The office market in India is experiencing robust activity, with a growing number of occupiers opting for flexible or managed offices across the country, shows a report by the Royal Institution of Chartered Surveyors (RICS).
“This shift towards more flexible workspaces signifies an evolving work culture and indicates a strong demand for adaptable office solutions in India,” says the report titled the Q3 2023 RICS Commercial Property Monitor.
The report reveals positive signs of market recovery in Mumbai, with expectations of an upward trend over the next six months. This anticipated market improvement signals positive sentiment and potential opportunities for investors and developers within the commercial property market in Mumbai.
While commercial property rates in Mumbai are projected to remain stable, the overall real estate sector in the National Capital Region (NCR) is witnessing steady growth. The report underscores the positive trajectory of the real estate market in NCR, highlighting rising capital values and rental growth across various sectors.
The residential demand in India has also reached an all-time high, particularly in Gurgaon, where it has reached its peak. “This surge in residential demand demonstrates the buoyancy of the residential real estate market in India, and suggests significant growth potential in the sector,” says the report.
The Q3 2023 RICS Commercial Property Monitor also highlights the positive impact of upcoming infrastructure projects in India, including metro lines and the highly anticipated second Navi Mumbai international airport, set to be inaugurated next year.
“These infrastructure developments are expected to foster economic growth and further enhance the attractiveness of the real estate market in India,” it says.
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