranks the lowest in terms of empty office spaces at 10.7%. In both these cities, demand for office spaces has consistently outpaced supply, which explains the low vacancies. In contrast, in Hyderabad, where supply continues to trump demand, current vacancy levels have gone as high as 25%. Going ahead, the Colliers report also estimates that average office rentals can witness up to 10% annual growth across key Indian cities by the end of this year.

Office rents across all major Indian cities surpass pre-pandemic levels in 2024, notes a new report

<ul><li>Domestic institutions’ share in institutional investments in Jan-March inflows more than doubled to 45%.</li><li>Office sector continues to receive a lion’s share of investments – at $600 million.</li><li>Industrial &amp; warehousing segment saw inflows to the tune of $200 million </li></ul>Even as Indians’ love for buying homes refuses to die down, institutions seem to have a contra view of the real estate sector. In the Jan-March quarter, institutions poured $1 billion into the sector — which is a 40% drop as compared to the same quarter last year, says a report by <keyword id="20136265" type="General" weightage="20" keywordseo="colliers" source="keywords">Colliers</keyword>. Domestic institutions have been at the forefront, and made up for 45% of the total inflows in the recently concluded March quarter. Their share more than doubled in the last year as it was at 24% in Jan-March 2023. “Domestic investors are increasingly gaining more ground in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>n real estate. Within domestic institutional investments, office and residential assets formed about 66%, reflecting a strategic approach to align with India's growth trends. This also underscores growing confidence of a diversified spectrum of investors across multiple investment strategies including credit and acquisitions,” said <keyword id="20489383" type="General" weightage="20" keywordseo="piyush-gupta" source="keywords">Piyush Gupta</keyword>, managing director, capital markets &amp; investment services at <keyword id="19955462" type="General" weightage="20" keywordseo="colliers-india" source="keywords">Colliers India</keyword>. Institutional inflows into real estate sector <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-March 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan-March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Office </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$563 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$907.6 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-38% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Residential </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$102.6 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$361 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-72% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Alternate assets </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$21 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$158 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-87% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial &amp; Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$177.7 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$216 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mixed use </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$130.8 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$15 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">766% </td></tr></tbody></table>Source: Colliers Tech-cities rule office investments Office sector continues to receive a lion’s share of investments – at $600 million. Within this segment, two cities — Bengaluru and <keyword id="19900176" type="General" weightage="20" keywordseo="hyderabad" source="keywords">Hyderabad</keyword> lead investments, with an 81% of share. This trend mirrors robust office demand seen in these cities this quarter. These cities have been frontrunners for demand for Grade A office space in the quarter and saw more than half of the India leasing activity. Overall office demand across the top six cities also remained robust, at 13.6 million sq ft, marking a remarkable 35% increase compared to the same period last year. “Foreign investments remained predominant, driving over two-thirds of the sector's inflows, reinforcing the confidence of global funds in the fundamentals of commercial office real estate in India. Institutional investors continued their preference for completed and pre-leased income-yielding office assets as compared to greenfield developments,” says Colliers. Industrial &amp; warehousing as well as residential segments also drew inflows to the tune of $200 million and $100 million respectively. Investments in Industrial and warehousing assets were concentrated around Pune, Chennai, and Delhi-NCR. “As the industrial and warehousing segment evolves, and micro-fulfillment centers, dark stores and AI-driven supply chains become more prevalent, consolidation and institutionalization will pick up pace, further driving global capital in the coming years,” says Colliers. In the March quarter, the APAC region contributed to over 82% of foreign inflows in India's real estate sector. “The surge in investments by APAC countries such as Singapore can be attributed to a combination of factors including favourable investment climate, strong demand fundamentals across core &amp; non-core segments within real estate, and strategic alliances in the form joint venture platforms,” said <keyword id="20454099" type="General" weightage="20" keywordseo="vimal-nadar" source="keywords">Vimal Nadar</keyword>, senior director and head of research, Colliers India.

Institutions shy away from real estate investments which dip by 40% in Q4 of FY24

The demand for office spaces during the first quarter of 2024 has been strong, registering total leasing of 13.6 million square feet across the top six cities. It is a remarkable 35 per cent increase compared to the same period last year, according to professional services and investment management company Colliers. Although this is a significant drop from the record office space take-up in the last quarter of 2023, the remarkable annual increase is indicative of upbeat occupier sentiment, given the fact that the first quarter is typically slower, Colliers said in a report. Bengaluru and <keyword id="19900176" type="General" weightage="20" keywordseo="hyderabad" source="keywords">Hyderabad</keyword> emerged as frontrunners for demand of Grade A office space in the first quarter of 2024, cumulatively accounting for more than half of the <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> leasing activity. The office market of Hyderabad saw 2.2x space uptake in Q1 2024 as compared to the corresponding quarter last year. This demand was driven by healthcare and pharma and technology sectors. Amongst other major office markets, Mumbai too experienced a notable surge in leasing activity, an impressive 90 per cent yearly rise in Q1 2024. "Hyderabad continues to strengthen its role as a prominent commercial office market in the country. The city offers occupiers including <keyword id="20942407" type="General" weightage="20" keywordseo="global-capability-centers" source="keywords">Global Capability Centers</keyword> considerable price arbitrage compared to other markets. Furthermore, proactive government policies, continuous infrastructure upgrades and a favorable business ecosystem makes Hyderabad a compelling destination for investors, occupiers, and leading developers of commercial real estate in India," said Arpit Mehrotra, Managing Director, <keyword id="21062240" type="General" weightage="20" keywordseo="office-services" source="keywords">Office services</keyword>, India, Colliers. "Within Hyderabad, the trifecta of Hi-Tec City, Gachibowli and <keyword id="19948349" type="General" weightage="20" keywordseo="madhapur" source="keywords">Madhapur</keyword> continued to drive leasing activity in Q1 2024. Of the 2.9 million square feet of Grade A space uptake in the first quarter, over 80 per cent of the demand was concentrated in these three localities," said Mehrotra. During Q1 2024, new supply across top six cities remained steady, at 9.8 million square feet, almost at par with the level seen in Q1 2023. According to Colliers, Bengaluru witnessed significant new project completions, contributing to 45 per cent of the total new supply, followed by Hyderabad at 27 per cent share. With demand outpacing supply, average rentals saw up to 8 per cent uptick on a yearly basis across most of the major markets. "As business sentiments and economic outlook remains positive, domestic occupiers, especially will continue to drive the office market of the country," said Vimal Nadar, Senior Director and Head of Research, Colliers India. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a><a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank">Asus ROG Strix Scar 16 review – powerful gaming laptop with a cool design</a>

Office space leasing in India off to a strong start in Q1-2024

<ul class="summary-list"><li>Hurricane Helene caused at least 6 EV fires in Florida, according to state officials.</li><li>Saltwater can corrode lithium-ion batteries, leading to short-circuits and fires.</li></ul>Soon after Hurricane Helene barreled into northwestern Florida, local government officials <a target="_blank" href="https://www.facebook.com/watch/?v=1886706438505288&amp;ref=sharing">shared footage</a> of an electric vehicle catching fire in a flooded garage.The video, posted by Pinellas County officials on social media, came with a warning for EV owners about the risks posed by salt water, which can corrode lithium-ion batteries and cause them to short-circuit and overheat. Don't "charge, drive, or store your EV or E-bike in your home or garage,"the post said. It recommended they "move the EV or E-bike 50 feet away from any other combustible material" and "have the vehicle towed to a dealership for inspection."Florida officials said on Tuesday that they had <a target="_blank" href="https://myfloridacfo.com/news/pressreleases/press-release-details/2024/10/02/fire-safety-alert-cfo---state-fire-marshal-jimmy-patronis--lithium-ion-batteries-are-ticking-time-bombs-in-wake-of-hurricane-helene">since confirmed 16 lithium-ion-battery fires</a> related to Hurricane Helene's storm surge, six of which were in EVs. Electric golf carts, e-bikes, and other battery-powered devices are also a hazard. The fires led Florida's chief financial officer and fire marshal, Jimmy Patronis, to call on automakers to be more proactive about notifying customers about moving their EVs to higher ground ahead of a storm (as <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-electric-vehicles-evs-owners-fire-risk-safety-tips-2024-10">Gov. Ron DeSantis</a> did before Helene arrived) and about what to do if an EV is flooded."It's not too late for these manufacturers to send out notifications and fire safety information directly to their consumers," Patronis said in a statement, adding that his office was coordinating with emergency responders to make residents aware of the risks.The warnings come at a critical time for the EV industry. Consumer demand for EVs has been slower than expected this year, and Republicans including <a target="_blank" href="https://www.businessinsider.com/jd-vance-elon-musk-tesla-electric-vehicle-tax-credit-oil-2024-7">JD Vance have attacked the industry</a> in the run-up to the presidential election in November. J.D. Power has forecast that EVs will account for 9% of the market this year — a figure the group <a target="_blank" href="https://www.jdpower.com/business/resources/jd-power-revises-ev-retail-share-forecast">revised down from 12% because of slower adoption</a>. Surveys have suggested that <a target="_blank" href="https://www.businessinsider.com/ev-charging-range-improving-americans-still-dont-want-electric-cars-2024-9">Americans are a lot more concerned about finding chargers</a> than safety, but viral videos of EV fires could fuel skepticism.Brent Gruber, the executive director of J.D. Power's electric-vehicle practice, told Business Insider that because of the recent fires, his team planned to begin tracking consumers' concern about EV fires.Some data from the Transportation Department and Tesla suggests EVs catch fire less often than hybrid or gas-powered cars on the road or in crashes. Saltwater storm surges during Hurricanes Ida, Ian, and now Helene pose a risk to lithium-ion batteries, but it's not clear how often EV fires occur during extreme weather events.A spokesperson for the National Highway Traffic Safety Administration said its data on vehicle fires was limited to fires after fatal crashes. The agency said that since Hurricane Ian struck Florida in 2022, it has monitored reports of EV fires during coastal storms in the southeastern and northeastern US and in California. It said reports of EV fires resulting from saltwater flooding came only from Florida."More research is underway to better understand the interaction of high-voltage battery systems and saltwater immersion," the spokesperson said. They added that the agency had proposed updating some safety requirements for EV batteries to reduce the risk of these fires.Albert Gore, the executive director of the Zero Emission Transportation Association, which represents EV makers like Tesla and Rivian, told Business Insider that manufacturers had done a lot of outreach over the past decade to local fire departments about EV-battery safety. He emphasized that the fires seemed to be limited to coastal regions where saltwater storm surge is a risk and argued that EVs in general are much less likely to catch fire than gas-powered vehicles."The most important piece of information to communicate is if you live in an area where there's a risk of hurricanes and storm surge, it's really important to move that vehicle to higher ground," Gore said.Several fire departments along Florida's coastline told Business Insider that they'd been <a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicle-fires-what-to-know-2023-11">educating their emergency responders</a> and the public about how to prevent and put out EV fires since Hurricane Ian in 2022.Kelsey Grentzer, a spokesperson for the government in Pinellas County, which covers St. Petersburg and Clearwater, said that so far during Hurricane Helene, emergency responders in the county had been called out to at least 93 vehicle fires. Grentzer said they were still analyzing the breakdown of how many were gas cars versus EVs.Heather Mazurkiewicz, a spokesperson for the North Collier Fire Control and Rescue District, which covers Naples, didn't have an exact figure for Helene but said the district had been taking the problem seriously."There's no predictability as to how or when a fire will start from the battery compartment. They're extremely volatile," Mazurkiewicz said.Even after an EV battery fire appears to be extinguished, lingering stored energy can cause what's known as a "thermal runaway," a cycle of overheating and over-pressurizing. Putting out the battery fire can require more than 10,0000 gallons of water, Mazurkiewicz added.The volatility was on display in the Pinellas County officials' viral video. The EV owners <a target="_blank" href="https://www.fox13news.com/news/electric-vehicle-catches-fire-garage-destroys-home-during-hurricane-helene">told a local Fox affiliate</a> that they narrowly escaped their home in Siesta Key as it became engulfed in flames and that they didn't know that a small amount of flooding could ignite the EV.

Viral videos of EVs catching fire after Hurricane Helene raise safety concerns in Florida

<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top IT sector companies have reduced their headcount by 75,000 in the last one year.</li><li>New GCCs setting-up operations in India might have hired a similar number of <keyword id="19913553" type="General" weightage="20" keywordseo="tech" source="keywords">tech</keyword> talent, say experts.</li><li>Even with renewed hiring, IT sector hiring as a whole suffered even as software product company hiring went down in the last 12 months.</li><li>In 2024, hiring intent in the IT sector increased only 3%, even as overall hiring intent is at 19%, says Taggd. </li></ul>Headcount in the top IT services firms in India is down by 75,000 in the last one year. However, experts say that there is no large-scale furore over joblessness in the system due to the extensive hiring undertaken by global capability centers (GCCs). Many new GCCs are setting-up shop in India, which is giving a much-needed push to sluggish tech talent intake by IT services companies. Six out of eight IT bellwethers like TCS, Infosys, Wipro, LTI Mindtree, Cognizant and Tech Mahindra saw their headcount go down in the last 12 months, as per Xpheno, a staffing services company. HCL and LTTS however moderately added 2,400 and 1,600 people to their rolls. (See Table below). Top 8 IT cos headcount &amp; net additions as of Q3 FY24 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Headcount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-month net additions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,40,234 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21,875 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,22,663 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-24,182 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,03,305 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,669 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,24,756 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,486 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTI Mindtree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">82,471 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3,991 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTTS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,46,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-10,812 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cognizant </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,47,700 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7,600 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,90,677 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-75,000 </td></tr></tbody></table> Source: Xpheno With this degrowth, collective headcount of the cohort has dropped to nearly the levels seen in early 2022. “The calendar year of 2024 too has begun with a rollback of headcounts to a pre-two year level, in what is clearly a cycle of sustained adversities the IT services cohort is dealing with,” said Kamal <keyword id="20519296" type="General" weightage="20" keywordseo="karanth" source="keywords">Karanth</keyword>, co-founder of Xpheno. GCCs: The bright spot It’s not just IT services companies are cutting down hiring, job demand in software companies saw massive drop along with startups. But there is one bright spot in the tech market which is GCCs. “GCCs had recruited similar numbers (around 60,000) in the last one year, and that’s why we do not see a bloodbath on the streets. Around 100-110 GCCs set-up shop in India in the last two years, and 60 of them came in the last one year itself,” Karanth tells Business Insider India. GCCs are international companies which set-up shop in India, which takes care of activities like business support functions, back-office tasks, IT infrastructure and more. Since they kick-off operations, most of them hire anywhere between 500-2,000 people. GCCs have now become one of the six top sectors which hire tech talent that includes IT services companies, software product companies, startups, consulting firms and non-tech sectors which hire tech talent. GCCs, IT services and software product companies are the three sectors which hire techies in large numbers “Among the three, only GCCs will continue to hire in 2024, while IT services and software product companies will see at least two muted quarters ahead,” says Karanth. Going by their enthusiastic uptake of office spaces, they seem to be intent on hiring in large numbers. As per a Colliers report, office space uptake of around 30 mn square feet with large deals (of over 100,000 sq ft) have shown an impressive 24% annual growth in 2023. Almost 40% of the large deals in the top six cities have come from GCCs, particularly from technology and BFSI sectors. “More than half of the large GCC deals achieved closure in the last quarter of 2023, indicating renewed momentum in GCC activity in the country. Large pool of talent, cost-effective rentals, adequate Grade A developments and favorable office market ecosystem will continue to uphold India’s vantage positioning from a capability centre perspective,” said <keyword id="20454099" type="General" weightage="20" keywordseo="vimal-nadar" source="keywords">Vimal Nadar</keyword>, senior director and head of research, Colliers India. Tech hiring to remain sluggish With only one of its sub-sectors keen on hiring, the IT sector’s recruitment outlook as a whole has come down. As per a report by Taggd, the IT sector’s hiring intent for 2024 increased by 3%. The overall hiring intent across all the sectors however increased 19% for the current calendar year. Job demand in the last 2 years <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2-year change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,29,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-35% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software Product </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,00,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startups </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-73% </td></tr></tbody></table>Source: Xpheno The slowdown in IT hiring is pronounced in the earnings reports of recruitment firms as well. Info Edge which houses many internet-related businesses like <keyword id="20577913" type="General" weightage="20" keywordseo="naukri" source="keywords">Naukri</keyword>, 99acres.com etc saw its revenues from the recruitment grow only by 3.1% year-on-year in Q3 FY24 due to sluggishness in IT sector hiring. “While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth,” Hitesh Oberoi, managing director and CEO of Info Edge said in the press release. Most large IT sector companies are only expected to do replacement hiring for the next few quarters, with a dull outlook for most. The sector’s sluggish hiring will impact engineering graduates the most as fresher hiring will be impacted. “As many as 9 lakh engineering graduates pass out every year. They will see a major impact and see the biggest hit,” Karanth adds.

IT bellwethers slash headcount in FY24 but Indian techies find a home with GCCs

<ul><li>In Q2 2023, Kolkata saw the highest housing <keyword id="2345162" type="General" weightage="20" keywordseo="price-surge" source="Orion">price surge</keyword> annually among the top eight Indian cities at 15%. </li><li>The upcoming <keyword id="36208" type="General" weightage="20" keywordseo="festive-season" source="Orion">festive season</keyword> will help in further boosting the sales and sustain the momentum through the start of 2024.</li><li>Delhi NCR's unsold inventory decreased by 7% when compared to the same period in the last fiscal. </li></ul><keyword id="35281" type="General" weightage="20" keywordseo="residential-property" source="Orion">Residential property</keyword> rates in the leading eight urban centres of India surged by 7% year-on-year (Y-o-Y) driven by strong demand for housing supported by ongoing favourable attitudes among <keyword id="185169" type="General" weightage="20" keywordseo="homebuyers" source="Orion">homebuyers</keyword> and consistent interest rates, according to a report by Colliers, CREDAI and Liases Foras. The report also revealed that the city of joy, Kolkata, saw the biggest spike in the compared period. With a consistent aspiration for owning homes and stable interest rates, along with an increase in disposable incomes, the demand for housing is set to steadily expand, even in the face of global economic challenges. Given the rising desire for larger <keyword id="525790" type="General" weightage="20" keywordseo="living-spaces" source="Orion">living spaces</keyword>, <keyword id="6357020" type="General" weightage="20" keywordseo="developers" source="Orion">developers</keyword> persist in launching upscale projects, resulting in an upward trend in housing prices for properties still under construction in cities like Kolkata, Hyderabad, Delhi NCR, and Bengaluru. Says Boman Irani, President of CREDAI National , “We’re witnessing record breaking numbers due to the pent-up demand from covid and despite the price rise, we expect this trend to continue for the rest of the fiscal year – on the back of a relatively stabilised repo rate and lending ecosystem. Additionally, the upcoming festive season will help in further boosting the sales and sustain the momentum through the start of 2024.” <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average Price Q2 2023(₹/sq ft) </td><td colspan="2" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">QoQ Change </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Y-o-Y Change </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,507 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,688 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,653 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi NCR </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,652 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,530 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,315 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">MMR </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,111 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,540 </td><td style="border-left:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: Liases Foras, Colliers All the prices are based on carpet area <cmsannotation type="cmsannotation" annotationid="Kolkata sees the highest price rise" comment="subhead" text="Kolkata sees the highest price rise">Kolkata sees the highest price rise</cmsannotation> In Q2 2023, Kolkata saw the highest housing price surge among the top eight Indian cities at 15% when compared to the same period last financial year, continuing a seven-quarter upward trend. This rise is due to increased demand, driven by government incentives like a 2% stamp duty reduction and a 10% lower circle rate extension until September 2023. In the same quarter, Delhi NCR followed closely with a 14% Y-o-Y increase. Notably, Golf Course Road and Dwarka Expressway witnessed remarkable price rises at 46% and 40% respectively. Golf Course Road's prices outpacing Delhi's in Q2 2023 can be attributed to improved connectivity and proximity to Gurugram's commercial hubs, spurring higher demand for homes. <cmsannotation type="cmsannotation" annotationid="Delhi NCR the only city where unsold inventory drops" comment="subhead" text="Delhi NCR the only city where unsold inventory drops">Delhi NCR the only city where unsold inventory drops</cmsannotation> Delhi NCR's unsold inventory decreased by 7% Y-o-Y, making it the sole city across India to experience such a decline, showcasing sustained healthy market dynamics. This trend of decreasing unsold inventory has continued for the last two quarters in Delhi NCR, indicating positive consumer buying sentiment. Conversely, driven by a surge in new project launches, especially in the Northwest suburb of Ahmedabad and the Southwest micro market in Hyderabad, both cities saw a rise in unsold inventory by 26% and 24% respectively Y-o-Y. Despite this increase, housing prices in both cities have consistently shown an upward trajectory over the past few quarters.

Housing prices surge 7% across top eight metros; Kolkata the unlikely topper

<ul class="summary-list"><li>Manhattan has had an enviable run in the construction of skyline-defining office buildings.</li><li>But the opening of large office buildings in the borough will slow down after 2025, per The Times.</li></ul>New York City over the past 25 years has endured a multitude of unprecedented economic challenges, from <a target="_blank" href="https://www.businessinsider.com/world-trade-center-evolution-in-aerial-images-2018-8#2018-a-new-era-9">the aftermath of the terrorist attacks on Sept. 11, 2001</a>, to the ravages of the COVID-19 pandemic.However, one thing has long remained a constant in Manhattan: the construction of large, skyline-defining office buildings.But with many of the most ambitious office projects in New York City on hold for the foreseeable future, the city may not see a significant number of large office towers open their doors until the 2030s, <a target="_blank" href="https://www.nytimes.com/2023/12/28/nyregion/manhattan-construction-drought-nyc.html">according to The New York Times</a>.Per The Times, only a handful of large office buildings — which contain over 500,000 square feet — are set to open in 2024 and 2025. Beyond that timeframe, there are few projects on the horizon that would be completed by the end of the decade, according to the newspaper.Driven by higher construction costs and heightened office vacancy rates, areas like Midtown Manhattan and Lower Manhattan, which have long been the nexus of operations for influential companies, are set to see a slowdown in the proliferation of large office buildings.According to The Times, nearly 20 large office buildings proposed for construction have yet to see shovels in the ground to kick off the projects.There's also the issue of signing anchor tenants to commit to occupying hundreds of thousands of square feet of office space. One of the final centerpieces of the new World Trade Center complex — <a target="_blank" href="https://www.businessinsider.com/9-11-anniversary-world-trade-center-rebuilding-larry-silverstein-2021-9">the long-planned 2 World Trade Center</a> — has yet to commence construction as developer Silverstein Properties has so far been unable to find an anchor tenant for the building, per The Times.For developers looking to sign a tenant to a large building, the market is simply not seeing large employers looking to move from their current spaces, according to the newspaper.<div type="image" title="WTC complex" height="4450" width="6465" msid="106409415" hostid="261" sizebytes="579932"></div>Remote work has also chipped away at the need for some companies to have the sorts of large physical footprints that were once commonplace in Manhattan prior to the pandemic."It's hard to justify putting a shovel in the ground when you have supply-demand fundamentals that are out of whack," CBRE US Debt and Structured Finance president James Millon told The Times.So in Manhattan, which for over two decades had seen construction cranes rising everywhere amid an influx of residents to the borough, the slowdown in office construction will have <a target="_blank" href="https://www.businessinsider.com/new-york-manhattan-real-estate-housing-affordability-no-new-homes-2023-8">a significant impact on the local economy</a>.According to CBRE — the real estate services and investment company — over 52 million square feet of office space has been constructed in Manhattan over the past 23 years. The figure is a reflection of the confidence in New York City as one of the leading economic centers in both the US and the world.But at the end of the third quarter of 2023, 17.9% of office space in Manhattan remained on the market, a record high, <a target="_blank" href="https://www.colliers.com/en/research/new-york/nyc-q3-2023-manhattan-office-report">according to a report issued by the real-estate brokerage firm Colliers</a>.Many neighborhoods throughout the city are still recovering from the pandemic. And the slowdown in office construction threatens the city's ability to fund a range of services for residents, as property taxes from office buildings typically bring in big bucks to the city's coffers each year.The new JPMorgan Chase Building, where the final steel beam was raised last month, is one such building that the city is touting as it affirms its continued status as a global business powerhouse.Located at 270 Park Avenue, just a few paces from Grand Central Terminal in Midtown Manhattan, the 60-story building <a target="_blank" href="https://www.businessinsider.com/jpmorgan-nyc-headquarters-design-270-park-avenue-request-proposals-2021-4">will serve as JPMorgan Chase's global headquarters</a> and will be home to roughly 14,000 employees when it's set to open in 2025. <a target="_blank" href="https://www.jpmorganchase.com/news-stories/final-steel-beam-raised-at-new-jpmc-headquarters">The company in a statement said</a> that 8,000 construction jobs — critical economic drivers for such developments — have been created as a result of the massive project.And there's also the issue of <a target="_blank" href="https://www.nytimes.com/2023/12/07/nyregion/office-conversions-carbon-emissions.html">office buildings being converted to residential housing</a>, a major priority for housing advocates and lawmakers in a city starved for affordable housing. <a target="_blank" href="https://www.nytimes.com/2023/10/30/nyregion/a-tale-of-two-recoveries.html#:~:text=New%20York%20County%2C%20which%20covers,with%20the%20biggest%20income%20disparities.">Manhattan has some of the widest income disparities</a> of any jurisdiction in the country and many policymakers have rallied around housing conversions as a way to keep working-and-middle class New Yorkers in the city.

The 25-year office construction boom that transformed New York City's skyline has hit the brakes, driven in part by record office vacancies

As office rentals drop significantly in the city of San Francisco amid remote work and massive <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword>, <keyword id="399907" type="General" weightage="100" keywordseo="meta" source="Orion">Meta</keyword> (formerly Facebook) and <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> are now vacating office buildings in <keyword id="64863" type="General" weightage="80" keywordseo="seattle" source="Orion">Seattle</keyword> and Bellevue in Washington State. The Seattle Times reported that Meta is reviewing "leases for Seattle-area office buildings." Facebook has confirmed plans to sublease its offices in downtown Seattle and in the Spring District in Bellevue. Microsoft also confirmed that it won't renew its lease at the 26-story City Center Plaza in Bellevue when that lease ends in June 2024, the report mentioned. The ongoing work-from-home and layoffs have cut into demand for office space in Seattle and other tech cities in the US. In November, Meta announced layoffs of 726 Seattle-area workers. A Meta spokesperson said that given the economic climate, it is trying to be financially prudent." The Seattle office market is now struggling "where total office vacancy now stands at around 25 per cent," according to a report by commercial real estate agency Colliers. Even non-vacant offices are often half empty, owing to remote work.A "Given the macroeconomic conditions and the hybrid work trend, we believe we'll see an uptick in office vacancy over the next couple of quarters," Connor McClain, senior vice president and leasing expert at Colliers," was quoted as saying in the report. Twitter CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> said last week that office rentals in San Francisco will drop further. David Sacks, Co-founder and partner at Craft Ventures, tweeted that he got offered office space in San Francisco for the same price as 2009. Musk replied: "It will go lower". Twitter has also been sued for failing to pay $136,250 as rent for one of its office spaces in San Francisco, and is vacating office spaces in Singapore and India. The company's headquarters are located at 1355 Market St, where Twitter has also reportedly fallen behind on rent. Amid global recession fears, San Francisco stands to lose the most as work-from-home in the last three years of the pandemic at tech companies and expensive real estate has stalled the city's growth.

Meta, Microsoft vacating offices in Seattle amid remote work, layoffs

<ul class="summary-list"><li>An average of 19 people go overboard on cruise ships every year, <a target="_blank" href="https://cruising.org/-/media/research-updates/report_operational_incidents_2019-v-1">industry data</a> has found.</li><li>Since 2010, cruise ships have been required to install technology to help prevent overboard deaths.</li></ul><a target="_blank" href="https://www.businessinsider.com/carnival-cruise-passenger-overboard-fbi-investigating-2023-6">Ronnie Peale Jr.</a>, a 35-year-old from a small town in Virginia's Shenandoah Valley, took his first cruise in May 2023 to celebrate his partner's birthday.On the fifth day of the cruise, Peale went missing."By one o'clock I had that gut-wrenching feeling in my stomach," his mother, Linda Peale, told Insider. "He always called me twice a day to check on his dogs.""He didn't call."Security footage reviewed by Carnival showed Peale "leaned over the railing of his stateroom balcony and dropped into the water at approximately 4:10 a.m.," a spokesperson for the cruise line said.At 6:36 p.m. — more than 12 hours after Peale fell overboard — Carnival contacted the Coast Guard, according to the agency. For 60 hours, Coast Guard responders searched <a target="_blank" href="https://www.news.uscg.mil/Press-Releases/Article/3412515/coast-guard-suspends-search-for-missing-cruise-ship-passenger-near-florida/">5,171 square miles</a>, an area slightly larger than the state of Connecticut, but did not find his body.Peale is presumed dead, according to a letter sent to his mother by the Coast Guard, a copy of which was viewed by Insider.<div type="image" title="Ronnie Peale Jr. holding his nephew " height="2797" width="3730" msid="103019706" hostid="261"></div>While man-overboard incidents are rare, they are a leading cause of death for passengers on cruise ships, according to <a target="_blank" href="https://www.ijtmgh.com/article_119591.html">research</a> conducted by Travis Heggie, a professor at Bowling Green State University who specializes in health and safety risks in the tourism industry.On average, 19 people go overboard on cruise ships every year — of those, about four people are successfully rescued, a 2020 <a target="_blank" href="https://cruising.org/-/media/research-updates/report_operational_incidents_2019-v-1">study</a> commissioned by the industry trade group Cruise Lines International Association found.Less than two months after Peale fell overboard, <a target="_blank" href="https://www.insider.com/cruise-passenger-jumped-overboard-carnival-says-6th-incident-this-year-2023-7">30-year-old Jaylen Hill also went overboard</a> a Carnival cruise ship. Hill was <a target="_blank" href="https://twitter.com/USCGSoutheast/status/1683571416262758400?s=20">last seen at 8 a.m.</a> on Sunday, July 23. The cruise line alerted the Coast Guard at 6:30 p.m. that night, Eric Rodriguez, a petty officer third class, told Insider at the time.In total, at least five passengers have gone overboard cruise ships this summer, including Hill. The incidents occurred on the cruise ships <a target="_blank" href="https://www.insider.com/cruise-passenger-jumped-overboard-carnival-says-6th-incident-this-year-2023-7">Carnival Elation</a>, <a target="_blank" href="https://www.insider.com/passenger-fell-overboard-royal-caribbean-cruise-singapore-2023-7">Spectrum of the Seas</a>, <a target="_blank" href="https://www.hawaiipolice.com/8-11-2023-man-overboard-missing-person-investigation">Emerald Princess</a>, <a target="_blank" href="https://www.insider.com/passengers-guided-crew-woman-fell-overboard-royal-caribbean-cruise-ship-2023-6">Mariner of the Seas</a>, and <a target="_blank" href="https://www.businessinsider.com/wonder-of-the-seas-overboard-royal-caribbean-largest-cruise-ship-2023-8">Wonder of the Seas</a>. Only one of the passengers was <a target="_blank" href="https://www.insider.com/miraculous-overboard-royal-caribbean-passenger-saved-rescue-experts-2023-6">successfully rescued</a>.<div type="image" title="Search patterns show the 5,171 square miles Coast Guard responders searched for Ronnie Peale Jr., who fell overboard 186 miles east of Jacksonville, Florida." height="975" width="1350" msid="103019709" hostid="261"></div>Locating a missing person among the sprawling labyrinth of bars, restaurants, entertainment venues, pools, and staterooms that make up these floating cities can be frustrating and time-consuming, especially considering the complications of texting and calling at sea.Even if someone survives the steep fall and avoids the ship's massive propeller or swirling wake, hypothermia can set in within minutes. Unmonitored security footage and inconsistent safety protocols make the chances of survival even more slim.Experts say the large gaps of time between a person going overboard and the initiation of rescue missions are one of the main reasons why man overboard incidents are so deadly. The longer someone is alone in the open ocean, the lower the chance of recovery, Ross Klein, a cruise industry researcher who has served as an expert witness before Congress, <a target="_blank" href="https://www.washingtonpost.com/travel/2023/07/31/cruise-ship-fall-death/">told The Washington Post</a> earlier this year."Overboard situations are obviously upsetting events for many — and although they are rare, with the likelihood of an incident at less than 0.000001% — we take our responsibility to provide a safe environment for guests and crew very seriously," a spokesperson for Carnival Corporation said, adding that "it is virtually impossible to fall off a cruise ship without a purposeful action to climb up and over safety rails," which must be at least 42 inches high.<h2>Legislation without regulation</h2><div type="image" title="In this handout from the U.S. Coast Guard, the cruise ship Carnival Triumph sits idle February 11, 2013 in the Gulf of Mexico. According to the Coast Guard, the ship lost propulsion power February 10, after a fire broke out in the engine room." height="3264" width="4928" msid="103019712" hostid="261"></div>To help prevent overboard fatalities, Congress in 2010 required cruise ships to integrate technology "that can be used for capturing images of passengers or detecting passengers who have fallen overboard, to the extent that such technology is available," as part of the Cruise Vessel Security and Safety Act, or CVSSA.The Coast Guard interprets the statute to mean cruise ships have the option to choose between image-capture systems — like CCTV security cameras — or detection systems, which use technology like thermal cameras and radar to alert crew of someone falling overboard in real time, a spokesperson for the agency told Insider. This gives cruise companies the flexibility to decide which type of technology they use.But the law's vague language opens it up to a second interpretation, which some experts say was the original intent of Congress: that cruise ships are allowed to use image capture technology like CCTV cameras to fulfill the CVSSA until reliable man overboard detection technology becomes available.But the Coast Guard, the agency tasked with ensuring cruise ships comply with the law, does not enforce either requirement because the rulemaking process it first began eight years ago is not yet finished, a Coast Guard spokesperson told Insider. That means for the 10-plus years the CVSSA has been law, the Coast Guard <a target="_blank" href="https://www.dco.uscg.mil/Portals/9/DCO%20Documents/5p/CG-5PC/CG-CVC/Policy%20Letters/2011/CG-543_pol11-09.pdf">hasn't inspected cruise ships for any MOB technology</a>, cameras or otherwise, the spokesperson confirmed.Nor does the agency regulate or set standards for the technology cruise ships should use to detect passengers who have fallen overboard, the spokesperson said. However, the Coast Guard does examine cruise ships to ensure they "have adequate procedures in place to recover a man overboard in a satisfactory manner," they added."I think many of us don't realize that about any law," Jamie Barnett, the president of the International Cruise Victims Association, told Insider. "It doesn't just get passed and then happen — it takes oversight. It takes people paying attention to make sure that it happens."<h2>Most cruise ships rely on security cameras to spot people who've gone overboard</h2>All Cruise Line International Association members comply with the requirements in the CVSSA, with most ships opting for technology that is capable of capturing images of people falling overboard, a CLIA spokesperson told Insider.But victims' advocates say security cameras on their own aren't an effective way to prevent man-overboard fatalities because they are not constantly monitored. And since cameras don't always capture every area of the ship, sometimes there's no footage at all.After 29-year-old James Michael Grimes <a target="_blank" href="https://www.insider.com/man-survived-fall-off-cruise-ship-because-things-went-perfectly-2022-12">went overboard</a> a Carnival cruise ship in November 2022, his stepsister was informed by a security officer that they had footage of Grimes leaving the bar, but not of him going overboard, she <a target="_blank" href="https://www.usatoday.com/story/travel/cruises/2023/02/22/cruise-ship-overboard-detection-system/11172790002/">told USA Today</a>. A Carnival spokesperson told the outlet at the time that cameras "may not have 100% visibility" on some areas of its ships.When a Royal Caribbean crew member went overboard the Vision of the Seas in 2017, a Bahamian <a target="_blank" href="https://www.bahamasmaritime.com/wp-content/uploads/2020/10/BMA-Investigation-Report-Suicide-onboard-Vision-of-the-Seas.pdf">marine safety investigation</a> determined a "clear view of crewmember jumping overboard was not detected as the area was not covered by CCTV (blind area)."In a statement shared with Insider, CLIA emphasized that safety and security are a top priority for the industry."All cruise lines use a variety of measures to maintain a safe environment on board cruise ships, including physical barriers around the periphery of external decks and balconies, video surveillance systems in public areas, and trained crew members who can respond quickly to an unsafe situation or emergency," the spokesperson said.<h2>Automatic detection systems are still being tested to meet international standards</h2><div type="image" title="Mobtronic man overboard system testing" height="3024" width="4032" msid="103019716" hostid="261"></div>The cruise industry, which says it's been testing man-overboard, or MOB, detection systems since as early as 2006, says that technology that senses someone going overboard and alerts crew members in real time <a target="_blank" href="https://www.regulations.gov/comment/USCG-2016-0492-0006">is not yet reliable in marine environments</a> nor widely commercially available.In 2017, the Coast Guard said three providers had demonstrated <a target="_blank" href="https://www.documentcloud.org/documents/23925050-20171030technology-detecting-overboard-passengers?responsive=1&amp;title=1">"initial feasibility,"</a> but it recommended waiting to pass further regulations until an international standard was developed so as to not "add burden to industry and business processes."Since then, the International Standardization Organization has developed technical requirements for systems to detect a person who has gone overboard from a ship. The standards, created with input from the Coast Guard and cruise industry, were <a target="_blank" href="https://www.iso.org/standard/76051.html">published in 2020</a>, but a Coast Guard spokesperson said it's not aware of any products that currently meet them.Marss, a global-technology company, said it has created a product, called MOBtronic, that is on track to meet international standards by the beginning of 2024. The system completed 120 tests with a 100% success rate, the company said, and would cost about $500,000 per ship to install.Mike Collier, a program lead for MOBtronic, said the technology is already installed on one major cruise line's entire fleet, though he declined to specify which.CLIA said once certified detection systems are available, it may take several years to see a significant uptake in the new technology due to limited shipyard and product availability.A spokesperson for Carnival Corporation said that "despite the claims by manufacturers and their salespeople, these systems are still unreliable, as was the case when our company piloted some of the proposed technologies." MOB-detection technology does not prevent someone from climbing over the safety rails or jumping off, Carnival added.<h2>After eight years of regulatory limbo, Congress wants answers from the Coast Guard</h2><div type="image" title="MOBtronic testing" height="1560" width="2080" msid="103019719" hostid="261"></div>After eight years of regulatory limbo, lawmakers want to know when the Coast Guard will enforce the man overboard technology requirements of the CVSSA and if it will require detection systems on every ship.In May, four members of Congress, including Sen. Richard Blumenthal of Connecticut, <a target="_blank" href="https://www.blumenthal.senate.gov/imo/media/doc/05092023uscoastguardmanoverboarddetectiontechnologyletter.pdf">sent a letter to the Coast Guard</a> requesting information about the current use of man-overboard technology on cruise ships.In <a target="_blank" href="https://www.documentcloud.org/documents/23925016-20230607-coast-guard-response-re-man-overboard-technology-on-cruise-vessels?responsive=1&amp;title=1">response</a>, the Coast Guard said it began the rulemaking process that would allow the agency to enforce the requirements back in 2015, but the rule was never finalized because of <a target="_blank" href="https://www.regulations.gov/comment/USCG-2016-0492-0003">public comments</a> that "questioned whether man-overboard detection technology was sufficiently reliable or available."Collier, who was Carnival Corporation's man-overboard-detection expert prior to his role at MOBtronic, said the lack of concrete regulation from the Coast Guard is the reason cruise lines haven't fully committed to installing the technology."While there remains no clarity from the regulators, cruise lines will revert to making investment decisions based primarily on revenue generation," he said.A Coast Guard spokesperson said there are no regulations preventing cruise lines from installing MOB detection systems on their vessels.The Coast Guard is<a target="_blank" href="https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202304&amp;RIN=1625-AB91"> scheduled</a> to introduce a revised version of the 2015 proposed rule in June 2024, which would clarify definitions, update existing regulations, and create performance standards for implementing the CVSSA."The Coast Guard is considering the best approach to address this issue as quickly as practicable," a spokesperson said.Meanwhile, Blumenthal has introduced <a target="_blank" href="https://www.blumenthal.senate.gov/newsroom/press/release/blumenthal-and-himes-introduce-bicameral-legislation-to-strengthen-cruise-passenger-safety-laws">new legislation</a> that he said would ease some of the original act's opacity by requiring cruise ships to install technology that can both capture images of and detect a passenger going overboard, a change CLIA said would be "pre-mature.""Congress intended the Coast Guard to have — and use — the power to safeguard passengers more effectively by requiring technology that detects people going overboard in real time," he said in a statement shared with Insider. "Legislation would make this authority absolutely clear — and make Coast Guard regulations immune from any future attempts to weaken them."<h2>Loved ones navigate the murky waters of a death at sea</h2><div type="image" title="Ronnie Peale Jr. " height="2697" width="3596" msid="103019721" hostid="261"></div>Jennilyn Blosser, Peale's partner, said the most frustrating part about the process was how long it took for Carnival to locate the video footage and confirm that Peale had fallen overboard.Blosser said her family told customer service around 2 p.m. on Monday, May 29, that they were unable to locate Peale. The employee then checked the group's bar tab and said Peale had recently ordered a drink on deck 10, she said, which led the family to believe he was still on the ship. Blosser said she later found out her cousin ordered the drink, not Peale.Around 5 p.m., Blosser said she reported Peale missing to customer service a second time after he didn't show up to dinner. Carnival then conducted an onboard search and announced his name over the ship's loudspeaker, she said. The cruise line <a target="_blank" href="https://www.news.uscg.mil/Press-Releases/Article/3412515/coast-guard-suspends-search-for-missing-cruise-ship-passenger-near-florida/">contacted the Coast Guard</a> at 6:36 p.m."I just don't know why it took so long for them to be able to figure it out," she told Insider.A Carnival spokesperson said the company's internal investigation "gives a different set of facts and sequence of events," but declined to give details citing "respect for his family."Finding answers didn't get any easier after the Coast Guard suspended its search for Peale, his mother said, adding that the cruise line agreed to show her and her husband the ship's security footage of their son after she hired a lawyer.When she emailed the Coast Guard questions about the details of the incident, such as what time Carnival viewed the security footage and the condition of the water when Peale fell, a Coast Guard attorney said the only way he could share the requested information was if she submitted a Freedom of Information Act request, according to emails viewed by Insider.Filing a claim against a cruise line is one of the only ways for family members to obtain information about overboard incidents, Barnett of the ICVA said, adding that some lawyers won't take cases involving cruise ship fatalities because the complexities of maritime law make successful outcomes so rare.For example, if a cruise passenger dies beyond three nautical miles of US, legal action and compensation is limited by the Death on the High Seas Act, or DOHSA, a federal law enacted in 1920 that allows only financially dependent relatives of the deceased to file a wrongful-death claim for monetary losses. DOHSA does not allow survivors to recover damages for pain and suffering or mental anguish, unlike other wrongful-death cases.As for the Coast Guard's search-and-rescue missions for cruise passengers who go overboard, American taxpayers are the ones <a target="_blank" href="https://www.insider.com/coast-guard-does-not-charge-for-search-and-rescue-2023-6">footing the bill</a>, not cruise lines."There's no financial consequence when someone goes overboard to the cruise line," Jim Walker, a maritime lawyer who specializes in the cruise industry, told Insider. "So there's not really an incentive that forces them to install the system."

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