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Business Economy


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.
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