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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

With so many highway movies doing the rounds, sojourning from city to city and state to state feels like a romantic prelude to a long <keyword id="6374782" type="UNKNOWN" weightage="100" keywordseo="journey">journey</keyword> of self-discovery – till reality strikes. And just like a movie, the reality can be multilayered – varying from bad roads to gasping traffic and minimal road safety. But we promised you relief from those travelling conditions the next time we return with our <keyword id="2053047" type="UNKNOWN" weightage="100" keywordseo="Open-roads">Open Roads</keyword> series. And here we are, with more information about a whole new bunch of <keyword id="2074695" type="UNKNOWN" weightage="100" keywordseo="Intracity-and-inter-city-expressways">intracity and inter-city expressways</keyword> that not only reduce <keyword id="4251245" type="UNKNOWN" weightage="100" keywordseo="Commute-time">commute time</keyword> but also reshape a country’s landscape, <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> and way of life. In the last slideshow of this series, the journey begins from the <keyword id="44875" type="UNKNOWN" weightage="100" keywordseo="West-coast">west coast</keyword> and goes down south. 
 As we have mentioned before, expressways are limited-access roads designed for high-speed traffic. The economic impact of an <keyword id="2074705" type="UNKNOWN" weightage="100" keywordseo="Expressway-network">expressway network</keyword> criss-crossing the country is all too obvious and the <keyword id="6404450" type="ORGANIZATION" weightage="100" keywordseo="Ministry-of-Road-Transport-and-Highways">Ministry of Road Transport and Highways</keyword> (MoRTH) has already recommended a total <keyword id="2074707" type="UNKNOWN" weightage="100" keywordseo="E-way-network">e-way network</keyword> of about 18,637 km in the country. Development work is being done in three phases and is scheduled to be completed by 2022. During the Interim Budget, <keyword id="6355261" type="POSITION" weightage="60" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="43940" type="PERSON" weightage="60" keywordseo="P-Chidambaram">P Chidambaram</keyword> also told the Parliament the road network in the country witnessed over sevenfold increase at 3.89 lakh km over the past decade. 
 Does that mean we may soon see an <keyword id="2074709" type="UNKNOWN" weightage="100" keywordseo="E-way-ecosystem">e-way ecosystem</keyword> similar to the interstate system in the US? Given the obstacles in terms of <keyword id="6364579" type="UNKNOWN" weightage="100" keywordseo="Land-acquisition">land acquisition</keyword>, <keyword id="414903" type="UNKNOWN" weightage="100" keywordseo="fund-crunch">fund crunch</keyword> and <keyword id="2074714" type="UNKNOWN" weightage="100" keywordseo="Slow-implementation">slow implementation</keyword>, it’s definitely going to take some time. Meanwhile, hop into the driver’s seat and go off exploring some super-fast roads you have not travelled yet. After all, it’s a journey with no end… and wheels will always need roads. 
 
Image: Thinkstock Photos/Getty Images

Be It Intracity Or
Inter-city, These 5 Expressways Make Travelling A Breeze

Hyderabad, Despite the economic slowdown caused by the Covid-19 pandemic, <keyword id="68884" type="PERSON" weightage="20" keywordseo="Telangana">Telangana</keyword> is focusing on the expansion of the <keyword id="617811" type="PERSON" weightage="20" keywordseo="information-technology-sector">information technology sector</keyword> to further strengthen its standing as a leading global technology destination. It is not only setting up <keyword id="763883" type="PERSON" weightage="20" keywordseo="IT-parks">IT parks</keyword> in tier-II cities but within Hyderabad, it is taking up initiatives to ensure the expansion of the sector in all corners of the city. For over two decades, the IT presence in Hyderabad was confined to Madhapur and Gachibowli clusters in the western part of the city and it is only in recent years that few companies started their operations in the east. The state government has now drawn up ambitious plans to take the IT growth to all corners of the city. Under the GRID (Growth in Dispersion) policy of the state government, as many as 11 industrial parks within Outer Ring Road (ORR) limits will soon be converted into IT parks. This week, the authorities issued detailed guidelines pertaining to the zones, incentives, and <keyword id="1088961" type="PERSON" weightage="20" keywordseo="government-support">government support</keyword> for the conversion. The IT towers will come up in industrial parks at Balanagar, Kukatpally, Moula Ali, Mallapur, Patancheru, Katedan, and Sanatnagar, covering all corners of the city excluding the west. This followed the government's order to all polluting industries within the ORR to shift outside it. Non-polluting industries were also given the option to shift. Officials say the conversion of industrial parks into IT Parks will improve the elevation and the quality of living in the city. Home to 1,500 IT/ITES companies including global majors Microsoft, Google, Facebook, Apple, <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>, and nearly six lakh employees, Hyderabad is recognized as one of the leading Information Technology hubs globally. The new initiatives including GRID are expected to help achieve the state government's vision to increase the IT exports to $25 billion (₹1,87,000 crore) by 2025. The officials said the government embarked on dispersion as there is a resurgence of interest among the global investor's community, due to the state's investor-friendly and proactive policy measures. It is estimated that about 30% of the IT talent pool resides in the eastern part of the city and commutes to western IT Corridor on a daily basis. Similarly, a large part of the IT workforce resides in the northern parts of the city including Kompally, Bahadurpally, Bachupally, and Dundigal. This has led to overall city congestion and an increase in commuting time for IT employees. Dispersing the IT sector will not only decongest the western corridor and reduce the infrastructural burden but also makes it convenient for the IT workforce to commute to work and reduce the transportation burden on the IT companies. This is part of the objective to make Hyderabad the most preferred technology investment destination in the country and to attract niche segments that are fast emerging and evolving new verticals in technology sectors. The IT, Electronics and Communications Department has announced various incentives for units, anchors, developers, infrastructure development and institutional measures, and branding and promotional activities. The IT and ITeS units coming up in the industrial parks would be eligible for GRID benefits like an additional power subsidy of ₹2 per unit on the industrial power tariff on a reimbursement basis for a period of five years, with the total incentive for the unit not exceeding ₹5 lakh per year. According to the Government Order, the units will also get a lease rental subsidy of 30% for a period of five years with the total subsidy for the unit not exceeding Rs 10 lakh per year. The department announced concessions on land conversion for industrial lands under the Telangana State <keyword id="418609" type="DOMAIN" weightage="20" keywordseo="Industrial-Infrastructure">Industrial Infrastructure</keyword> Corporation (TSIIC) or industrial area local authorities that are converted to IT or ITES use. The developer has to utilize a minimum of 50 of the total built-up area for IT purposes. The remaining 50% can be utilized for non-IT use including commercial and residential use. In addition to converting industrial parks into IT parks, the government will also build an IT park at Kompally in the northern part of the city and another facility at Kollur or Osmannagar in the north-western part of the city. The government chose the areas for creating IT parks based on representations from various players. The eastern part of the city already has NSL IT Park, Genpact, Infosys, and others. Minister for Information Technology and Industry K. T. Rama Rao in July announced that the government permitted the conversion of five industrial parks into IT parks in east Hyderabad. In these five parks, IT firms will be set in about 25 lakh square feet which will create employment opportunities to 30,000 employees. He handed over conversion letters to the five companies. Hyderabad Distilleries and Wineries Limited's IT park will come up at IDA-Uppal over 12.40 acres. Minacto Chem will set up another park in the same area over 2.66 acres. Swamy Soaps and Oils Pvt Limited's park will also come up in IDA-Uppal over 2 acres. Gokuldas Exports Ltd's Mini Textile Park will set up an IT park in Nacharam over 8.93 acres while Bakelite Hylam Limited's facility will come up at IDA, Nacharam over 8 acres. The minister says that Hyderabad has no geographical hurdles and has the scope to develop in all the corners. Telangana clocked over Rs 1.28 lakh crore of IT exports during 2019-20, a growth of nearly 18% over the previous year. The growth rate was more than double the national average of 8.09% and more than two-and-a-half times the rest of the nation's average of 6.92%. The share of Telangana in overall IT exports from India went up from 10.61% to 11.58%. The number of jobs in the IT sector in the state went up from 5,43,033 to 5,82,126, a growth of 7.20% compared to the national average of 4.93%. This growth was registered despite the onset of the Covid-19 during the last quarter of 2019-2020. The Compounded Annual Growth Rate (CAGR) for IT exports for the last six years is 14.46%. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/dos-and-donts-during-solar-eclipse-surya-grahan/articleshow/76436997.cms">The do’s and don’ts of a Solar Eclipse — here what you need to know to protect yourself</a> <a href="https://www.businessinsider.in/science/space/news/solar-eclipse-december-2020-time-date-everything-you-need-to-know/articleshow/79697355.cms">The total solar eclipse and its 'diamond rings' won't be visible in India on December 14</a>

Industrial parks conversion into IT parks to further boost Hyderabad

<keyword id="6385438" type="UNKNOWN" weightage="20" keywordseo="heavy-rains">Heavy rains</keyword> lashed parts of the national capital today leading to waterlogging and traffic jams in many areas at several places, Gurgaon being the most affected. 
 
The mercury, however, settled at the normal level. The maximum and minimum temperatures were recorded at 34.7 and 26.5 degrees Celsius respectively, both normal for this time of the year, according to the MeT Department. 
 
However, vehicular movement was affected across the city, including at ITO, Vikas Marg, South Extension, Khanpur, Mahipalpur, Hari Nagar, IIT crossing, Nehru Place, Yusuf Sarai Market and Munirka. 
 
Traffic also crawled at various major intersections such as Laxmi Nagar, Kashmere Gate, Dwarka, Dhaula Kuan, Sarai Kale Khan, Moolchand, Karkarduma, Rajghat, Kalindi Kunj. 
 
Heavy traffic and bottlenecks were also witnessed on road stretches from Punjabi Bagh flyover to Rajouri Garden flyover, Mandi House to W-Point, Baraf Khana, Minto Road, Leela Palace and on Meerabagh Outer Ring Road. 
 
Meanwhile, Gurgaon saw waterlogging at a number of key intersections, including Hero Honda Chowk, Sohna Road, Manesar, Udyog Vihar, old Gurgaon Road and a few areas in New Gurgaon. 
 
Here’s what the scene at the roads looked like earlier today:
<blockquote class="twitter-tweet" data-lang="en-gb">
	
		Delhi: Traffic crawls as heavy rainfall lashes the city (Visuals from Moti Bagh) <a href="https://t.co/xcsPpLqK4K">pic.twitter.com/xcsPpLqK4K</a>
	— ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/770292328904921089">29 August 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en-gb">
	 Delhi: <keyword id="44874" type="UNKNOWN" weightage="20" keywordseo="traffic-snarls">Traffic snarls</keyword> in several parts of the city following heavy rainfall (Visuals from ITO) <a href="https://t.co/VbfJ6fsGoo">pic.twitter.com/VbfJ6fsGoo</a>
	— ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/770266755012956160">29 August 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en-gb">
	 <keyword id="6356789" type="UNKNOWN" weightage="20" keywordseo="Gurugram">Gurugram</keyword> (Haryana): Heavy rainfall causes traffic congestion in several parts of the city. <a href="https://t.co/RVpmb87aXo">pic.twitter.com/RVpmb87aXo</a>
	— ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/770262752397037569">29 August 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en-gb">
	
		Heavy rainfall hits Gurugram, water-logging in Sadar Bazar area <a href="https://t.co/2YwEzvFQg0">pic.twitter.com/2YwEzvFQg0</a>
	— ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/770256003585769472">29 August 2016</a></blockquote>

<blockquote class="twitter-tweet" data-lang="en-gb">
	
		Haryana: Heavy rainfall triggers water-logging in Gurugram area <a href="https://t.co/2cgo8TehJa">pic.twitter.com/2cgo8TehJa</a>
	— ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/770255017882320897">29 August 2016</a></blockquote>

Heavy rains cripple Delhi, bring Gurugram to a complete standstill

Delhi Transport Minister <keyword id="6391020" type="PERSON" weightage="20" keywordseo="Gopal-Rai">Gopal Rai</keyword> on Saturday asserted that the government has no intention to take the road-rationing experiment odd-even formula beyond January 15 amid reports that the <keyword id="6830867" type="UNKNOWN" weightage="20" keywordseo="odd-even-scheme">odd-even scheme</keyword> may be extended,. 

	The pilot plan for cutting vehicular emission was launched on January 1.

	 Rai said that some confusion is also being spread that the plan was illegally imposed by the government, and claimed that under Section 115 of the Motor Vehicle Act, they have power to implement this scheme as such provisions were also made during the <keyword id="6354367" type="ORGANIZATION" weightage="20" keywordseo="Commonwealth-Games">Commonwealth Games</keyword> as per this law. 

	“Government is neither going to extend odd-even scheme beyond January 15 nor finish it before the 15-day trial period,” Rai said, terming some of media reports of extending the car-rationing scheme as “false”.
 

	He further said the traffic-restriction is just only for 15 days and after the trial period, government will study the data collected through it and will do a proper analysis, adding, it will then be able to take a final decision.
 

	Rai, who was at his residence held a meeting of Coordination Committee with officials concerned on the scheme, said from January 1-8, traffic police, transport and revenue departments have issued 5,893 challans for the violation of odd-even rules so far.
 

	“Out of these numbers, 2,912 challans were issued by SDMs and 2,260 by traffic police. Besides, enforcement wing of the transport department has issued 721 challans for violating odd-even rules so far,” he said.

	Apart from this, 1,943 challans were issued by the transport department to auto drivers for different violations including refusal to drive.
 

	The government has also received 13,528 calls on its two helplines in the last one week and most of them were related to queries about the scheme. Out of these calls, 395 were related to complaints against bus, auto drivers, and other issues.
 

	According to the minister, in view of traffic rush on some road stretches during peak hours, government has decided to deploy additional teams of transport department and traffic police to manage traffic there from Monday. The areas include, ITO, Ring Road, Outer Ring Road, Connaught Place, Mathura Road, Ashram, New Friends Colony, Nehru Place, Sarai Kale Khan, Hanuman Mandir Marg and Dhaula Kuan.
 

	“Government has also decided to do a close monitoring on the assigned works of civil defence volunteers. Teams of SDM have also formed in this regard,” he said.
 The fate of the odd-even vehicle scheme will be decided on January 11 by the <keyword id="6355014" type="ORGANIZATION" weightage="20" keywordseo="Delhi-High-Court">Delhi High Court</keyword> which had yesterday reserved its order on various pleas challenging the AAP government’s ambitious pilot project which will continue till then. 

	A bench of Chief Justice G Rohini and Justice Jayant Nath reserved the order after the Delhi government informed it that the pollution level of particulate matter across the national capital showed a declining trend due to implementation of the scheme. 
	 
	(Image credits: Indiatimes)

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

Ira Alok Puranik

Be It Intracity Or Inter-city, These 5 Expressways Make Travelling A Breeze

Sanghamitra Mandal

Industrial parks conversion into IT parks to further boost Hyderabad

IANS

Heavy rains cripple Delhi, bring Gurugram to a complete standstill

Anushree Singh

Delhi govt decides not to extend odd-even scheme beyond January 15

BI India Bureau

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