Sushma Group, a leading name in Punjab’s real estate market, started with the phase-wise possession of its 15th project, Sushma Grande NXT. The group delivered 62 units in the first tower before the Diwali festival. With this milestone, Sushma Group offers residents the joy of new beginnings during Diwali to celebrate the festive season in their new homes.

Sushma Grande NXT is an extension of Sushma Chandigarh Grande located on the Chandigarh—Delhi National Highway near Best Price, Zirakpur. The project is spread over 3.5 acres of land and offers G+12-storey apartments with all exclusive amenities. The location ensures the best connectivity to Chandigarh, Punjab, Himachal Pradesh, Haryana, and New Delhi. Sushma Grande NXT offers the best modern living with amenities like a power backup, a kids’ play area, a kids’ club, flower gardens, etc.

Mr Prateek Mittal, ED, Sushma Group, expressed, “We are delighted to announce the possession of Grande NXT during this Diwali where we are creating not only homes but vibrant communities that meet the aspirations of modern residents. Every project is driven by our passion and dedication to quality, and each handover reaffirms our customers’ trust in us. With Grande NXT, we’re not only delivering thoughtfully designed homes but are also providing a truly enhanced living experience, setting new benchmarks in the region.”

Reflecting on their experience with Sushma Group, a Sushma Grande NXT buyer commented, “Taking possession of our home before Diwali has made this festival even more special for us. From quality to construction to exceptional amenities, Sushma Grande NXT has shown their commitment to every promise they made.”

Sushma Grande NXT exemplifies the group’s dedication to elevating residential living standards with thoughtfully crafted designs and top-tier development quality. Through a legacy of impactful projects, Sushma Group continues to push the boundaries of excellence in the industry, consistently delivering refined living experiences that contribute to the evolution of urban landscapes.

India, 2024: The office space market in India is set to break records in 2024, with absorption projected to exceed 70 mn sq. ft., according to the latest report from Savills India, a global real estate advisory firm. The demand reached 55.1 mn sq. ft. between January and September 2024, marking a 30% year-on-year (YoY) increase across six major cities.

The Year-To-Date (YTD) leasing activity has set a new benchmark for the January-September period, aligning with 2022’s full-year performance. With only 7 mn sq. ft. remaining to surpass 2023’s total, 2024 is expected to achieve absorption levels in the range of 70-74 mn sq. ft.

Q3 2024 Surge
The third quarter of 2024 saw office absorption hit 20.2 mn sq. ft., a 28% increase from Q3 2023. Bengaluru, Delhi-NCR, and Mumbai collectively contributed 66% of the overall leasing activity during this period.

The IT-BPM sector led the market with a 29% share in Q3, followed by Flexible Workspaces (23%) and the BFSI sector (22%). Additionally, large deals accounted for 50% of total leasing activity, with Bengaluru, Delhi-NCR, and Pune driving more than 50% of their respective leasing through such transactions. While demand soared, new office completions slowed down during the first nine months of 2024, with a total of 32.6 mn sq. ft. added, reflecting a 12% YoY decline. As a result, vacancy rates decreased to 15.5% by the end of September.

2024 Projections
Savills India forecasts that leasing activity will reach 70-74 mn sq. ft. by the end of 2024, representing a 17% increase from last year. New completions are also expected to accelerate, with a projected total of 60-62 mn sq. ft., a 22% increase from 2023.

“India’s office market reached record-high absorption levels in Q3 of 2024, reflecting strong business sentiment amongst occupiers. With employees returning to physical offices, demand has surged across all segments, including tech. We anticipate this momentum to continue in the last quarter of the year, potentially driving absorption levels to new record of over 70 mn sq.ft in 2024. Demand is likely to be driven by tech, BFSI, flex workspace and engineering & manufacturing occupiers.” said Naveen Nandwani, MD, Commercial Advisory and Transactions, Savills India.” said Naveen Nandwani, MD, Commercial Advisory and Transactions, Savills India.

Bengaluru
● Bengaluru recorded 6.2 mn sq. ft. of absorption in Q3 2024, registering a 48% increase YOY. Large-sized deals (100,000 sq. ft. and more) continued to dominate the leasing activity, accounting for 67% of the total share.
● YTD 2024, absorption stood at 15.9 mn sq. ft., registering a significant rise of 49% in the corresponding period the previous year. The city is expected to achieve a record gross absorption of about 20 mn sq. ft., in 2024.
● Q3 2024 recorded a significant influx of new supply of 6.2 mn sq. ft., representing a 128% increase compared to the previous quarter.
● The BFSI sector saw a significant rise in demand, contributing 23% to the city’s total market leasing activity in Q3 2024, while the IT-BPM sector continued to be the top contributor with a 46% share.

Chennai
● The city recorded absorption of 1.8 mn sq. ft.in Q3 2024, registering a YOY decline of 35%. Large size deals of 100,000 mn sq. ft. and above continued to dominate the leasing activity, with a 42% share.
● Leasing activity in Q3 was predominantly centered in the OMR Zone 1 (Tharamani, Perungudi, MGR Salai) and MPR micro markets (Mt Poonamalle Road – Manapakkam, Porur, Nandambakkam, Ramapuram), which collectively accounted for 64% of the total market share. CBD, Guindy and OMR Zone 2(Thoraipakkam, Shollinganallur, Navalur, Siruseri) micromarkets also remained prominent, contributing 10%, 6%, and 9% of the office space demand, respectively.
● The flexible workplace segment registered a significant Q-O-Q growth, with its market share rising from 6% to 29%. The IT-BPM and BFSI sectors continued to be key drivers of leasing activity in Q3, accounting for approximately 24% and 18% to the overall market share, respectively.
● Owing to the increasing demand for office space and limited available supply, Q-O-Q rentals in the MPR and Guindy micromarkets have shown an uptick of 7% – 9%.

Delhi-NCR
● Delhi-NCR recorded absorption of 4.0 mn sq. ft. in Q3 2024, registering a 92% YOY increase. YTD absorption stood at 7.6 mn sq. ft., registering a decline of 6% when compared with the absorption in corresponding period in 2023. The region is expected to witness gross absorption of 11-12 mn sq. ft. in 2024.
● In Q3 2024, the region added 0.7 mn sq. ft. of new supply, bringing the YTD supply to 2.0 mn sq. ft. This marks a 17% decrease compared to the 2.4 mn sq. ft. of supply recorded during the same period (January-September 2023) last year.
● Gurugram, with 64% share contributed highest in the leasing activity in Q3 2024. Within Gurugram, Gurugram SBD topped the chart with 49% of the city leasing coming from this micromarket. NOIDA stood second with 27% share in the overall leasing followed by Delhi with 9% share.
● The flexible workspace segment led the leasing activity with 50% share in absorption in Q3 2024, followed by the Engineering & manufacturing and BFSI sectors with 9% & 7.8% share in the overall leasing activity.
● Large (100,000 sq. ft. or more) & mid-sized (25,000-99,999 sq. ft.) lease transactions dominated the leasing activity in Q3 2024 with 54% & 31% share, respectively.

Mumbai
● Mumbai recorded 3.2 mn sq. ft. of absorption in Q3 2024, registering a 35% increase YOY. Mid-sized deals (25,000 sq. ft. to 99,999 sq. ft.) continued to dominate the leasing activity, with a 36% share.
● YTD absorption stood at 9.7 mn sq. ft., just slightly below the current peak full year 2023 absorption of 10.1 mn sq. ft. Mumbai is paving its way to record a decadal peak absorption in 2024 of about 12 mn sq. ft.
● Mumbai witnessed 1.6 mn sq. ft. of new supply in Q3 2024, almost double of that witnessed in the corresponding period previous year.
● The BFSI sector continued to be the conventional and majority demand driver in Mumbai with a 32% share followed by the tech sector garnering a 17% share in Q3 2024.
Pune
● Pune recorded 2.0 mn sq.ft. of gross absorption in Q3 2024, registering a 42% YOY increase. This was driven by financial services occupiers pre-leasing of large spaces, totaling 1.1 mn sq.ft.
● The city witnessed YTD absorption of 6.6 mn sq.ft., with a projection to end the year with a gross absorption of 9 mn sq.ft.
● The BFSI sector led the leasing activity, accounting for a 55% share in Q3 2024 absorption. IT-BPM accounted for 16% of the total leasing activity followed by Engineering and manufacturing with a share of 12%.
● Large-sized deals (100,000 sq. ft. or more) continued to dominate the leasing activity with a substantial 55% share in Q3 2024.
Hyderabad
● The city witnessed a significant rise in YTD absorption, reaching 8.7 mn sq. ft., registering a 34% YOY growth. In Q3 alone, gross leasing activity totaled around 3 mn sq. ft., primarily driven by mid-sized deals (25,000-99,999 sq. ft.), which accounted for 1.6 mn sq. ft. and represented 54% of the overall leasing activity.
● IT-BPM maintained its stronghold on leasing activity, capturing 52% of the total market share with 1.5 mn sq. ft. absorbed in Q3 2024. The city has also experienced a notable uptick in demand for flexible workspaces, with 0.6 mn sq. ft of office space leasing activity accounting for 35% YOY growth.
● In Q3 2024, the city witnessed a supply of 5.8 mn sq. ft., marking an increase of 8% on yearly basis. The SBD II micromarket (Gachibowli, Nanakramguda, Kokapet) contributed the largest share, accounting for 67% of the new supply, while SBD I accounted for about 33%.

29th Oct 2024: Anant Raj Limited, a prominent player in the real estate sector, announced its financial results for the quarter ending September 30, 2024, highlighting strong growth in revenue, profit, and shareholder returns.

The company reported a remarkable 78% year-over-year increase in Profit After Tax (PAT), which rose to ₹104.44 crores from ₹58.74 crores in Q2 FY2024. Revenue from operations saw a significant 54% boost, reaching ₹512.85 crores, compared to ₹332.28 crores during the same period last year.

Additionally, Earnings Per Share (EPS) climbed by 67% to ₹3.09, from ₹1.85 in Q2 FY2024, further underscoring the company’s solid financial position and value to shareholders.

The robust financial performance reflects Anant Raj’s strategic focus on high-growth areas and its commitment to operational efficiency. In line with its vision for sustainable expansion, the Board also approved key initiatives to fuel future growth, including a Qualified Institutional Placement (QIP) to raise up to ₹2,000 crores for expansion and development projects. These steps align with Anant Raj’s dedication to enhancing its market presence and delivering greater value to its stakeholders.

Kolkata, October 28: As Dhanteras approaches, the rise in gold prices is impacting buying trends, with modern women increasingly shifting their focus from gold to real estate. A recent survey by Anarock reveals that women are emerging as a significant group in the homebuying market prioritizing long-term financial security and asset-building through property, especially as gold prices soar. 65% of women prefer to invest in real estate, compared to just 8% choosing gold and 20% opting for the stock market. Only 7% of women are inclined toward fixed deposits. The study also highlights that a majority of women investing in real estate—77%—view property as an investment opportunity, while 23% purchase homes for self-use.

Mr B.P Singha Roy, COO of Keventer Realty said, “As the professional landscape continues to evolve, so too does the role of women, with their growing presence in the workforce and increasing financial independence, women are emerging as a powerful force in the real estate market. At Keventer Realty, we recognise and celebrate the rise of woman power, not only the homemaker but also the new class of homebuyers, making informed decisions and fulfilling their dreams.”

Mr Manmeet Singh Realty Consultant said, “Women are increasingly recognising the long-term investment potential of real estate, viewing property ownership as a means of building wealth and securing their financial future.”

Ms. Meenakshi Basu, headmistress of Mahadevi Birla Shishu Vihar, said, “The financial literacy programmes and online resources are empowering young women to gain insights into SIPs, Mutual Funds, and real estate, and grasping the advantages of mortgages, tax benefits, and property appreciation.”

Aidrila Bagchi Mukherjee, a young banker, shared that being in the banking sector has allowed her to observe the long-term security provided by property ownership, both financially and personally.

Economics teacher of G. D. Birla Centre for Education, Chandra Prakash Pandey echoed this sentiment, stating, “Investment in Real Estate has stable and long-term gain potential, and borrowing is currently affordable due to low interest rates, offering additional tax benefits.”

Mr. D.N. Banerjee, Head of the Commerce Department at Ashok Hall Girls’ Higher Secondary School noted that rising gold prices are driving women to explore real estate as a stable, long-term investment, reflecting a shift from traditional festive gold purchases to financial diversification.

Gurgaon has firmly established itself as the top luxury real estate market in the National Capital Region (NCR), driven by an influx of high-end residential projects and robust demand from affluent buyers. According to a recent CBRE report, sales of properties priced over Rs 4 crore surged by 38% from January to September 2024 across major Indian cities, with Delhi-NCR taking the lead. Gurgaon’s growing appeal is supported by extensive infrastructure upgrades and a rising interest in premium housing.

Top developers like DLF, TARC, and Max Estates have rolled out significant projects in Gurgaon, while M3M, Smartworld, and Paras Buildtech are also advancing their luxury ventures across the city. DLF’s latest offering, Dahlias, represents one of the largest launches, with units starting at 9,500 sq. ft., helping the company maintain its substantial 25% share in the ultra-luxury market over the past five years.

In line with Gurgaon’s demand for upscale housing, Smartworld Developers recently achieved record sales, selling all 900 units of its high-end residential project, Smartworld Sky Arc, within 36 hours of RERA approval. “The Gurugram real estate market is already heating up,” said Vivek Singhal, CEO of Smartworld Developers, who pointed to Golf Course Extension Road and Dwarka Expressway as key hotspots for affluent buyers.

The demand is also fueling a trend for exclusive amenities and spacious condominiums, with developers noting a significant rise in buyers’ expectations. Kunal Rishi, COO of Paras Buildtech, emphasized, “We have recently witnessed a strong surge in demand for luxury condominiums, particularly in Gurugram, with buyers increasingly inclined toward exclusive properties that offer a superior lifestyle.”

The festive season has further intensified the market’s growth, a point underscored by Shashank Vashishtha, Executive Director of Exp Realty India. He remarked, “The festive season has bolstered demand, with many buyers eager to invest in luxury projects during this auspicious time.” He noted that Gurgaon’s strategic layout, social infrastructure, and thriving commercial sector have positioned it as one of Northern India’s most attractive realty destinations, especially for NCR’s high-net-worth individuals.

As Gurgaon’s luxury real estate market strengthens, experts forecast continued growth through 2025, driven by expanded infrastructure, increased connectivity, and a sustained influx of high-end buyers. The city’s development trajectory is expected to reinforce its dominance in NCR’s premium housing sector well into the future.