Following a turbulent year with the pandemic showing signs of easing the commercial projects in Noida is showing signs of steady performance and are on a path of revival thus gaining the trust of investors and buyers.
The report “Real Estate Outlook in 2022”, says that the Indian real estate market is showing healthy growth in 2022.
It is noteworthy that the year 2021 has been quite challenging for all sectors and especially the real estate one, but even due to such disruptions the real estate sector has shown an upswing gaining steady momentum in the market.
The commercial segment of real estate a report in CBRE “Office leasing activity reached 13.5 million sq. ft in the Quarter 3 of 2021 is growing at about 140 percent quarter by quarter showing signs of healthy growth in commercial real estate."
All the best developer in India knows that the commercial real estate sector is also expected to continue to slowly take an upswing in the coming three to six months.
A lot of people these days are moving to hybrid models of workspaces but eventually, normalization off-take will also increase in the coming months.
It is noteworthy to note that office spaces even with the new social distancing norms have seen their requirements going up to 120 sq ft per person against the normal benchmark of 125 sq ft which had fallen to 80-100 sq ft per person during the pandemic times.
Slowly and steadily it started to rise to 100 sq ft and moved up further. This shows a healthy sign that the need for larger office space will go up in the near future.
Financial Institutes and banks will be amongst the first that would be on the path of normalization followed by IT and ITES as per a report published by JLL.
When comparing market-wise segmentation of cities JLL says,
- Mumbai will see a higher and quicker rebound, while
- IT cities such as Pune, Hyderabad, and Bengaluru will see slower absorption rates compared to major metro cities.
When looking at the overall performance of the real estate sector the investments coming in from foreign countries give a big boost to the sector.
The Indian real estate sector has seen a 100 percent FDI into construction with RERA which allows transparency and is witnessing sharp investment infusions from NRIs.
Without a doubt, coworking office spaces have provided a brilliant opportunity to increase their fair share of revenues from agility-demanding businesses.