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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>As many as 3.79 lakh housing units were sold in FY23, 6% higher than the previous year.</li><li>Mumbai Metropolitan Region (MMR) led with the largest share in both sales value and volume.</li><li>Luxury <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> has experienced a notable surge in demand, after the pandemic changed their housing preferences.</li></ul>The Indian real estate market seems to be growing in volumes and value as well. According to a new report by Anarock, FY23 created a new record of highest sales volume across the top seven cities. As many as 3.79 lakh units were sold in the period — 36% higher than the previous year. The value of all these units sold is worth ₹3.47 lakh crore — 48% more than in FY22. Interestingly, Pune recorded the highest growth in terms of sales value at 77%, followed by Hyderabad and Bengaluru. In Chennai, the value growth was at 24% for FY23. Mumbai Metropolitan Region (MMR) led with the largest share in both sales value and volume —- 30% of the total units sold during the fiscal were in MMR. The sold stock is valued at ₹1.67 lakh crore, accounting for 48% in sales value share. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sales value growth FY23 Vs FY22 </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:2pt 2pt 2pt 2pt;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:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% growth </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:2pt 2pt 2pt 2pt;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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">46 </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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">42 </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:2pt 2pt 2pt 2pt;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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">49 </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:2pt 2pt 2pt 2pt;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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">77 </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:2pt 2pt 2pt 2pt;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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">50 </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:2pt 2pt 2pt 2pt;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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">24 </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:2pt 2pt 2pt 2pt;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:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">38 </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Luxury and tech in high demand" comment="subhead" text="Luxury and tech in high demand">Luxury and tech in high demand</cmsannotation> Luxury housing market also continued to boom. The increase in both sales volume and prices has led to remarkable growth in the value of the units sold. Additionally, there has been a notable surge in the sales of luxury housing — i.e units priced above ₹1.5 crore, in the top seven cities. “Luxury real estate has experienced a notable surge in demand following the pandemic as homebuyers have reconsidered their housing preferences. In addition to seeking larger spaces, there is now a higher demand for technologically advanced homes that offer convenience and a sense of pride in ownership,” the report said. Metropolitan regions like MMR, National Capital Region (NCR), and Bengaluru have been at the forefront of this trend, but Pune is emerging as another city to watch. Pune has not only witnessed the highest growth in terms of value but has also captured a 9% share of the luxury housing market, a significant increase from previous years. “The uptrend in luxury housing is the result of overall improved homeownership sentiment, improved earning potential, and the desire for homes that are future-proofed in terms of size, lifestyle quotient, and resale value growth,” says Anuj Puri, chairman of Anarock group. The last quarter of the fiscal saw a significant uptick in luxury housing demand. This was after the Union Budget 2023-24 revised capital gains tax and limits the benefit to ₹10 crore after the end of the preceding fiscal year. This led to a high sales of qualifying properties.

Pune housing market sees the highest surge in value of homes sold in FY23

<ul><li>Delhi-NCR’s luxury unit sales saw the highest surge registering a 197% YoY increase.</li><li><keyword id="19897309" type="General" weightage="20" keywordseo="pune" source="keywords">Pune</keyword> came a close second as its luxury home sales surged by 144% in the December quarter.</li><li>Mumbai and <keyword id="19900176" type="General" weightage="20" keywordseo="hyderabad" source="keywords">Hyderabad</keyword> also saw a double digit growth in luxury home sales. </li></ul>Size does matter for Indian real estate buyers. Across India’s top seven cities, sales of luxury homes (that cost over ₹4 crore), went up by 75% YoY in the December quarter, says CBRE. But two cities stood out. Delhi-NCR’s luxury unit sales saw the highest surge registering a 197% YoY increase, while Pune too came close by with a sharp 144% rise. Hyderabad and Mumbai also saw a double digit increase by 64% and 23.5% respectively, as per data by CBRE. "A 75% surge in luxury unit sales and a substantial 45% rise in launches underscore the sector’s vibrancy. The evolving market dynamics, especially in key cities like Delhi-NCR, Mumbai, Pune, Hyderabad, and <keyword id="19940209" type="General" weightage="20" keywordseo="bangalore" source="keywords">Bangalore</keyword>, reflect a nuanced demand for high-end residences,” said Anshuman Magazine, Chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Bangalore, Chennai and <keyword id="19896626" type="General" weightage="20" keywordseo="kolkata" source="keywords">Kolkata</keyword> saw a flat growth in luxury home sales in the quarter ending December. The percentage share of the luxury segment in the overall residential unit sales stood at 4% in 2023, nearly doubling its proportion of 2% in 2022. “This surge further signals the growing appetite of High Net Worth Individuals (HNIs) for luxury real estate investments, spurred by their aspirations for a refined lifestyle, the need for portfolio diversification, and the desire to preserve wealth over time. Luxury residential remains a cornerstone of their investment strategy, promising not just financial returns but also a legacy of prestige and prosperity for generations to come," says Reeza <keyword id="20584281" type="General" weightage="20" keywordseo="sebastian" source="keywords">Sebastian</keyword>, executive president - Residential, Embassy Group Mumbai, Pune rule home sales In the October to December quarter, overall 86,000 residential units were sold, and 90,000 units were launched. In Q3, new unit launches recorded around 22% YoY increase and about 26% growth on a quarterly basis. Premium and luxury segments accounted for about 10% and 4% shares, respectively, during this period. Pune recorded the highest residential sales overall during the quarter with a 24% share, followed by Mumbai with about 21% share. Delhi-NCR and Hyderabad accounted for about 17% and 15% of the market, respectively. Mumbai also took the lead with a 27.5% share in new launches, closely followed by Hyderabad with 26.9%, and Pune with 19%. For 2023, the overall residential sales across price categories exceeded 3.22 lakh units in 2023, registering a 9% YoY growth. Sustained momentum in demand also led developers to launch over 3.13 lakh new housing units in 2023, a 6% YoY increase. Mid-end projects emerged as the leading category driving sales, recording a 45% share in total sales for 2023, followed by high-end and affordable projects. Pune, Mumbai and Bangalore cumulatively accounted for 61% of the total sales. Unit launches in Mumbai, Pune, and Hyderabad, on the other hand, accounted for a 67% share during 2023.

Luxury homes in vogue and Delhi, Pune are in top gear

As the <keyword id="490344" type="General" weightage="20" keywordseo="holiday-season" source="Orion">holiday season</keyword> has kicked in, the travel and hospitality sector is witnessing a 357 per cent growth in hiring sentiment, breaking the shackles of the pandemic waves last year, according to a report released on Friday. India showed promising signs of economic recovery in May 2022 with hiring across key sectors witnessing an upward year-on-year trajectory and a stable sequential trend. According to the latest Naukri JobSpeak May '22 Index, the surge in hiring activity stays put as it records over 40 per cent y-o-y growth in May. Retail (+175 per cent), real estate (+141 per cent) and insurance (+126 per cent) were among the top sectors that witnessed a significant y-o-y growth in May 2022. Other key sectors that saw an uptick in hiring trends as compared to last year are BFSI (+104 per cent), education (+86 per cent), auto (+69 per cent), oil and gas (+69 per cent), FMCG (+51 per cent) and IT-software/software services (+7 per cent). The demand for talent in metros and non-metros remained steady as all cities indicated a double-digit y-o-y growth in May 2022. Amongst metros, Delhi (63 per cent) registered the highest y-o-y growth closely followed by Mumbai (+61 per cent). <keyword id="6354925" type="General" weightage="80" keywordseo="kolkata" source="Orion">Kolkata</keyword> (+59 per cent), <keyword id="12864" type="General" weightage="80" keywordseo="chennai" source="Orion">Chennai</keyword> (+35 per cent), <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> (+27 per cent), and <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> (+23 per cent) also showed positive y-o-y growth. An optimistic hiring sentiment was observed across all tier-II cities with Jaipur leading the y-o-y growth in demand for talent at (+76 per cent). Other emerging cities such as Coimbatore (+64 per cent), Vadodara (+49 per cent), Cochin (+35 per cent), <keyword id="5065" type="General" weightage="80" keywordseo="ahmedabad" source="Orion">Ahmedabad</keyword> (+26 per cent), and <keyword id="6360078" type="General" weightage="80" keywordseo="chandigarh" source="Orion">Chandigarh</keyword> (+25 per cent) showed double digit y-o-y growth. Further, across all experience levels, the demand for entry-level talent (0-3 years) exhibited the steepest rise of +61 per cent in May 2022 vs May 2021. Moreover, a positive hiring sentiment was observed for other experience brackets such as 4-7 years (+37 per cent), over 16 years (+27 per cent), 13-16 years (+26 per cent) and 8-12 years (+22 per cent). "The recruitment landscape continues to stay resilient and is sustaining the momentum 2022 ushered in. The job market has shown stable sequential trends that are substantially ahead of last year's baselines. The secular nature of trends; cutting across metros as well as non-metros, experienced professionals as well as freshers is again a good indicator of this strong hiring sentiment," said Pawan Goyal, Chief Business Officer, Naukri.com, in a statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/careers/news/tech-startups-lay-off-over-20k-employees-globally-amid-economic-slowdown-and-russia-ukraine-war/articleshow/91966366.cms">Tech startups lay off over 20k employees amid economic slowdown and Russia-Ukraine war: report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/reliance-mg-motor-and-castrol-team-up-to-build-electric-charging-infrastructure-across-india/articleshow/91966297.cms">Reliance, MG Motor and Castrol team up to build electric charging infrastructure across India</a>

Travel and hospitality sector observes a 357% growth in hiring process post pandemic blues, says report

Leasing of industrial and warehousing space was highest in Delhi-NCR and adjoining areas during 2022 at 7.3 million square feet driven mainly by demand from third-party logistics and e-commerce firms, according to <keyword id="6376943" type="General" weightage="100" keywordseo="cbre" source="Orion">CBRE</keyword>. The leasing grew by 6 per cent in Delhi-NCR to 7.3 million square feet in 2022 from 6.9 million square feet in the previous year. In its latest report, CBRE said that the leasing of industrial and logistics space across eight major cities rose 8 per cent to 31.6 million square feet in 2022 from 29.4 million square feet in the previous year. Commenting on the report, <keyword id="330930" type="General" weightage="50" keywordseo="anshuman-magazine" source="Orion">Anshuman Magazine</keyword>, Chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE, said, "The intent to strengthen supply chain among global and domestic companies drove the leasing activity in 2022." The leasing activity in 2023 is expected to remain range-bound, driven by sustained demand from 3PL (third party logistics), engineering &amp; manufacturing and retail firms, he added. "On the supply front, we foresee project completions to exceed the 2022 levels and be in line with space take-up during 2023," Magazine said. As per the data, in Mumbai, the leasing grew 36 per cent to 6.1 million square feet in 2022 from 4.5 million square feet in the previous year. The leasing of industrial and logistic space in Bengaluru fell 18 per cent to 5.2 million square feet from 6.4 million square feet. Chennai saw a marginal decline in leasing to 4 million square feet. In Hyderabad, the leasing rose 16 per cent to 3.7 million square feet from 3.2 million square feet. The leasing activities in Pune fell 64 per cent to 0.6 million square feet from 1.8 million square feet. In Kolkata, the leasing jumped to 3.8 million square feet from 1.9 million square feet. Leasing of industrial and logistics space was up 33 per cent in Ahmedabad during 2022 to 0.8 million square feet from 0.6 million square feet in the previous year. The consultant said that the overall leasing across eight cities grew despite global headwinds, and a slowdown in e-commerce demand and dissipation of the post-pandemic need to hold additional inventories. This is the second-highest leasing activity recorded in industrial and logistics after the 2019 peak of 32 million square feet. The total supply in 2022 touched 20.9 million square feet. The 3PL players accounted for about half of the annual space take-up, driven by heightened demand from interlinked stakeholders across the supply chain (wholesalers, retailers, &amp; e-commerce players) for the need to shore up distribution capabilities. Over the last five years, 3PL players have cumulatively leased more than 60 million square feet across India. A majority of this space take-up was led by domestic occupiers. Engineering &amp; manufacturing firms picked up pace in 2022 with a share of about 16 per cent in total leasing compared to 10 per cent in 2021. "For local engineering and industrial players, government policy enablers like the <keyword id="8870884" type="General" weightage="50" keywordseo="production-linked-incentive" source="Orion">Production Linked Incentive</keyword> (PLI) programme worked as a growth stimulant," the consultant said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/dedicate-mumbai-coastal-road-to-lata-didi-urges-mangeshkar-family/articleshow/97650326.cms">Dedicate Mumbai coastal road to Lata Didi, urges Mangeshkar family</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byjus-to-miss-march-2023-deadline-for-group-level-profitability-results-delayed-again/articleshow/97650755.cms">BYJU's to miss March 2023 deadline for group level profitability, results delayed again</a>

Leasing of industrial, logistics space highest in NCR in 2022 across top 8 cities: CBRE

<ul><li>Tier II &amp; tier III cities accounted for 22% of the industrial and warehousing land absorption across <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> in 2022. </li><li>At 16%, Delhi-NCR led the pack with the highest industrial and warehouse land absorption in 2022. </li><li>3PL (third-party logistics) and e-commerce sectors, together, accounted for 52% of the total warehouse space absorption in 2022.</li></ul>India witnessed industrial and warehouse absorption of 46 million sq. ft in 2022, of which 36 million sq. ft belonged to tier I cities. Close to 10 million sq. ft belonged to tier II and III cities, as per the latest data from international real estate advisory firm, <keyword id="4935506" type="General" weightage="50" keywordseo="savills-india" source="Orion">Savills India</keyword>. Tier II and tier III cities collectively witnessed 17.4% <keyword id="63194" type="General" weightage="50" keywordseo="yoy" source="Orion">YoY</keyword> growth in industrial and warehousing absorption, driven by e-commerce, retail and 3PL (third-party logistics) firms, observed <keyword id="674707" type="General" weightage="100" keywordseo="savills" source="Orion">Savills</keyword> India. These tier II &amp; III cities included Coimbatore, Guwahati, Indore, Nagpur, Lucknow, Jaipur, Rajpura, <keyword id="50863" type="General" weightage="50" keywordseo="bhubaneswar" source="Orion">Bhubaneswar</keyword>, Kochi/Ernakulam, Madurai, <keyword id="6357203" type="General" weightage="50" keywordseo="varanasi" source="Orion">Varanasi</keyword>, Hubli, Ludhiana, Patna and Hosur. Among the major cities in India, Delhi-NCR led the pack with the highest industrial and warehouse land absorption in 2022 at 16% followed by Mumbai at 14%. Pune and Bengaluru saw absorptions at 13% and 12% respectively, while tier II and tier III cities accounted for 22%, Savills shared. The sectors that drove the absorption in 2022 were 3PL and ecommerce (52%); followed by manufacturing (16%) and retail sectors (13%). Increased demand in 2023 As per Savills, the industrial and warehousing market in India witnessed transactions of 3,800 plus acres of land across tier I, II and III cities in 2022, of which 64% was private land and 36% was government land. The warehousing sector in India also raised private equity to the tune of $1.5 billion in 2022. The interest in the market is expected to grow further in the future. “The market is likely to witness increased interest from investors in this asset class in 2023 owing to inherent domestic demand and expansion of distribution networks in tier II and tier III cities,” Savills said in a statement. As per Savills, tier II and III cities are poised to gain further momentum in 2023 and 2024 with ecommerce, retail and 3PL firms capitalizing on consumption-driven growth and pushing up the demand for warehousing space. As per the <keyword id="2646256" type="General" weightage="50" keywordseo="unicommerce" source="Orion">Unicommerce</keyword> 2022 report, more than 6 out of 10 orders shipped in 2022 went to buyers in tier II cities, and orders from tier III cities have also surged 65% since 2020. “The industrial and logistics sector is likely to see absorption of over 40 mn sq. ft in 2023. This demand for space could stem from emerging tier II and III cities, growing demand for urban warehousing and a major transformation in the Indian manufacturing sector backed by <keyword id="9626119" type="General" weightage="50" keywordseo="performance-linked-incentives" source="Orion">Performance Linked Incentives</keyword> (PLIs) and efficient multi model connectivity plan for local and global distribution. We expect over 50 million sq. ft of new supply to be infused in the market during the same period,” said <keyword id="9823945" type="General" weightage="50" keywordseo="srinivas-n" source="Orion">Srinivas N</keyword>, managing director, Industrial and Logistics, Savills India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/here-are-the-most-bizarre-pitches-on-shark-tank-india-season-1/articleshow/96735850.cms">Belly button shaper to ayurvedic ice cream — here are the most bizarre pitches on Shark Tank India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-won-the-first-t20i-against-sri-lanka-in-a-nail-biting-finish/slidelist/96733749.cms">India won the first T20I against Sri Lanka in a nail biting finish</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ms-dhoni-backed-drone-firm-garuda-aerospace-launches-farmers-focused-film/articleshow/96734751.cms">MS Dhoni-backed drone firm Garuda Aerospace launches farmers-focused film</a>

Tier II & III cities see 17.4% growth in industrial and warehousing absorption: Savills

<ul><li>Kolkata is the most affordable residential market in the country. </li><li>Chennai and <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> also have relatively good affordability levels, but <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> may soon slip below the threshold of an affordable market. </li><li>It is becoming increasingly expensive to buy homes for buyers due to macroeconomic headwinds, inflationary pressures and rising input costs. </li></ul>Kolkata, <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, and <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> remain the most affordable residential markets in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> while the metropolitan city of Mumbai has become slightly less affordable, reveals real estate firm <keyword id="6370127" type="General" weightage="100" keywordseo="jll" source="Orion">JLL</keyword>’s Home Purchase Affordability Index (<keyword id="4260039" type="General" weightage="80" keywordseo="hpai" source="Orion">HPAI</keyword>) 2022 Report. However, affordability levels are set to progressively fall for 2022 and 2023 as macroeconomic headwinds and inflationary pressures eat into household incomes, and residential prices rise as input costs are yet to be fully transmitted, JLL said. RBI’s Repo rate hike is yet another factor that will lower affordability levels, it added. “Affordability levels are likely to trend down through the end of 2022 and thereafter in 2023 as well. Mortgage rates are likely to move up further to near 8-year highs. Price pressures and slower income growth are further likely to create a temporary glitch for affordability,” Samantak Das, chief economist, and head of Research and REIS, India, JLL said. This would, however, be a temporary phase, and the momentum witnessed during 2013 and 2021 – when affordability increased consistently across the key seven cities – is likely to sustain. “While affordability is likely to be impacted, the momentum-inhibitor looks to be a temporary one with India’s focus on economic growth and likely easing of inflationary pressures expected to reverse the current interest rate growth,” said <keyword id="7251915" type="General" weightage="50" keywordseo="siva-krishnan" source="Orion">Siva Krishnan</keyword>, managing director, and head of <keyword id="15703348" type="General" weightage="50" keywordseo="residential-services-india" source="Orion">Residential Services India</keyword>. India’s most affordable housing cities in 2022 Kolkata, with a value of 192 is still on track to remain the most affordable residential market in the country among the top seven cities with Pune (183) and Hyderabad (174) close second. All three cities are likely to register lower affordability for 2022 and 2023, the report said. “Mumbai has been the fastest-moving city in terms of its HPAI score improvement and became an affordable market with its threshold hitting 100. It is likely to slip below the threshold value of an affordable market but only slightly given all the macroeconomic headwinds and remain much above its HPAI low of 43 in 2013,” said JLL. JLL Home Purchase Affordability Index (HPAI) signifies whether a household earning an average annual income (at an overall city level) is eligible for a housing loan on a property in the city, at the prevailing market price. A value of 100 means that a household has exactly enough income to qualify for a housing loan. Going below that marker means an average household does not have enough income to qualify for a housing loan. Chennai (161) and Bengaluru (167) have relatively good affordability levels, the report added. Affordability to still remain attractive JLL Research’s analysis revealed that affordability was at its highest in 2021 with decadal low interest rates, attractive prices and household income recovery all coming together to create the perfect storm. In 2022, affordability gains have been slightly mitigated as inflationary pressures have caused developers to pass on the rise in input costs to the buyers and the RBI’s repo rate hikes have resulted in higher home loan costs. The current year is likely to see household incomes rise by an average of 7%. Residential prices have also risen driven by robust demand and pass-through of rising input costs onto homebuyers, with the price growth averaging 4-10% across the major cities, the report added. “What remains pertinent is that we are coming off an 18-month period of a robust recovery in residential demand even as prices and interest rates have moved up during the latter part of this timeframe,” said Krishnan. “Affordability despite the estimates of a decline will still remain quite attractive and second best only to 2021,” he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/go-after-big-smugglers-sending-mountains-of-illegal-drugs-into-the-country-fm-to-enforcement-agencies/articleshow/96001566.cms">Go after big smugglers sending 'mountains' of illegal drugs into the country: FM to enforcement agencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-services-sector-output-growth-hits-3-month-high-in-nov-on-strong-demand/articleshow/96001482.cms">India's services sector output growth hits 3-month high in Nov on strong demand</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/upcoming-whatsapp-new-features-in-2023/articleshow/95998284.cms">Check out upcoming new WhatsApp features in 2023</a>

Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL

<ul><li><keyword id="6361772" type="General" weightage="50" keywordseo="mumbai-metropolitan-region" source="Orion">Mumbai metropolitan region</keyword> recorded the highest sales of 26,400 units, followed by <keyword id="53426" type="General" weightage="80" keywordseo="ncr" source="Orion">NCR</keyword> at t14,970 units. </li><li>Mumbai, <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> and Bengaluru accounted for highest new property additions. </li><li>Based on price range, the survey estimated that 36% of total new supply was in the mid-segment (₹40-80 lakh). </li></ul>Real estate sales across India’s top seven markets have recorded a quarterly growth of 4% during September quarter, boosted by an improvement in homeownership sentiment post pandemic, according to real estate services firm <keyword id="4695749" type="General" weightage="80" keywordseo="anarock" source="Orion">Anarock</keyword>. On a year-on-year basis, this growth surged 41%. Overall, 88,230 units were sold in the quarter against 84,930 units in the preceding quarter and 62,800 units in Q3 2021. “The appetite for homeownership has remained undeterred, with maximum sales being driven by end users. There has been increased new supply by the leading and listed developers, who also reported robust housing sales. This trend will very likely continue in the upcoming festive quarter as well since homeownership sentiment has increased hugely post the pandemic,” <keyword id="6420759" type="General" weightage="50" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman, <keyword id="6596330" type="General" weightage="50" keywordseo="anarock-group" source="Orion">Anarock Group</keyword>, said. Mumbai Metropolitan Region (<keyword id="6381620" type="General" weightage="80" keywordseo="mmr" source="Orion">MMR</keyword>) sold the most units – at 26,400 – among the top seven cities, registering a year-on-year growth of 26%. While Delhi sold fewer units at 14,970 as compared to MMR, in percentage terms its sales went up 46% annually. Pune registered a quarterly sales growth at 3% and annually, its growth stood at 45%. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% of the sales for the quarter. The sales in Chennai and Kolkata made up 10% of the total sales. Residential property prices across these top seven cities registered a quarterly increase in the range of 1-2% in Q3 2022. On an annual basis, prices have risen in the range of 4-7% primarily due to an increase in input costs and demand comeback post Covid, Anarock said. Mumbai, Hyderabad top new unit additions MMR is also on the top when it comes to new properties. The region added 36,000 new units in the quarter and overtook Hyderabad – the city which ranks second in terms of new additions – by a large margin. Hyderabad added 15,530 units during the quarter, while in NCR, it was much lower at 6,400 units. MMR, Hyderabad, Pune and Bengaluru together accounted for 86% of the total new property additions, says Anarock. As many as 93,500 new units were launched across the top seven cities, against 82,100 units in the preceding quarter — registering a 14% growth. On a yearly basis, there was a 45% jump of new real estate property launched. In Q3 2021, 64,560 units were launched in the top seven cities across the country. Analysing based on price segments, the survey estimated that 36% of total new supply was in the mid-segment (₹40-80 lakh), 28% in the premium segment (₹80 lakh-₹1.5 cr); 18% each in the luxury and affordable segments. The impact of <a href="https://www.businessinsider.in/business/news/here-is-how-much-your-emi-will-go-up-after-the-recent-repo-rate-hike/articleshow/94552904.cms">increasing</a> interest rates on home loans, however, is yet to be seen. “However, if inflation remains at elevated levels forcing RBI to aggressively increase interest rates, there might be some turbulence in the market,” Puri said. 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Mumbai tops real estate sales and new launches in September quarter

<ul><li>Bengaluru and <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> remain the popular locations for flex space operators, contributing to more than 50% flex space take-up of 2022. </li><li>In 2022, leasing by banking, financial services and insurance (<keyword id="6356925" type="General" weightage="80" keywordseo="bfsi" source="Orion">BFSI</keyword>), consulting and engineering sectors doubled from 2021. </li><li>The report further revealed that increased office space absorption in 2022, led to the vacancy levels across top six Indian cities drop to 16.6%. </li></ul>Leasing of flex spaces was reportedly the highest in 2022 as compared to previous years. According to a report by Colliers, flex space operators leased 7 million sq.ft of space, accounting for 14% share in total leasing. “Flex operators are increasingly leasing offices in Grade A spaces since last year, led by higher demand from large enterprises,” said the report. Bengaluru and Pune remain the popular locations for flex space operators contributing to more than 50% flex space take-up of the year. “The south markets – Bengaluru, Chennai, and Hyderabad – witnessed strong leasing during YTD 2022. Bengaluru has been the undisputed leader of office leasing in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> for a while now and has maintained the streak in 2022 with 3.4 million in Q4 2022,” said <keyword id="3468525" type="General" weightage="50" keywordseo="arpit-mehrotra" source="Orion">Arpit Mehrotra</keyword>, managing director, office services, South India and head of flex, India, Colliers. After <keyword id="1333937" type="General" weightage="50" keywordseo="begaluru" source="Orion">Begaluru</keyword>, flex space leasing in Pune touched a new high during the year at 1.8 million sq ft, grabbing the second spot in pan-India flex leasing. “2022 was a remarkable year for Pune’s commercial real estate with gross absorption witnessing significant recovery. As occupiers make a more systematic return to the office and eye more flexible lease options next year, it will be interesting to see how the flex market in Pune shapes up,” said <keyword id="15956985" type="General" weightage="50" keywordseo="animesh-tripathi" source="Orion">Animesh Tripathi</keyword>, managing director, Pune, Colliers As per the report, there was also an increase in office spaces being taken by banking, financial services and insurance (BFSI), consulting and engineering sector firms in 2022, and the leasing by these three sectors doubled since 2021, surpassing even pre-pandemic times. “BFSI companies have expanded rapidly this year, with Indian banks as well as global financial institutions leasing large office spaces,” said the report. Leasing by BFSI almost doubled since last year, accounting for a 14% share in total leasing, equivalent to flex space. The financial capital of India, Mumbai witnessed the highest BFSI leasing at 40% share, as financial institutions made their comeback to offices. “Interestingly, BFSI companies have expanded rapidly this year, with Indian banks as well as global financial institutions leasing large office spaces. This resonates with the earnings boom seen in the BFSI sector this year,” said <keyword id="193660" type="General" weightage="50" keywordseo="ramesh-nair" source="Orion">Ramesh Nair</keyword>, CEO, India and managing director, market development, Asia, Colliers. Office space vacancy dropped in 2022 As per the report, increased office space absorption in 2022 led to the vacancy levels across top six Indian cities (Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune) drop from 18.5% in 2021 to 16.6% in 2022. This indicated a strong recovery and stability in commercial office space markets. “Albeit higher than pre-pandemic levels, vacancy levels have declined every successive quarter of 2022 as leasing momentum remained positive,” the report said. Total leasing of office spaces during the year 2022 was noted as 50.3 million sq.ft — which was the highest in any year. <keyword id="674224" type="General" weightage="80" keywordseo="delhi-ncr" source="Orion">Delhi NCR</keyword> recorded 72% year-on-year change in grade A gross absorption rate, followed by Bengaluru (67%) and Chennai (64%). Gross absorption does not include lease renewals, pre-commitments and deals where only a Letter of Intent has been signed. “Delhi-NCR recorded a growth of over 72% from the previous year. The pent-up demand of 2020 and 2021 led to a significant rise in the gross absorption for 2022. Although Q4 has seen a slight dip, it can be linked to the slowdown which is gradually creeping especially in the technology sector,” said <keyword id="4255225" type="General" weightage="50" keywordseo="bhupindra-singh" source="Orion">Bhupindra Singh</keyword>, managing director, North, Colliers. 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Leasing by flex space operators hits a new high of 7 million sq.ft in 2022: Colliers

<ul><li>The top <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> apps in terms of volume were <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword>, <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword> and <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">Paytm</keyword>. </li><li>The number of transactions through mobile wallets was 1.52 billion in Q2 2022. </li><li>The total number of credit and debit cards in circulation reach one billion. </li><li>Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala recorded the highest transactions at physical merchant stores. </li></ul>UPI is India’s most preferred online payment platform clocking over 17.4 billion transactions in volume and ₹30.4 trillion in terms of value in April-June 2022, according to the ‘India Digital Payments Report’ for Q2 2022 by <keyword id="2195010" type="General" weightage="80" keywordseo="worldline" source="Orion">Worldline</keyword> India, a global digital payments solution company. In Q2, 20.57 billion transactions in volume and ₹36.08 trillion in terms of value was processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions, the report said. Payments through credit and debit cards accounted for 8% in volume and 14% in value, the report added. “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation has breached 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20,000 billers are live on Bharat BillPay ecosystem,” Ramesh Narasimhan, chief executive officer-India, Worldline, said. The top five states that recorded the highest transactions at physical merchant stores were Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. The top five cities were Hyderabad, Bengaluru, Chennai, Mumbai and <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>. How does India pay? UPI (Unified Payments Interface) transactions volume and value have seen an increase of about 118% and over 98% respectively in Q2 2022 as compared to the same quarter last year. The top UPI apps in terms of volume were PhonePe, Google Pay and Paytm. “What could be a game-changer for UPI transactions will be linking credit cards onto the platform – it is currently only Rupay but could increase going forward – and this could further supercharge UPI transactions, especially in terms of P2M average ticket sizes,” Worldline said. The average ticket size (ATS) for UPI P2P transactions was ₹2,425 and for UPI P2M transactions it was ₹820 as of June 2022, the report said. The top remitter banks during the quarter were <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank. The transaction volume passing through Bharat Bill Payment Central Unit (BBPCU) during the quarter stood at 238.31 million while the transaction value was ₹403.02 billion. It registered a growth rate of 99% and 108% in volume and value respectively as compared with Q2 2021. The total number of credit and debit cards in circulation reach 1 billion Alongside UPI, adoption of credit cards is growing at a healthy pace, revealed Worldline. The total number of credit and debit cards in circulation has reached 1 billion in Q2 2022 especially with festivities around the corner. “While the number of credit cards increased by 25% from ₹62.81 million in June 2021 to 78.7 million in June 2022, debit cards increased by 2% from ₹906 million to ₹921.75 million during the same period,” Worldline said. As of June 2022, the top credit-card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank and RBL Bank while the top debit-card issuing banks were SBI, BOB, Union Bank, <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> and Canara Bank. Credit cards volume and value stood at 688.65 million and ₹3.28 trillion respectively. “Even though credit card volume at POS and e-commerce are nearly equal, the value of e-commerce transactions is higher as compared with the value of transactions at POS. This is in line with the general trend of transactions of high-ticket items moving from the physical to the digital space,” Worldline said. In terms of value, consumers transacted ₹1,226.29 billion at POS terminals and ₹2,053.66 billion at e-commerce through credit cards in the second quarter. In Q2 2022, debit card transactions volume and value stood at 973.12 million and ₹1.91 trillion respectively. Prepaid cards transaction volume and value was 412.29 million and ₹206.36 billion respectively. When it comes to mobile payments, the number of transactions through mobile wallets was 1.52 billion and the value was ₹574.64 billion. Transactions through wallets are growing steadily recording a 38% increase in volume and 27% in value when compared to Q2 2021, revealed Worldline data. National Electronic Toll Collection (NETC) processed about 829 million transactions worth ₹129 billion. As of March 2022, about 52.9 million NETC FASTags have been issued since the inception of the NETC program. Aadhaar-Enabled Payment Service transactions recorded a substantial volume of over 679 million transactions, registering about 38% growth over Q2 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/railways-increased-the-speed-of-500-mail-express-trains-by-10-70-minutes/articleshow/94641676.cms">Railways increased the speed of 500 mail express trains by 10-70 minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a>

UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report

<ul><li>A total of 57 malls across the top eight cities in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> lie largely unused. </li><li>The highest number of ghost malls are in <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword> <keyword id="53426" type="General" weightage="50" keywordseo="ncr" source="Orion">NCR</keyword>, <keyword id="2094" type="General" weightage="80" keywordseo="pune" source="Orion">Pune</keyword> and <keyword id="6354552" type="General" weightage="50" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>. </li><li>Apart from the ghost malls, the overall mall health has improved post pandemic with their numbers increasing from 255 in 2018 to 271 currently. </li><li>Organised retail sale volumes expected to reach $136 billion by FY28. </li></ul>A total of 57 malls, or 21% malls, across the top eight cities in India are in a dilapidated state and have resulted in a loss of over $524 million, according to <keyword id="151748" type="General" weightage="50" keywordseo="knight-frank-india" source="Orion">Knight Frank India</keyword>’s latest report ‘Think India, Think Retail 2022’. If a mall has a vacancy of more than 40%, it’s defined as a ‘ghost mall’. The highest number of ghost malls are in Delhi NCR , followed by Pune and Hyderabad. Lack of due diligence, mall shortcomings such as size and ownership patterns, design issues, faulty layouts with dark alleys, lack of customer walk flow management, low occupancy and lack of anchor tenants — have all contributed to the creation of these ghost malls. “All attempts to breathe life into these assets and attract a good retailer mix and footfalls have been unsuccessful. As a result, the revenue generation potential of such malls is far below the expected threshold,” the report said. In some cases, termination notices have been served to shut down a few large format stores which comprised an entire mall. Discontinuation of operations, demolition of shops inside the mall premises and auctioning of the mall property due to non payment of dues to the local mall authority are also underway, said the Knight Frank report. The report also has a few suggestions for utilising these ghost malls. “The vacant spaces of ghost malls can be used for thrift stores, food and clothing banks, exhibition, presentation and event spaces. <keyword id="153014" type="General" weightage="50" keywordseo="daycare" source="Orion">Daycare</keyword>, elder care, pet care and even elementary and secondary schools can be opened. Workforce training centres and human development centres for government services can also spring up in ghost malls,” said <keyword id="1417134" type="General" weightage="50" keywordseo="shishir-baijal" source="Orion">Shishir Baijal</keyword>, chairman and MD of Knight Frank India at the unveiling of the report. Leasing out empty spaces for long-term commercial use to local businesses that cannot afford high rents in prime office business parks or popular business districts can also be done, the report suggested. Demolition of the existing structure and sale of land to minimise the losses was another suggestion that was put forth. Malls witnessing growth despite rise of e-commerce The report also stated that excluding the ghost malls, the overall mall health has improved post pandemic. There were 255 malls in 2018 but it has risen to 271 now — adding over 15 million sq feet. Despite the rise of e-commerce, India’s physical stores still account for 95% of retail business, the report claimed. The retail industry will continue to account for 10% of India's GDP for the next five financial years. The organised retail sales grew at a CAGR of 24% between FY 2017- 22. The organised retail sector in India, despite taking a hit during the pandemic, is still growing. Post Covid, the recovery in operational metrics of malls has been healthy, with consumption in January-June 2022 growing 20-25% from the same period in FY2020, the report said. “With this large-scale pent-up demand, shopping centre development has seen a new rigour after being at a standstill for almost 2 years. In the next 12 months, we expect an addition of 8-9 mn sq ft of mall space.This is not just limited to the tier 1 markets. Tier 2 and 3 cities are also ready to support mid to large scale mall developments,” Rajneesh Mahajan, CEO of Inorbit Malls said. As per <keyword id="913436" type="General" weightage="50" keywordseo="knight-frank-research" source="Orion">Knight Frank Research</keyword>, organised retail sales volume is estimated to grow at a CAGR of 17%, from $52 billion in FY22 to $136 billion by FY28. New Delhi, Mumbai and Bangalore have the maximum number of malls, with Hyderabad performing the best in maximum occupancy in Grade A or premium malls. India has a total mall area spread across 92.9 mn sq ft in 271 operational malls in the top eight markets – Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, <keyword id="6371638" type="General" weightage="50" keywordseo="national-capital-region" source="Orion">National Capital Region</keyword> (NCR) and Pune. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/food-delivery-app-swiggy-partners-with-khan-academy-to-give-free-learning-courses-to-gig-workers/articleshow/94175943.cms">Food delivery app Swiggy partners with Khan Academy to give free learning courses to gig workers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byjus-set-to-release-fy21-financial-report-sales-may-see-significant-drop/articleshow/94174895.cms">BYJU's set to release FY21 financial report, sales may see significant drop</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/spurt-in-social-gatherings-post-covid-is-boosting-alcohol-sales-in-india/articleshow/94172508.cms">Spurt in social gatherings post-Covid is boosting alcohol sales in India</a>

You Searched For "pune highest growth" and got 11 results

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

Ira Alok Puranik

Pune housing market sees the highest surge in value of homes sold in FY23

Anagh Pal

Luxury homes in vogue and Delhi, Pune are in top gear

Katya Naidu

Travel and hospitality sector observes a 357% growth in hiring process post pandemic blues, says report

IANS

Leasing of industrial, logistics space highest in NCR in 2022 across top 8 cities: CBRE

PTI

Tier II & III cities see 17.4% growth in industrial and warehousing absorption: Savills

Eetika Kapoor

Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL

Eetika Kapoor

Mumbai tops real estate sales and new launches in September quarter

Eetika Kapoor

Leasing by flex space operators hits a new high of 7 million sq.ft in 2022: Colliers

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