Bengaluru, 26th September 2024: Strong leasing activity in the first three quarters of 2024 has pushed Grade A office space demand to 46.7 million sq ft across the top six cities of the country. Building on the momentum in first half of the year, Q3 2024 saw space take-up to the tune of 17.3 million sq ft, a 31% year-over-year (YoY) growth. Bengaluru and Hyderabad accounted for over half of the leasing activity during this period. Bengaluru registered its highest ever leasing in any quarter at 6.3 million sq ft, continuing its dominance in the office market. Pune, notably, with 2.6 million sq ft of leasing activity, recorded 2.6X times space take-up compared to Q3 2023.

With 14.4 million sq ft of completions in Q3 2024, overall new supply too followed the demand growth trajectory, registering 33% increase YoY. Bengaluru and Hyderabad together saw 64% of the quarter’s new supply. Delhi-NCR also saw its highest quarterly supply infusion in the last 8 quarters, at 3.3 million sq ft. Within Delhi-NCR, South Delhi micro market with few significant project completions, accounted for almost 70% of the incremental supply of the city in Q3 2024.

“Office demand across different markets and sectors has been impressive in the last 2-3 years, aiding overall leasing reach new highs each passing year. Interestingly, 2024 saw consecutive quarters of high growth in demand and supply. Office space demand in Bengaluru, Hyderabad and Mumbai have reached close to or surpassed 2023 demand levels in the first three quarters of 2024. Occupier confidence is reflected in continued higher uptake of large-sized deals of more than 1 lakh sq ft, accounting for 65% of total leasing in Q3 2024. Bengaluru saw 81% of its leasing through large-sized deals, while Pune followed closely with 71%, driven by the Tech and BFSI sectors,” says Arpit Mehrotra, Managing Director, Office Services, India, Colliers.

Technology sector drove around one-fourth of the overall office space demand during the quarter, followed by BFSI occupiers and Flex space operators. Interestingly, Bengaluru and Pune surpassed Mumbai in BFSI leasing, and accounted for 39% and 25% share respectively in overall BFSI leasing during the quarter. Flex spaces too saw significant leasing of 3.4 million sq ft in Q3 2024 and accounted for almost 20% share in overall leasing. Select micro markets such as SBD 1 in Bengaluru, Golf Course Road in Delhi NCR, CBD in Pune and SBD in Hyderabad accounted for about 54% of the leasing by flex space operators in Q3 2024[1].

[1]Micro market definition: Secondary Business District (SBD)- 1 in Bengaluru includes – Koramangala, CV Raman Nagar, Internal Ring Road, Indiranagar, Old Airport Road, Old Madras Road, Rajajinagar and others; CBD in Pune includes – Camp, FC Road, JM Road, Koregaon Park, Kalyani Nagar, Shivaji Nagar, Raja Bahadur Mills Road, Senapati Bapat Road, Wakdewadi, Yerwada; Secondary Business District (SBD) in Hyderabad includes – Madhapur, Raidurg, Hitech city and Kondapur

“2024 has already seen impressive flex space leasing, totaling to 7.9 million sq ft—a 20% year-on-year increase. Flex space recorded a new high of 3.4 million sq ft space take up during Q3 2024; surpassing the previous high of 2.6 million sq ft. Delhi-NCR and Bengaluru were the dominant flex space markets, collectively accounting for 55% of the demand this year. Notably, nearly half of the leasing by flex space operators was driven by large-sized deals exceeding 1 lakh sq ft, indicating a growing demand from large enterprises gaining scale.”, says Vimal Nadar, Senior Director and Head of Research, Colliers India.

With demand outpacing supply, vacancy levels remained range-bound across the major markets. Overall, India vacancy continues to hover around 17% at the end of Q3 2024.

New Delhi, 26 September 2024: Ashiana Housing Ltd., a leading real estate developer listed on the NSE and BSE in collaboration with Arihant Foundations & Housing, successfully hosted the Senior Living Conclave 2024 under the theme “Rediscover Joy at 50 and Beyond” at Hilton Hotel, Guindy, Chennai. The event, focused on shaping the future of senior living in India, drew around 400+ attendees, reflecting the sector’s growing importance and recognition.

The conclave explored innovative care options, tech-enabled solutions, and retirement planning tools designed to enhance the lives of individuals over 50. Insights were shared on the rising demand for senior housing, especially in Chennai, which contributes about 74% to the organized assisted living market in South India.

Ankur Gupta, Joint Managing Director of Ashiana Housing Ltd., remarked, “The Senior Living Conclave 2024 reaffirms our dedication to redefining retirement living in India. With our ongoing investment of Rs 700 to 1,000 crores, we are committed to building communities where seniors can thrive independently and enjoy a fulfilling, joyful life. This marks a significant shift in how we approach care and lifestyle for seniors.”

Bharat Jain, Director of Arihant Foundations & Housing, added, “Chennai is emerging as a key hub for senior living, driven by factors like affordability, healthcare access, and the changing family structure. The partnership between Ashiana and Arihant ensures we create vibrant, enriching spaces for seniors, setting a new benchmark in retirement living.”

At the event, Ashiana Housing introduced its latest luxurious sophisticated senior living project, Swarang, a collaboration with Arihant Foundations, located in Chennai’s serene Nemmeli area along East Coast Road (ECR). The project’s extensive amenities, from sports like walking football and croquet to aqua therapy, are aimed at promoting physical well-being, while a place of worship and regular social activities foster community bonding. With an investment of Rs 225 crore and expected sales realizations of Rs 450 crore, the project will be completed in phases, with the first set to be delivered by September 2027.

Delightful in every sense, the sophisticated senior living is meticulously crafted to provide a vibrant and luxurious lifestyle for those looking to celebrate life after retirement. With its prime location, modern amenities, and the trusted reputation of Ashiana, Swarang is set to redefine the post-retirement sophisticated living experience. The homes are elegantly designed by famed architects, with ample ventilation and an abundance of natural light, ensuring a comfortable and secure environment.

A particularly engaging segment of the conclave was the interactive Q&A session, where seniors in attendance actively participated, demonstrating their keen interest in shaping their future living environments. Questions ranged from practical concerns about healthcare facilities and emergency response systems to inquiries about social engagement opportunities and customization options for living spaces.

With over 2,500 seniors already enjoying life in Ashiana’s communities across Bhiwadi, Chennai, Lavasa, and Pune, the company remains a pioneer in senior living. Ashiana Housing reported revenues of Rs 1,800 crore for the financial year 2023-24, with projections to cross Rs 2,000 crore in the current fiscal year.

The Senior Living Conclave 2024 offered a unique platform to discuss the evolving needs of India’s senior population and demonstrated the sector’s rising momentum, with developers and stakeholders investing heavily to meet the growing demand for specialized living solutions.

The YEIDA Housing Scheme 2024 has opened up an exceptional opportunity for homebuyers in the Delhi-NCR region. The fourth episode of ‘Kaam Ki Baat’ by Live Times has once again proven to be an informative source of information for the citizens.

Launched in Sector 22D along the Yamuna Expressway, this built-up housing scheme offers a total of 1,239 flats, ranging from 1 BHK to 3 BHK, across three distinct categories, with prices ranging from ₹21 lakhs to ₹45 lakhs. Flats will be allocated on a ‘first come, first serve’ basis, and interested applicants can apply until March 31, 2025. This scheme boasts a prime location near the Noida International Airport and International Film City, making it a highly sought-after residential option with excellent connectivity.

Additionally, the nearby proposed MSME, handicraft, apparel hubs, and major universities make this scheme not only a desirable living space but also a valuable investment opportunity. The application process is straightforward, and any Indian citizen over the age of 18 can apply.

The latest episode by Live Times effectively highlighted the scheme’s features, prime location, types of flats available, and the application process, ensuring that viewers were well-informed about why this scheme stands out as an ideal choice. Through this episode, Live Times successfully educated its audience about this unique opportunity to own a home in Delhi-NCR, enabling them to make a well-informed decision about this promising housing scheme.

By Mr. Bhavesh Shah, Joint Managing Director, Today Global Developers

As Navi Mumbai’s airport gathers pace for the completion of its first phase, its transformative impact on the region’s real estate and the rise of Third Mumbai is set to be unmatched. It will redefine urban life in the MMR, elevating the residential and commercial landscapes of Third Mumbai to new heights. Third Mumbai planned as a new city project promises to be the cusp of a renewed transformation of MMR. Anchored around the Navi Mumbai International Airport (NMIA), this ambitious project envisioned by the government proposes to deliver modern infrastructure, better connectivity, and unparalleled real estate opportunities. Covering an expanse of 323 square kilometres, Third Mumbai is set to become a vibrant urban hub, significantly contributing to the nation’s economy and its overall GDP.

• NMIA: A Catalyst for Growth
The Navi Mumbai airport will be more than a transportation hub for flyers—it is planned to symbolize MMR’s rapid advancement. Its impact on the real estate in the areas surrounding it like Kharghar, Upper Kharghar, Ulwe, Kamothe, and Panvel will be profound, with sweeping improvements in infrastructure, social amenities, and real estate. One of the key benefits that Third Mumbai and its surroundings will benefit from is the development of new roads, enhanced public transportation systems, and improved utilities, all aimed at bettering the quality of life for current and future residents.

The airport’s presence and easy connectivity are expected to spur the construction of new residential, commercial, and recreational facilities, transforming the area into a home for people seeking a modern living environment. Notably, property values are expected to improve due to the convenience of air travel and enhanced connectivity, making the region a lucrative prospect for real estate investors. This influx of demand will be matched by a rise in commercial development, with multinational corporations and startups likely to set up shop in the vicinity, thus creating a fertile ground for job creation.

• Aero City and Housing Boom
The strategic location of Third Mumbai, with excellent connectivity to key areas such as Mumbai, Thane, KDMC, and Navi Mumbai, significantly enhances its appeal. In line with global trends, the plan for an “aero city” around the Navi Mumbai Airport is also taking shape. This development has plans for hotels, retail outlets, entertainment complexes, and other amenities that cater to both travellers and residents. Beyond luxury living, the area is set to see a housing boom with options ranging from affordable homes to high-end apartments, catering to a wide spectrum of income groups.

As the population continues to grow, so will the need for a balanced mix of housing, which Third Mumbai is gearing up to deliver. It also provides well on the experience of best of urban living while enjoying tranquillity, with lush green surroundings, including forests and the nearby rivers, offering a rare connection to nature. This unique blend of the upcoming airport, developing infrastructure and natural serenity makes Third Mumbai a highly desirable choice for families and investors seeking a balanced, future-ready lifestyle.

• Connectivity as a Game Changer

One of the most significant infrastructure projects to complement the Navi Mumbai International Airport is the Mumbai Trans Harbour Link (MTHL), a 22-kilometer bridge that connects Navi Mumbai to South Mumbai. This new linkage is nothing short of a game changer. What was once a two-hour commute can now be completed in just 20 minutes, drastically improving the everyday travel experience for residents. Enhanced connectivity through metro lines and improved road networks will seamlessly integrate Third Mumbai with the existing MMR. This, in turn, will create a more cohesive urban landscape, allowing residents to enjoy the benefits of both modern and traditional Mumbai.

• A Vision of a Thriving New City

With careful urban planning and sustainable growth strategies, this new city has the potential to attract a diverse range of residents—from working professionals to young families—seeking a better lifestyle and proximity to a robust job market. As residential projects surge in areas like Navi Mumbai and Panvel, real estate developers are catering to the varied demands, offering everything from budget-friendly apartments to luxury homes.

With the Navi Mumbai airport as its nucleus, Third Mumbai is set to become a city unlike any other in India. This project marks the beginning of a new chapter in urban development, showcasing how visionary planning and strategic infrastructure investments can create a city designed for the future. Looking at the future, Third Mumbai is only poised to become a bustling metropolis, where modern conveniences and smart city planning converge to create a liveable, vibrant community. It promises to be more than just an extension of Mumbai; it represents the future of urban development, one that is groundbreaking, sustainable, and future-ready.

Bhumika Group, a leading real estate developer in northern India and the largest mall developer from Rajasthan, has signed a new commercial project on MG Road, Gurgaon, securing an approximately 1-acre land parcel. This strategic acquisition marks the Group’s official entry into the Gurgaon market, further strengthening its footprint in the NCR region. The overall topline expected from this project is approximately Rs 300 crore.

This comes after Bhumika Group’s previously announced plans to add 8.5 lakh sq. ft. of retail space in Delhi NCR in 2024, which includes a retail focused mixed land use project and Metro malls in Faridabad. The new Gurgaon project further underscores the Group’s commitment to developing premium commercial and retail spaces that cater to evolving consumer needs.

Uddhav Poddar, Managing Director, Bhumika Group stated, “We are excited to establish our presence in the Gurgaon market with our new commercial project at MG Road. This is our third major project acquisition in NCR in the past 6-12 months, following the mixed-use development in Faridabad, which integrates retail, hospitality, and residential spaces, and our transit infrastructure project with DMRC. Each of these ventures is a testament to our commitment to delivering dynamic commercial spaces that not only enhance the urban landscape but also contribute meaningfully to the region’s economic growth.”

Siddharth Katyal, CEO, Bhumika Group added, “As we continue to shape the retail landscape, our new MG Road, Gurgaon, project represents a significant milestone in our journey. Following our successful ventures such as Urban Square Mall in Udaipur and our collaboration with DMRC on the transit infrastructure project, we remain committed to innovation and quality. Each development is designed to stand out, creating exceptional experiences for our stakeholders and further cementing our position as a leader in the industry.”

Bhumika Group has already set a high benchmark with its Urban Square Mall in Udaipur, the largest shopping and entertainment destination in the region. The new project on MG Road is set to replicate this success, offering a blend of retail, dining, and entertainment options, making it a premier commercial destination in Gurgaon.