India's Leap Towards Sustainable & Innovative Workspace Design
- Industry News
- March 13, 2024

India’s real estate market is projected to reach $10 trillion by 2047, contributing up to 20% of the nation’s GDP. Rapid urbanisation, foreign investments, and technological advancements will fuel growth. Sustainability and PropTech will play pivotal roles, with reforms like RERA and REITs driving future Expansion.
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Blackstone Group has acquired Mumbai’s iconic One BKC building in Bandra Kurla Complex for ₹2,500 crore, marking India’s largest commercial real estate deal this year. This acquisition is part of Blackstone’s aggressive expansion in India’s office space market, reflecting the growing demand for premium commercial properties.
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AI and robotics firms led office space absorption in Bengaluru in Q2 2024, contributing 21% to the city’s total. The IT-ITeS sector dominated with 69% overall absorption. Nationwide, office space demand surged, driven by strong economic performance. New completions rose significantly, particularly in Mumbai and Bengaluru.
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SEBI’s new regulations for Small and Medium REITs (SMREITs) democratise real estate investments for retail investors, unlocking significant monetisation opportunities and enhancing liquidity. Platforms like Strata and Propshare are transitioning to SMREITs; offering stabilised returns and transparency.
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Delhi-NCR ranks as APAC’s fifth most expensive office rental market, with monthly prime office rents at Rs 340 per sq ft. Indian office space transactions surged 50% in Q2 2024, driven by returning employees and strategic corporate investments. Mumbai and Bengaluru also saw stable rental rates and high demand.
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The Union Budget 2024-25 offers major advantages for the commercial real estate sector, including urban development, rental housing reforms, and policies supporting the growth of coworking spaces.
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