The Indian economy continues to grow at a healthy pace, with the World Bank raising its growth forecast for India’s economy to 7% for FY 25, up from an earlier projection of 6.6%. The India Development Update (IDU) observes that India remained the fastest-growing major economy and grew rapidly at 8.2% in FY23-24. Growth was boosted by public infrastructure investment and an upswing in investments in real estate.
The real estate market of Goa is also expanding not only in terms of buyer interest but also geographically. The once-limited property market is now spreading across new areas, offering a wider variety of options to buyers. Alongside this expansion, there has been a notable rise in property prices. What was once a market catering to properties valued between Rs 5 crore and Rs 15 crore has evolved, with some villas now fetching prices of up to Rs 100 crore. This surge reflects the growing interest from ultra-high-net-worth individuals who are seeking exclusive, luxury homes in the region.
97% of employees and 98% of employers in India surveyed by Unispace say they are satisfied with their hybrid working arrangement. Employees in India are least likely to spend time at their desks while working from the office (50% vs. 64% globally). Subsidized travel (i.e. parking or public transportation), access to training and development programs, and free drinks, coffee and snacks rank as the top three reasons for Indian employees to spend more time in the office. Worldwide, employers’ confidence in their workplace’s capacity to foster innovation shows a downward trend.
In a report titled, ‘Fortifying India’s I&L landscape with a new manufacturing growth formula’, property consultant CBRE claims that the manufacturing sector’s growth has significantly contributed to warehousing demand. The share of sectors catering to the manufacturing space, including engineering & manufacturing, electronics & electricals and auto & ancillary sectors, within the total warehousing demand across major cities, has increased substantially, growing from 15% in 2019 to 24% in 2023 and 25% in H1 2024. The total leasing for warehousing from these manufacturing-related sectors stood at 4.1 mn. sq. ft. in H1 2024.
The REIT has already developed 2 data centers for PDG, measuring ~0.63 million sq. ft. Upon completion, the Business Park will feature 5 cutting edge data center buildings and the total data center footprint within the Mindspace REIT portfolio will stand at ~1.65 million sq. ft. This landmark development spanning ~15 acres, will become a part of the larger 50-acre campus ecosystem of Mindspace Airoli West.
This long-term growth in real estate is underpinned by six salient growth levers which includes, rapid urbanization, infrastructure development, digitalization, demographic shifts, sustainability and investment diversification; all of which will form the bedrock for a quantum leap in Indian real estate by 2047. These long-term growth ingredients will be pivotal in the expansion of Indian real estate – from under a trillion currently, to potentially a USD 10 trillion market by 2047, accounting for a 14-20% share in the country’s GDP.
Engineering & manufacturing and BFSI occupiers to cumulatively account for ~40% of demand during 2025-27. Repositioning of GCCs as knowledge & innovation hubs will drive ~40% of annual office space demand. Bengaluru dominates demand across most sectors; Hyderabad, Chennai & Pune to gain ground. BFSI occupiers to prefer premium developments, while engineering & manufacturing occupiers are likely to remain cost conscious while expanding real estate.
The annual campaign has been supported by over 75 Green Building Councils (GBCs), plus partners, hosting over 100 events around the world to spotlight solutions to industry stakeholders for a resilient and decarbonised built environment. By REDUCE, it aims at improving energy efficiency and minimise energy use; by ELECTRIFY, it aims at shifting to electricity for essential functions and ensuring electricity generation is from low-carbon sources such as renewables; and, by ADAPT, it aims to ensure the built environment is capable of withstanding the impacts of climate change.
Positioned close to major attractions such as Yashobhoomi (Asia’s largest convention center), IGI Airport (ranked among the world’s top 10 airports), Bharat Vandana Park (spanning 200 acres and one of Delhi’s largest parks, akin to Hyde Park and Central Park), and the upcoming diplomatic enclave with 39 embassies, the project is set to capture significant visitor traffic. The nearby Metrolite light rail system will further enhance accessibility. The project is expected to be completed by 2027 and to generate over Rs 4,200 crore in revenue during its lifecycle.
This funding round featured participation from high-profile individuals such as Dr. Shriram Madhav Nene, Anmol Sood, Sahil Vachani, Managing Director and CEO of Max Estates, and Rohit Kothari’s Anchorage Capital Fund. Prominent angel investor Ritesh Malik and Ankit Mittal and his family office Sixth Sense Ventures Partners also contributed to the funding round, among others.