Wednesday, Apr 24 2024 | Time 06:35 Hrs(IST)
image
Business EconomyPosted at: Mar 29 2019 8:20PM


Real estate to get major boost in 2019: CBRE

New Delhi, Mar 29 (UNI) Real estate market will see significant growth across segments, which will lead to the addition of almost 200 million sq. ft. of new real estate space in 2019 across categories including office, retail, residential and logistics.
"The growth will be driven by numerous factors including technology, demand-supply dynamics, improved ease of doing business rankings and the dust settling post the implementation of reforms such as GST, RERA among others," stated Real estate consulting firm CBRE South Asia Pvt. Ltd.
The findings of its Real Estate Market Outlook 2019 - India stated that technologies such as Artificial Intelligence, Augmented Reality, Internet of Things, Robotic Process Automation and Blockchain are trends that are reshaping how the real estate sector works.
Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa said, “The current government’s pro-reform policies have yielded positive news for the equity market and investment inflows, thereby positioning India as an attractive business destination."
"The year 2018 was a landmark one with office space absorption crossing an all-time high of 47 million sq. ft. (up 5 pc y-o-y) across the nine leading cities, boosted by a supply influx of 35 million sq. ft. (up 17% y-o-y). Bangalore and Delhi-NCR continued to dominate take-up; Hyderabad emerged as the third most preferred office destination, overtaking Mumbai," the findings stated.
The share of technology in overall space take-up in the country will remain in the range of 30 – 35% by the end of 2019.
"We expect development patterns to be more tech-tailored and anticipate a stronger pipeline in 2019. CBRE expects nearly 40 million sq. ft. of new office space to be released over the next twelve months. Almost 30% of this pipeline is expected to be in the SEZ space. There is also expected to be an impetus on “smarter” buildings – driven by the augmented use of tech for optimising space and costs," he added in a statement.
"We expect rents to continue to grow across the key markets in Bangalore, Chennai and Pune, however, this growth is expected to taper across most cities. ‘Gateway’ cities of Delhi-NCR and Mumbai would also see rental growth, however only in select locations. Also, a convergence between SEZ and non-SEZ rentals is expected in 2019," he further said.
UNI DJK SHK2020
Please log in to get detailed story.
Tags: #Real estate to get major boost in 2019: CBRE
More News
Sensex ends in green; up 89 83 points

Sensex ends in green; up 89 83 points

23 Apr 2024 | 6:58 PM

Mumbai, April 23 (UNI) The stock market on Tuesday opened strong with 400 points up with all-round shopping but paired early gains towards end of the trading hour and closed at 73,738, about 90 points up from its previous close.

see more..

FHRAI seeks govt intervention to utilize increased FAR scheme for hotel industry expansion

23 Apr 2024 | 6:55 PM

New Delhi, Apr 23 (UNI) The apex association of hotels and restaurants FHRAI has approached the Government for resolution of long pending issue of not able to use the provision of increased Floor Area Ratio (FAR) saying this coming in the way to expanding the capacity and new hotel developments in Delhi.

see more..

23 Apr 2024 | 6:22 PM

New Delhi, Apr 23 (UNI) Telecom major Jio Infocomm, a wholly owned by Reliance Industries Limited, has increased its subscriber tally to 470.86 million at the end of December, 2023, up 8.76 per cent from its subscriber base of 432.92 million a year ago.

see more..

Kottayam-Kochi Rubber Market Rates

23 Apr 2024 | 6:11 PM

Kottayam, April 23 (UNI) Following were the Rubber Market rates announced by the Rubber Board here today per quintal.

see more..

Rupee marginally up 3 paise against USD

23 Apr 2024 | 4:37 PM

Mumbai, April 23 (UNI) The Rupee on Tuesday gained three paise to close at 83.34 against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..
image