Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

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

In a surprising turn of events, <keyword id="20137391" type="General" weightage="100" keywordseo="Nikhil-Kamath" source="keywords">Nikhil Kamath</keyword>, co-founder of India's biggest discount brokerage firm <keyword id="19913826" type="General" weightage="20" keywordseo="Zerodha" source="keywords" meta.keywordsubtype="org" meta.entityname="Zerodha" meta.hostid="261" meta.entityid="Zerodha">Zerodha</keyword>, left the internet divided by purchasing a house, despite recently having advocated voraciously for renting property in his popular podcast "WTF." Comedian Sonali Thakkar Desai took to X (formerly Twitter) to highlight this U-turn, noting that "Nikhil Kamath has bought a house after advocating for so long about how “renting is the best; only fools would buy property." So let this be a lesson to literally everyone who listened to him or any other finance bro and based their real estate decisions on rubbish reels." She further added that "Mutual funds and Nikhil Kamath's opinions are subject to market risk". Kamath, who has a net worth of $3.1 billion, acknowledged that a lack of control over one's living situation is one of the biggest drawbacks of renting, noting a personal incident where he had to unwillingly and unexpectedly move out of a house. However, he maintained his skeptical attitude toward real estate as an investment, calling it illiquid and arbitrarily priced in the high-end housing market. Kamath also highlighted that due to the sky-scraping costs associated with buying property, like stamp duties of 5-6% on property transactions, it is not economically feasible to frequently buy and sell real estate, as opposed to other asset classes like gold, stocks, and more. On his podcast, Kamath also highlighted that renting does not always translate into a profitable business. "I think nobody makes money from buying and renting a place. You do not have occupancy throughout the year for something like AirBnB. Accounting for inflation and interest rates, the return on this investment is negligible," he said. Kamath's decision has reignited the never-ending debate between renting and buying property. While some social media users pointed out that for the wealthy, the choice between renting and buying is largely inconsequential, others emphasized the immense emotional and stability benefits that came along with homeownership. Kartik Rangappa, who heads Zerodha's Varsity, recently tweeted that it is okay to keep the math and Excel sheets behind buying a house aside if it gives you a sense of security and peace of mind. "Owning a house versus renting is an endless debate often backed by elaborate excel sheet math. Keep the math aside and buy a home if it make you feel secure and gives you peace of mind. Peace of mind &gt;&gt; Excel sheet math," he tweeted on October 16, 2024. There is no denying the fact that owning a house is an expensive affair and a long-term financial commitment as well. Recent report from FICCI and ANAROCK suggest that the average budget range for a 2BHK in Gurgaon is anywhere between Rs 90 lakh and Rs 1.3 crore. Getting a 2BHK in Noida, another prominent satellite town of Delhi, can cost up to Rs 85 lakh to Rs 1.20 crore. As it is, with the central bank not looking to cut rates anytime soon, home loan interest rates are set to remain elevated, meaning higher EMI outflows from your pockets if you are looking to buy a home in the present environment.

Billionaire broker Nikhil Kamath buys home, leaves internet debating on renting vs. owning a house

<ul><li>Delhi NCR is the 10th most expensive commercial real-estate market, followed by Mumbai.</li><li>Hong Kong SAR continued to be Asia’s most expensive office market.</li><li>Bengaluru also made it to the list at the 22nd position with an annual rent of $20.5 per square foot.</li></ul>Three Indian cities — Delhi, Mumbai and Bengaluru — are among the most expensive commercial real estate markets in the Asia-Pacific (APAC) region, according to a recent report by property consultancy firm Knight Frank. These markets may get even more expensive as the rents of commercial properties in these cities are expected to rise in the next 12 months. Hong Kong SAR continued to be Asia’s most expensive office market with an annual rent of $175.4 per square foot per year. India’s national capital Delhi NCR is the 10th most expensive commercial real-estate market in the APAC region, with an annual rent of $51.6 per square foot. Delhi was followed by India’s financial capital Mumbai in the eleventh rank, as the commercial property rents stood at $45.8 per square foot per year. Bengaluru also made it to the list at the 22nd position with an annual rent of $20.5 per square foot. The rental value in all three cities is expected to increase over the next 12 months as transaction volumes are expected to pick up going forward, the report added. “The Indian office market witnessed (a) strong leasing trend that continued into Q2 2022 with Bengaluru leading in transaction volumes. With its unique position, India can expect its key driving sectors such as IT/ ITeS to continue to grow despite global headwinds,” Shishir Baijal, chairman and managing director, Knight Frank India said. A report by <a href="https://www.businessinsider.in/business/news/as-people-move-back-for-work-rents-rise-by-12-across-cities-says-report/articleshow/92983097.cms">online property rental platform NoBroker</a>, released last week, also revealed that about 71% of respondents of NoBroker’s Rent Report have already moved to their work cities, while 54% are looking to relocate within the city or to the city they work in the near future. These relocation activities in the last six months have caused a property crunch in cities like Bengaluru, Mumbai and Pune, the report added. Saurabh Garg, co-founder and chief business officer of NoBroker, noted that the dearth of available property and rising demand had increased the rents by 12% across cities. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/it-is-attrition-rates-and-not-the-wage-hikes-dampening-indian-it-cos-earnings/articleshow/93120202.cms">It is attrition rates and not the wage hikes dampening Indian IT cos earnings</a> <a href="https://www.businessinsider.in/stock-market/news/tata-steels-net-profit-declines-in-q1-on-the-back-of-rising-raw-material-costs/articleshow/93116879.cms">Tata Steel’s net profit declines in Q1 on the back of rising raw material costs</a> <a href="https://www.businessinsider.in/business/startups/news/need-more-than-35-say-swiggy-workers-who-threaten-strike-against-new-policies/articleshow/93114671.cms">Need more than ₹35 say Swiggy workers who threaten strike against new policies</a>

Delhi, Mumbai & Bengaluru — Asia-Pacific’s most expensive property markets, set to get pricier

<ul><li>The third quarter alone saw a leasing activity of 13.2 million square feet across these major cities. </li><li>Despite the unpredictable global economic conditions, domestic occupiers contributed to nearly 50% of the total <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> occupancy in 2023. </li><li><keyword id="10249841" type="General" weightage="20" keywordseo="flex-spaces" source="Orion">Flex spaces</keyword>, in particular, have continued to thrive in 2023, as occupiers prefer flexible working arrangements for their office portfolios. </li></ul>During the first three quarters of 2023, there was a 38 million square feet of gross absorption in office space in the the top six cities. This figure closely matched the gross absorption during the same period in 2022, indicating a robust trend even in the face of ongoing global uncertainties, as per a report by Colliers, a diversified professional services and investment management firm. The third quarter alone saw a leasing activity of 13.2 million square feet across these major cities, slightly surpassing the average quarterly demand of 12.6 million square feet observed since 2022. <cmsannotation type="cmsannotation" annotationid="Domestic occupiers drive office space demand" comment="Subhead" text="Domestic occupiers drive office space demand">Domestic occupiers drive <keyword id="1173916" type="General" weightage="20" keywordseo="office-space-demand" source="Orion">office space demand</keyword></cmsannotation> Before the pandemic, companies with foreign origins were the primary force behind the demand for office spaces. However, starting in 2022 and continuing into 2023, domestic occupiers have emerged as influential participants in India's office market. Despite the unpredictable global economic conditions, domestic occupiers contributed to nearly 50% of the total office space occupancy in 2023, says the report. While both domestic and foreign technology companies took their time to make decisions regarding their real estate portfolios, domestic firms, particularly those engaged in engineering and manufacturing, BFSI, pharma and healthcare, and flexible office spaces, have become more active and have expanded their office space presence across India's top six cities. <cmsannotation type="cmsannotation" annotationid="Key growth drivers" comment="Subhead" text="Key growth drivers">Key growth drivers</cmsannotation> The report reveals a trend of diversified demand in the office space market. While the technology continues to drive demand, contributing to 25% of year-to-date (YTD) leasing, there is now a broader spectrum of sectors driving this demand. Flex spaces, engineering and manufacturing, and the BFSI (Banking, Financial Services, and Insurance) sectors have all seen substantial increases in their respective shares, each gaining up to 6 percentage points. Flex spaces, in particular, have continued to thrive in 2023, as occupiers prefer flexible and adaptable working arrangements for their office portfolios. “Contrary to earlier belief, India office demand for the first three quarters of 2023, has followed an overall trajectory almost similar to 2022. With strong domestic macro-economic indicators backing the demand of office space, the momentum is likely to continue in the last quarter of the year,” says Peush Jain, Managing Director, Office services, India, Colliers. <cmsannotation type="cmsannotation" annotationid="Maintaining status quo" comment="Subhead" text="Maintaining status quo">Maintaining status quo</cmsannotation> In the first nine months of 2023 the introduction of new office space supply in the top six cities decreased by 1% compared to the previous year. Approximately 33 million square feet of new developments were completed during the first three quarters of 2023. Throughout the first three quarters of 2023, there has been an average of 10.9 million square feet of new office space deliveries, which is in line with the quarterly average of 10.7 million square feet observed in 2022. Thanks to a relatively stable demand and a consistent influx of new supply, the overall vacancy rates and rental prices have remained within a relatively stable range. Trends in Grade A new supply (in million square feet) <table style="border-width: initial; border-style: none;"></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:bottom;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;background-color:#e6f7fe;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2022 </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;background-color:#e6f7fe;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </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;background-color:#e6f7fe;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 (YoY 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;background-color:#fff6cc;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD 2022 </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;background-color:#fff6cc;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD 2023 </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;background-color:#fff6cc;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">YTD (YoY 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:bottom;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;">2.3 </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;"> 2.9 </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;">23% </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;"> 8.1 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 10.7 </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;">32.0% </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:bottom;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;">- </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;"> 0.2 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </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;"> 4.2 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 3.4 </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;">-19.6% </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:bottom;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;">3.9 </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;"> - </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;">-100% </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;"> 6.5 </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;"> 3.3 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-47.8% </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:bottom;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;">1.5 </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;"> 6.7 </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;">347% </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;"> 7.9 </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;"> 12.1 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">52.9% </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </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;">0.7 </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;"> 0.3 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-58% </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;"> 1.8 </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;"> 0.9 </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;">-52.0% </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:bottom;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;">0.8 </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;"> 0.7 </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% </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;"> 4.5 </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;"> 2.3 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-49.6% </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pan India </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;">9.2 </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:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 10.8 </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;">17% </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;"> 33.0 </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;"> 32.7 </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;">-1.0% </td></tr></tbody></table> Source: Colliers

Domestic occupiers keep office space demand high in 2023

<ul><li>Pan-India, average rents increased 7% in the October to December quarter, QoQ. </li><li>The rental housing demand increased 8.5% and the supply decreased 17% in 2022 </li><li>There was a higher renting activity initially in 2022 as migrant workforce returned to their work locations. </li></ul>The average home rents went up by 13.5% in 2022 as offices opened up and migrant workers returned to their places of work, says a Magicbricks report. Rental housing demand increased 8.5% and the supply decreased 17% last year. When there is high demand and less supply, rents go up. “The pan-India average rent continued to inch up in 2022, displaying improved strength of the rental housing market in the country,” the report said. For October-December 2022, pan-India average rents increased 7% QoQ while rental demand decreased 18.1% QoQ says Magicbricks Rental Index. The report observed that in 13 major cities, there was a higher renting activity in the initial quarters of 2022 as migrant workforce returned to their work locations, exhausting the existing inventory. The Covid-19 pandemic had led to thousands of migrant workers leaving their cities to go back to their own cities, towns and villages as jobs had dried up. The increase in rent was 12.6% in Gurgaon, 9% in Noida, 8% in Hyderabad in the December ending quarter as compared to the earlier quarter. At the lower end, rents went up by 1.6% in Chennai, and remained flat in Kolkata and Delhi at 0.8% and 0.6%, respectively. The report also observed that NCR registered the maximum dip (26.6%) in rental demand, followed by Mumbai (13.9%), Kolkata (12.3%) and Chennai (6%). All cities tracked by Magicbricks observed a decline in availability of rental units, except Mumbai and Thane that witnessed a QoQ growth of 2.9% and 1.9%, respectively. Greater Noida witnessed the maximum decline in availability (16.1%) while Ahmedabad observed the least decline (1.7%). Sudhir Pai, CEO, Magicbricks, says, “The Indian rental housing market recovered steadily during the first two quarters of 2022, with rental demand peaking during those months. With the start of the new financial year, one can expect the rental demand to pick up again and increasing home-loan Ahmedabad observed the least decline (1.7%).rates and economic uncertainty may also encourage prospective homebuyers to defer their purchase decisions and opt for rental homes.” Since last May the RBI has raised the repo rates six times which has meant that h<a href="https://www.businessinsider.in/personal-finance/news/how-you-can-handle-the-higher-home-loan-emi-burden/articleshow/97725816.cms">ome loan interest rates have gone up</a> from 7% to 9.5%. “The current global economic scenario of rising interest rates that can temper buying demand, geo-political tensions and the increasing number of lay-offs in the global IT industry could potentially have a mixed impact on Indian real estate markets,” Pai said. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/news/how-you-can-handle-the-higher-home-loan-emi-burden/articleshow/97725816.cms">Don't be in a hurry to prepay but plan EMIs better, say experts as home loan burden set to rise</a> <a href="https://www.businessinsider.in/careers/news/post-pandemic-recruitment-is-either-partially-mostly-or-fully-remote-as-per-report/articleshow/97698791.cms">Post pandemic, more organizations are moving towards e-recruitment, says a survey by HirePro</a>

Demand-supply mismatch pushes home rents across India by 13.5% in 2022: Magicbricks

Average office rentals remained stable during April-June at ₹95 per square feet across six major cities as new supply rose 32%, while demand grew by a modest 2 %, according to <keyword id="3166898" type="General" weightage="20" keywordseo="colliers-india" source="Orion">Colliers India</keyword>. Real estate consultant Colliers India released its <keyword id="17907085" type="General" weightage="20" keywordseo="quarterly-data-of-six-major-office-markets" source="Orion">quarterly data of six major office markets</keyword> -- Bengaluru, Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune -- on Wednesday. Gross leasing of office space rose 2 % to 14.6 million square feet across top six cities during April-June, from 14.3 million square feet in the year-ago period, driven by technology, engineering and manufacturing sectors. Chennai saw a three-fold jump in office demand, beating Delhi-NCR and Mumbai in leasing activities. New supply of office space rose 32 % to 12.4 million square feet across these six cities from 9.4 million square feet. Weighted average rental remained flat at ₹ 95 per square feet a month, across six cities. Peush Jain, managing director-office services, India, Colliers, said, "While the demand improved during the quarter, supply saw significant three-fold rise year-on-year, and was at par with demand. Hence rentals largely remained steady." As the demand improves further in coming quarters, Jain said there is a potential upside on rentals by the end of the year. As per the city-wise data, office space leasing in Bengaluru fell 22 % to 3.4 million square feet in April-June from 4.4 million square feet in the year-ago period. However, new supply more than doubled to 3.8 million square feet from 1.6 million square feet. Office rent in Bengaluru rose 1 % to ₹ 91.9 per square feet a month, from ₹ 90.6 in the year-ago period. In Chennai, the office leasing tripled to 3.3 million square feet from 1.1 million square feet. New supply jumped to 2.4 million square feet from 1 million square feet. Office rent in Chennai grew by 2 % to ₹ 75.1 per square feet from Rs 73.4 per square feet a month. Office leasing in Delhi-NCR was up 11 % to 3.1 million square feet from 2.8 million square feet. New supply rose 43 % to 2.1 million square feet from 1.4 million square feet. Monthly rent in Delhi-NCR appreciated by 2 % to ₹ 94.2 per square feet from ₹ 92.4 per square feet. In Hyderabad, the office demand fell 22 % to 1.5 million square feet from 1.9 million square feet, while new supply fell 19 % to 3 million square feet from 3.8 million square feet. Monthly Office rent remained stable at ₹ 73.7 per square feet from ₹ 73.6 per square feet. The gross office space leasing in Mumbai was down 41 % to 1.6 million square feet from 2.8 million square feet. New supply plunged 79 % to 0.2 million square feet from 1 million square feet. Office rent remained stable at ₹ 140.2 per square feet from ₹ 139.9 a square feet. In Pune, the leasing activities grew 28 % to 1.7 million square feet during April-June this year from 1.3 million square feet in the year-ago period. New supply increased 52 % to 0.9 million square feet in the second quarter of this calendar year from 0.6 million square feet in the corresponding period of the previous year. The average monthly office rent increased 1 % to ₹ 76.7 per square feet in April-June from ₹ 75.6 per square feet in the year-ago period. According to Colliers, the share of space leased by coworking operators increased to 17 % from 11 % during the period under review. Bengaluru-based managed office player Urban Vault co-founder Amal Mishra said, "corporates of all sizes have been taking office space in coworking centres and they are looking to increase the share of flex space in their overall real estate portfolio." Flexibility to scale up and scale down business, saving of capital expenditure and avoiding hassles to manage real estate are major considerations for corporates while choosing coworking space, Mishra noted. Gross absorption/leasing of office space does not include lease renewals, pre-commitments and deals where only a letter of intent has been signed, Colliers said.

Flat demand keeps office rent stable in Apr-Jun even as new supply rises  32% across top 6 cities: Colliers

<ul><li>The leasing in the I&amp;L sector grew by 13% year-on-year during January-September 2023. <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword>, <keyword id="12864" type="General" weightage="20" keywordseo="chennai" source="Orion">Chennai</keyword>, and <keyword id="157098" type="General" weightage="20" keywordseo="delhi-ncr" source="Orion">Delhi-NCR</keyword> account for 56% in the leasing activity during the period.</li><li>Domestic corporations have taken the lead in leasing activities, capturing a substantial 59% share, the report says. </li></ul>Mumbai has emerged as the leading city for Industrial &amp; Logistics (I&amp;L) leasing in India, according to a report by CBRE South Asia. The city witnessed a significant year-on-year growth of 22% in absorption, reaching 5.3 million square feet during the period of January to September 2023. It also accounted for a 19% share in pan-India I&amp;L leasing during January to September 2023. “The I&amp;L sector in Mumbai has witnessed remarkable growth in absorption, driven by the surge in quality supply additions and robust festive demand. With the completion of pent-up projects, the overall absorption is expected to reach a 5-year high by the end of 2023, said Anshuman Magazine, Chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Third-party logistics, engineering &amp; manufacturing, and FMCG sectors were the major contributors to absorption in Mumbai. The city also recorded a supply addition of 3.4 million sq. ft. during January to September 2023. In the July to September quarter, Mumbai witnessed a leasing of 1.3 million sq. ft. and a supply addition of 0.9 million sq. ft. ‘I&amp;L sector to hit 5-year high absorption mark in 2023’ The I&amp;L sector in India is expected to reach a 5-year high absorption mark of 36-38 million sq ft in 2023 across the top 8 cities. Supply addition is also projected to outperform, reaching 35-37 million sq ft by the end of the year. The leasing in the I&amp;L sector grew by 13% year-on-year during January to September 2023. Mumbai, Chennai, and Delhi-NCR collectively accounted for a share of 56% in the leasing activity during this period. Third-party logistics (<keyword id="1520276" type="General" weightage="20" keywordseo="3pl" source="Orion">3PL</keyword>) players dominated leasing with a 45% share during January to September 2023. Engineering &amp; manufacturing (E&amp;M) companies accounted for a 15% share, followed by auto &amp; ancillary (7%), FMCG (6%), and electronics &amp; electricals (5%). Ram Chandnani, Managing Director, Advisory &amp; Transactions Services, CBRE India said, “We also anticipate a surge of interest from FMCG, retail, and electronics &amp; electrical sectors, driven by consumer demand. Additionally, domestic corporates have taken the lead in leasing activities, capturing a substantial 59% share, with EMEA and APAC Corporates contributing significantly at 25% and 12% respectively during the July-September 2023 period.” Supply addition recorded a 57% year-on-year increase in January to September 2023. Delhi-NCR, Chennai, and Kolkata collectively contributed 56% to the supply additions during this period. Domestic corporations led the leasing activities with a 59% share, while EMEA and APAC corporations contributed significantly at 25% and 12%, respectively. ‘Rising rents bolstered by new, tech-advanced assets’ Chennai recorded the highest absorption in the July to September 2023 quarter with 2.1 million sq. ft., followed by Bangalore and Mumbai with 1.7 million sq. ft. and 1.3 million sq. ft., respectively. Magazine said that the active participation of larger developers backed by institutional funds, contributing around 40% to the completed projects, underscores the sector’s growth potential. “In select micro-markets, the prospect of rising rents is bolstered by the premium commanded by new, investment-grade, technologically advanced, and strategically situated assets,” he added.

Mumbai leads Industrial & Logistics leasing in India with strong absorption growth

January is usually the time when salaried employees have a deadline to submit the details of the exemptions they would seek while paying the income tax for the full year. This would include the calculation for house rent allowance, which many find to be complicated. Here is a simple explainer on how to calculate the exemption available on house rent allowance for the purpose of income tax. House Rent Allowance (HRA) is provided to an employee to cut down the income tax liability. The entire HRA cannot be deducted from the taxable income as the rules clearly lay out the parameters to be considered. Depending on what the HRA component of your salary is, the deduction from taxable income will be the lowest of the following: <ol><li>Actual HRA component of salary</li><li>50% of basic salary if he resides in metro cities (Delhi, Chennai, Kolkata, or Mumbai) or 40% of basic salary if his residence is in any other city</li><li>Actual rent paid less 10% of basic salary</li></ol>Here is an example to understand the process. <table style="width: 212pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:119pt">Detail</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 93pt;">Annual amount</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Basic salary (before HRA, conveyance, LTA etc.)</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹50000</td> </tr> <tr> <td class="xl67" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">HRA set by the company</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹21600</td> </tr></tbody></table> Assuming the person lives in one of the 4 metro cities, and pays a rent of ₹20,000 a month, the deduction from taxable income will be the lowest of the following figures: <table style="width: 548pt;"> </colgroup> <tbody><tr> <td class="xl66" style="height:15.0pt;width:202pt">Detail</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 215pt;">Amount</td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 131pt;">Actual deduction available</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Actual HRA set by the company</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹21600 * 12 = ₹259200</td> <td class="xl70" style="border-bottom: 1pt solid black; border-top-width: initial; border-top-style: none;">₹129600</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Rental accommodation in metro cities</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> 50% * ₹21600 * 12 = ₹129600</td> </tr> <tr> <td class="xl71" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Actual rent minus 10% of basic salary</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">(₹20000 * 12) - (10% * ₹21600 *12) = ₹214080 </td> </tr></tbody></table> You can calculate the exact amount applicable to you by replacing the figures with the ones mentioned in your salary statement. If you live in a non-metro, then the deduction available will be 40% * ₹21600 * 12 = ₹103,680. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2020-new-income-tax-slabs-proposed-by-direct-tax-code-panel/articleshow/73317952.cms" data-type="tilCustomLink" target="_blank">New income tax proposed by a government panel wants a 35% slab, says a report</a> <a href="https://www.businessinsider.in/income-tax-slabs-for-2020-and-cuts-proposed-by-finance-minister-nirmala-sitharaman-in-next-budget/articleshow/72975148.cms" data-type="tilCustomLink" target="_blank">Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more</a>

How to calculate house rent allowance while computing income tax

<ul><li>Taxpayers living with their parents can capitalise on the benefits under the <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">Income Tax</keyword> Act that allows tax deductions on house rents. </li><li>This amount can be paid via cheque or bank transfers, in order to avail tax benefits. </li><li>Under Section 80GG of the Income Tax Act, those who are self-employed can also claim tax deduction on the rent agreement.</li></ul>House Rent Allowance (HRA) is offered to almost every salaried employee. Taxpayers who have been living with their parents too can capitalise on the benefits under the Income Tax Act that allows tax deductions on house rent. This amount can be paid via cheque or bank transfers, in order to avail tax benefits. The employees will have to submit a rent agreement and rent receipts for HRA exemption. According to the Income <keyword id="984607" type="PERSON" weightage="20" keywordseo="Tax-law">Tax law</keyword>, house rent is to be paid to the owner of the property. Hence, in order to claim tax benefits on rent agreement, the housing property should be owned by the parents. "It is mandatory to furnish rent receipts to the employer for claiming HRA exemption for the monthly rent paid more than Rs. 3000 per month,” Pinky Khanna, Director of People Advisory Services, EY India <a href="https://economictimes.indiatimes.com/wealth/tax/10-dos-and-donts-to-ensure-your-claim-of-hra-tax-exemption-against-rent-paid-is-not-rejected/articleshow/59336531.cms?from=mdr">told</a> ET. However, the rent that is paid to the parents is in turn taxable for them under the ‘income from house property.’ They can claim a <keyword id="947001" type="ORGANIZATION" weightage="20" keywordseo="Standard-Deduction">standard deduction</keyword> of 30% from the rent amount. Under Section 80GG of the Income Tax Act, those who are self-employed can also claim tax deduction on the rent agreement. This is applicable for shared accommodation as well. This is applicable to upto 50% of the employee salary, in case of metropolitan areas like Delhi, Mumbai, Calcutta and Chennai. While for the employees living in the non-metro cities, the HRA exemption will be 40% of the salary. Even if the rent amount exceeds ₹1 lakh, the employees can claim it under the HRA — along with the PAN (<keyword id="134255" type="COMPANY" weightage="20" keywordseo="permanent-account-number">Permanent Account Number</keyword>) details of the owner and rent receipts — which is mandatory in such cases. See also: <a href="https://www.businessinsider.in/personal-finance/news/heres-how-sending-your-child-to-school-can-help-you-save-on-taxes/articleshow/73248275.cms">Here’s how sending your child to school can help you save on taxes</a> <a href="https://www.businessinsider.in/personal-finance/news/to-save-tax-use-cheque-and-not-cash-while-donating-to-charity/articleshow/73294218.cms">To save tax, use cheque and not cash while donating to charity</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-you-can-claim-medical-expenditure-incurred-on-family-to-save-taxes/articleshow/73270479.cms">Here’s how you can claim medical expenditure incurred on family to save taxes</a>

Rent at your parents’ place to avail the House Rent Allowance and save tax

Elon Musk-owned <keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> is reportedly looking to shed its co-working spaces in Delhi and Mumbai after having already done so in Bengaluru. The process for vacating offices was initiated in December last year, according to reports citing sources. Around 150 of the company's employees work at the WeWork facility in Mumbai's BKC, and 80 at The Executive Centre in Delhi's Qutub area. According to the sources, the company has also given up co-working spaces in Bengaluru, indicating that this was due to global changes within the company. Earlier this week, Musk, who failed to pay the rent for Twitter headquarters in San Francisco, asked its remaining staff in Singapore to stop coming to office and work remotely as the company has reportedly failed to pay the monthly rent. According to reports, Twitter employees were informed about the decision via email, instructing them to leave the CapitaGreen building and work from home. Casey Newton of Platformer said in a tweet on Thursday, "Twitter employees were just walked out of its Singapore office - its Asia-Pacific headquarters - over nonpayment of rent". "Landlords walked employees out of the building," he posted. In the US, Twitter has been sued as it failed to pay $136,250 rent for its office space in San Francisco. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-rolls-out-phoneless-navigation-support-in-maps-on-wear-os/articleshow/96988085.cms">Google rolls out phoneless navigation support in Maps on Wear OS</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/apple-eyes-india-vietnam-to-replace-china-as-its-key-manufacturer/articleshow/96988089.cms">Apple eyes India, Vietnam to replace China as its key manufacturer</a>

After Singapore, Twitter likely to vacate India offices

<ul><li>Across seven cities, <keyword id="66" type="General" weightage="100" keywordseo="delhi" source="Orion">Delhi</keyword> NCR saw the highest increase in residential prices at 14% year-on-year (YoY). </li><li>Golf Course Road saw the highest price rise of 21%, followed by Ghaziabad, as per the <keyword id="15535570" type="General" weightage="20" keywordseo="Housing-Price-Tracker-Report-2022" source="Orion">Housing Price-Tracker Report 2022</keyword>. </li><li>Overall, housing prices across the eight cities continue to head northwards at 6% YoY.</li></ul><keyword id="35507" type="General" weightage="20" keywordseo="Property-prices" source="Orion">Property prices</keyword> grew by 6% y-o-y across the top eight cities in the September ending quarter thanks to robust demand, says a report by CREDAI – <keyword id="813133" type="General" weightage="20" keywordseo="Colliers" source="Orion">Colliers</keyword> - Liases Foras. The eighth cities it included are Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad. Delhi NCR saw the highest increase in residential prices at 14% in the third quarter as compared to the same quarter last year, the report said. Amongst micro markets, Golf Course Road in Delhi saw the highest price rise of 21%, followed by Ghaziabad, as per the Housing Price-Tracker Report 2022. A similar trend was seen in Kolkata and Ahmedabad with 12% and 11% y-o-y increase, respectively. The housing prices in Mumbai and Chennai however remained unchanged in the last one year. “The real estate market across the country has witnessed a K-shaped recovery in terms of prices, the consumer sentiment has continued to stay robust as the pandemic reshaped the importance of owning a home rather than renting one,” said Harsh Vardhan Patodia, president of CREDAI National. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average Price Q3 2022/sq feet </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QoQ Change </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY Change </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,077 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,035 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,222 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,266 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,594 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MMR </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,485 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCR </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,741 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td></tr><tr><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,013 </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 0.99609pt;border-right:solid #000000 0.99609pt;border-bottom:solid #000000 0.99609pt;border-top:solid #000000 0.99609pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr></tbody><tbody></tbody></table>Source: Liases Foras, Colliers report Overall, housing prices across the eight cities continue to head northwards amidst robust housing demand and quality launches by top developers, the report said. “With the festive period expected to continue till the end of this year, we can expect sales to be northbound and the number of unsold inventories to decline as well. While there has been a rise in housing prices in line with the global inflationary trends, the market can expect the prices to continue to rise owing to the robust demand,” Patodia added. Unsold inventory rises in MMR but declines in Bengaluru MMR witnessed a rise in unsold inventory by 21% y-o-y. An <keyword id="4695749" type="General" weightage="80" keywordseo="anarock" source="Orion">Anarock</keyword> report suggested that MMR saw the most new launches in the Q3, among the top seven cities and accounted for 39% of the share of new launches. In Bengaluru, the unsold inventory witnessed a sharp decline during the third quarter by 14%, as compared to the same quarter last year. This is in spite of the fact that housing prices in Bengaluru increased 6% in Q3, after remaining range bound for the last two years. “The rise in inflation and hike in input costs have put upward pressure on housing prices in India. Several developers have launched projects and offered rebates during the festive period. While residential activities continue to remain strong, recessionary pressures may have an impact on the salaried class, who form a notable share in home buying in the top Indian cities,” said Ramesh Nair, chief executive officer, India &amp; managing director, market development, Asia, Colliers. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mumbai-tops-in-new-property-launches-in-q3-delhi-saw-the-highest-decline-anarock/articleshow/95531567.cms">Mumbai tops in new property launches in Q3, Delhi saw the highest decline: Anarock</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/diabetes-care-platform-beato-raises-33-million-in-a-series-b-funding-round/articleshow/95552848.cms">Diabetes care platform BeatO raises $33 million in a series B funding round</a>

You Searched For "delhi rent" and got 11 results

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

Ira Alok Puranik

Billionaire broker Nikhil Kamath buys home, leaves internet debating on renting vs. owning a house

Ira Alok Puranik

Delhi, Mumbai & Bengaluru — Asia-Pacific’s most expensive property markets, set to get pricier

Kritti Bhalla

Domestic occupiers keep office space demand high in 2023

Anagh Pal

Demand-supply mismatch pushes home rents across India by 13.5% in 2022: Magicbricks

Anagh Pal

Flat demand keeps office rent stable in Apr-Jun even as new supply rises 32% across top 6 cities: Colliers

PTI

Mumbai leads Industrial & Logistics leasing in India with strong absorption growth

BI India Bureau

How to calculate house rent allowance while computing income tax

BI India Bureau

Rent at your parents’ place to avail the House Rent Allowance and save tax

Prerna Sindwani

After Singapore, Twitter likely to vacate India offices

IANS

Property prices rise 6% in top 8 cities, Delhi saw the highest rise: Colliers

Vaamanaa Sethi

Popular Keywords

Buying Guides