{"id":25809,"date":"2021-11-15T09:19:23","date_gmt":"2021-11-15T02:19:23","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25809"},"modified":"2021-11-15T09:37:25","modified_gmt":"2021-11-15T02:37:25","slug":"indias-property-market-recovers-with-46-increase-in-house-sales","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/indias-property-market-recovers-with-46-increase-in-house-sales\/","title":{"rendered":"India’s property market recovers with 46% increase in house sales\u00a0"},"content":{"rendered":"

Office space leasing dropped four percent but absorption is expected to grow marginally compared to 2020<\/span>\u00a0<\/span><\/p>\n

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Space take-up of 25 million square feet recorded in 2021 YTD (year-to-date), a marginal drop of four percent year-on-year. NareshSharma\/Shutterstock<\/figcaption><\/figure>\n

As reported by ET Realty.com<\/a>,\u00a0India\u2019s\u00a0office space leasing fell by four percent during January-September, but experts still\u00a0see\u00a0an\u00a0overall positive outlook for the\u00a0country\u2019s\u00a0real estate market.<\/span>\u00a0<\/span><\/p>\n

Across six major cities in India, CBRE said that office space leasing contracted by four percent to 25 million square feet during the period of January-September\u00a0due to the second wave of COVID-19.\u00a0<\/span>\u00a0<\/span><\/p>\n

According to CBRE\u2019s \u2018India Market Monitor Market\u2019 report for Q3 2021, 13.5 million square feet of space was leased during July-September, a 140 percent increase from the previous quarter.\u00a0<\/span>\u00a0<\/span><\/p>\n

A consultant said, \u201cSpace take-up of 25 million square feet recorded in 2021 YTD (year-to-date), a marginal drop of four percent year-on-year.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

The report also added that nearly 34.3 million square feet of supply addition were seen in 2021 YTD, marginally up four percent year-on-year. <\/span>\u00a0<\/span><\/p>\n

Anshuman Magazine, chairman and CEO (India, Southeast Asia, Middle East & Africa) of CBRE, said, \u201cIndia\u2019s real estate market has proven to be resilient over the last year. The overall outlook for the Indian real estate continued to be positive \u2013 back of an accelerated vaccination drive, policy reforms, and increasing\u00a0urbanisation.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Moreover, the company said that the overall absorption of office space is expected to grow marginally compared to last year.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cLooking ahead, as mobility improves and a\u00a0comeback\u00a0to the physical office environment picks up, overall absorption is\u00a0expected\u00a0to grow marginally compared to 2020,\u201d the report noted.\u00a0<\/span>\u00a0<\/span><\/p>\n

As physical office becomes significant towards occupiers as a\u00a0centre\u00a0for connection, collaboration, and culture, CBRE said that workplace design will change, incorporation more\u00a0\u2018we\u2019 space over \u2018me\u2019 space.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: 700 villages in Assam, India will be mapped through drones\u00a0<\/strong><\/a><\/p>\n

\u201cOccupiers are expected to incorporate more flexible spaces while re-optimising\u00a0their portfolios with the realignment of \u2018core + flex\u2019 themes,\u201d it said.\u00a0<\/span>\u00a0<\/span><\/p>\n

In July-September, housing sales jumped\u00a0nearly\u00a046 percent quarter-on-quarter to 50,000 units, and sales recovered significantly by about 86 percent year-on-year during January-September\u00a0this year.<\/span>\u00a0<\/span><\/p>\n

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The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Office space leasing dropped four percent but absorption is expected to grow marginally compared to 2020\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25811,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[220,216,2388,557],"class_list":["post-25809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-commercial","tag-india","tag-office-leasing","tag-property-market","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"\nIndia's property market recovers with 46% increase in house sales\u00a0 | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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