Growing Influence of Women in Real Estate

The report, titled ‘Key Holders of Change – Women Driving Real Estate Growth and Transformation’, analyzed data from major cities, including Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Noida, Greater Noida, and Ghaziabad. The total number of residential transactions across these cities reached 5.77 lakh in 2024, reflecting a 4% increase from 5.56 lakh in 2023.

Notably, women buyers accounted for 22% of the total residential transactions in 2024, up from 20% in 2023. Meanwhile, sole male buyers saw an 11% increase in transactions, rising from 1.96 lakh in 2023 to 2.18 lakh in 2024. However, joint ownership transactions (male + female) declined by 7%, though they remained the largest segment, representing 40% of the total transactions.

Breakdown of Residential Transactions by Ownership

(Source: IGR, Square Yards)

Women Gaining Confidence in Homeownership

Commenting on the trend, Kanika Gupta Shori, COO and Founder, Square Yards, stated, “As women gain greater empowerment through education, workforce participation, and financial independence, they are emerging as formidable decision-makers in real estate. The 14% annual rise in residential transactions by women in 2024 underscores this shift. While there is still a long way to go, the increasing number of women homeowners signals a stronger, more inclusive housing market.”

Tanuj Shori, CEO and Founder, Square Yards, further emphasized, “Women homebuyers are a transformative force in real estate, bolstered by rising workforce participation and supportive government policies. This year alone, 1.29 lakh homes were registered under sole women buyers. Notably, women constitute 53% of our clientele as sole or joint homebuyers. By fostering opportunities for women, we aim to create a more inclusive and progressive real estate ecosystem.”

Government Policies and Financial Incentives Fueling Growth

Several government schemes and financial benefits are enabling women to become homeowners more easily. Key initiatives include:

• Pradhan Mantri Awas Yojana (PMAY): Requires at least one woman as a registered property owner.
• Stamp Duty Concessions: Many states, including Maharashtra and Uttar Pradesh, offer 1–3% lower stamp duty and 0.5–1% reduced registration charges for female buyers.
• Home Loan Interest Rate Discounts: Major lenders provide a 0.05% lower interest rate for home loans where a woman is the primary applicant.
• Tax Benefits: Women homebuyers can avail deductions under Sections 80C, 80EE, and 24b, providing up to ₹1.5 lakh relief on the principal amount and ₹2 lakh on interest payments.

Technology Driving Women’s Homeownership

Digital advancements have played a crucial role in this shift, making property ownership more accessible for women. Online property search platforms, mortgage calculators, digital payment systems, and fintech innovations have enhanced financial inclusion. Social media and community forums have further empowered women by providing knowledge and support networks, enabling informed decision-making.

Conclusion

The rising trend of women homebuyers reflects a broader societal and economic transformation. With increasing financial independence, favorable government policies, and the adoption of digital tools, women are set to play a more dominant role in India’s real estate sector. As homeownership sentiments among women reach an all-time high, this trend is expected to continue growing in the years to come.

Also Read: Benefits of being a Woman Home Buyer in India

The post Women Homebuyers on the Rise: 1.29 Lakh Residential Transactions Recorded in 2024, Growing 14% Annually appeared first on Square Feat India.

This three-day expo will feature over 100 developers showcasing over 500 projects from more than 5000 locations. Developers like DGS TOWNSHIP, Adani Realty, and Rustomjee will present a wide range of housing options for attendees. In addition to developers, more than 25 financial institutions, including State Bank of India, Bank of India, and LIC Housing Finance, will offer home financing solutions to ensure a smooth buying experience.

The event’s theme, “Book Your Home in 10 Minutes,” aims to streamline the home-buying process by enabling visitors to quickly book homes and secure loan approvals. One of the key attractions will be India’s first Quick Real Estate Mall, which simplifies home bookings for first-time buyers.

On January 19, the expo will observe Pink Sunday, a special initiative for women homebuyers, offering an additional ₹2 lakh discount on home bookings, along with other developer promotions. This initiative encourages women to purchase homes in their own name and aims to empower them in the real estate market.

CREDAI-MCHI President, Mr. Dominic Romell, highlighted the expo’s focus on making the home-buying experience quicker and easier. “The ‘Book Your Home in 10 Minutes’ initiative at the Quick Real Estate Mall simplifies the process, allowing buyers to secure their dream homes with ease,” he said.

The expo will also feature various offers such as No Stamp Duty & GST, discounts up to ₹18 lakh, and ₹5 lakh spot booking discounts. Other perks include Flexi Pay Plans, Zero Club Charges, and giveaways such as iPhones and two-wheelers.

The event is expected to attract over 100,000 attendees over three days and will operate from 10:30 AM to 8 PM each day. Free parking will be available at the venue, and entry is free with prior online registration at www.mchihomes.com.

Also Read: Housing Prices Rise Across Top Indian Cities, Reports CREDAI-Colliers-Liases Foras

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Tridhaatu Realty has launched exciting deals at its Morya Ekadanta Tower, featuring a special payment scheme of 20% X 5, along with substantial discounts on ready-to-move apartments. These luxury homes come equipped with modern amenities, including modular kitchens, air conditioning, and home automation systems, designed to enhance comfort and convenience.

Govind Krishnan Muthukumar, Managing Director and Co-founder of Tridhaatu Realty, expressed enthusiasm for the festive season, stating, “Navratri signifies an auspicious time for new beginnings. We are thrilled to offer deals that not only make luxury living accessible but also ensure significant appreciation in value for our residents.”

In a similar vein, Group Satellite is offering attractive pricing on its 1BHK apartments at the Aarambh Avyaan project, starting at ₹54.50 lakhs, inclusive of all charges. Buyers can take advantage of a special payment plan, where only 10% plus stamp duty is required now, with full payment flexibility until 2024. Additionally, each purchase includes a 10 gm gold coin and a modular kitchen, adding to the festive spirit.

Himanshu Jain, VP of Sales, Marketing & CRM at Satellite Developers, emphasized the importance of this festive period for new beginnings. He noted, “Our project offers affordable luxury with excellent connectivity and modern amenities, making it the ideal investment for families. These thoughtfully designed offers provide exceptional value and a seamless transition into new homes.”

As developers capitalize on the festive spirit, buyers are encouraged to seize these limited-time offers, making Navratri an opportune moment for investing in their dream homes.

Also Read: Govt Increases Import Duty on Edible Oils to Support Domestic Farmers

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The ‘bigger is better’ mantra continues to drive the Indian housing market. The FICCI-ANAROCK Consumer Sentiment Survey (H2 2023), unveiled at the FICCI Real Estate Summit in Delhi today, finds that the highest homebuyer demand is now for 3BHKs, with at least 50% respondents picking this size. 38% respondent favour 2BHKs. The demand for 3BHKs stood at 42% in in the H2 2022 edition of the survey.

Despite increasing property prices, the demand for bigger apartments continues unabated and is, in fact, increasing. 3BHKs are particularly in vogue in Bengaluru, Chennai, Hyderabad, and Delhi-NCR. In hyper-pricey MMR, 44% of respondents preferred 2BHKs. The demand for 1BHK units is being primarily evident in the western markets of MMR (17%) and Pune (10%).

Aligned to the growing preference for bigger apartments, the demand for luxury homes priced >INR 1.5 Cr has also gained more traction. At least 20% of the H2 2023 survey respondents prefer to buy homes in this price bracket, against 12% in H2 2021. The INR 45-90 lakhs budget range remains the most popular, with over 33% prospective homebuyers favouring it.

Affordable housing demand has shrunk further, to 21% in H2 2023 from 25% in H2 2021, and 40% in H2 2020.

Anuj Puri, Chairman – ANAROCK Group, says, “The supply of bigger homes is seamlessly following the demand for them. ANAROCK data indicates that average flat sizes in the top 7 cities grew by 11% annually last year – from 1,175 sq. ft. in 2022 to 1,300 sq. ft. in 2023. The survey also finds that for the first time, the demand for ready-to-move homes is lower than new launches. The survey highlights that in in H2 2023, the ratio of ready homes to new launches is 23:24 against 32:24 in H2 2021. Interestingly, it stood at 46:18 back in H1 2020.”

The survey further highlights the growing inclination of homebuyers towards suburban areas and city centres, in line with the return to office (RTO) dynamic being witnessed post the COVID-19 pandemic. 30% of respondents in the current survey (H2 2023) chose suburban areas as their first choice for buying a home, against the 25% who preferred suburban areas in H2 2021.

The current survey also finds that:

• No less than 75% property seekers now want balconies. The desire for more open spaces within homes is a significant change from earlier years, when the focus was more on dedicating almost every square inch for indoor utilization.+ 
• 74% of the surveyed homebuyers insist on improved construction quality.

Other Key Survey Highlights

• 58% millennials & 39% Gen-X respondents intend to use their gains from other investments to purchase homes
• While real estate remains the most preferred investment asset class for over 57% respondents, there is also a growing sentiment towards Fixed Deposits (FDs) in the wake of rising interest rates
• More investors are now backing residential real estate – in H2 2023, about 36% prospective buyers will purchase properties as investment
• Over 73% survey respondents state that their home buying decision will not be impacted if home loan rates stay below 8.5%
• Inflation is not impacting disposable income as much as it did in the previous year’s survey – in H2 2023, 55% participants felt a notable impact of inflation, down from 61% in the H2 2022 edition

Also Read: Mumbai Coastal Road: A catalyst for real estate growth in Western Suburbs

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NAREDCO- Maharashtra

In the ever-evolving real estate landscape, a strategic approach has gained remarkable traction among astute investors – acquiring properties during their new launch phase. This method transcends the realm of mere market timing, offering many advantages that empower investors to maximize returns and secure a firm foothold in an intensely competitive market.

At the forefront of the benefits lies the potential for substantial capital appreciation. In a bid to attract early investors, developers often unveil projects at a competitive price during the initial launch. This strategic entry point provides buyers with an exceptional chance to surf the wave of the property’s appreciation as the project progresses towards completion, potentially yielding significant returns on investment. This advantage becomes particularly pronounced in rapidly growing real estate markets, where the trajectory of appreciation can be especially lucrative.

A crucial advantage of investing during the new launch phase is the expanded selection of units available to buyers. During pre-construction, investors can secure prime locations and desirable layouts, tailoring their investment to align with their preferences and strategic objectives. This early selection ensures a more personalized investment and grants investors greater flexibility in negotiation and customization, allowing them to tailor the property to their unique vision.

In addition to the array of choices, new launch properties often come bundled with enticing promotional packages and incentives. Eager to swiftly sell units, developers may offer discounts, flexible payment plans, or additional perks such as furniture packages or complimentary memberships to amenities. These incentives go beyond mere financial gains, adding substantial value to the overall proposition and making the investment even more attractive.

A significant advantage that cannot be overlooked is the potential for customization. Investors actively engaged in the early stages of a project often have the opportunity to influence various aspects of the property’s design, ranging from finishes and fixtures to layouts. This customization not only results in a more personalized living space but also enhances the property’s appeal in the rental or resale market, potentially increasing its market value.

Security and peace of mind are paramount when buying a brand-new development. New properties often have warranties, protecting buyers against unexpected defects or issues. Additionally, modern construction standards and the integration of the latest technologies contribute to a more energy-efficient and technologically advanced living space, further enhancing the property’s long-term value and minimizing potential risks for investors.

Additionally, investors stand to gain from the potential for rental income during the construction phase. Once the property is completed, it can be immediately occupied or rented out, generating income from the outset. This income stream not only offsets holding costs but also contributes to the overall profitability of the investment, providing investors with a more immediate and tangible return on their capital.

In conclusion, the advantages of purchasing property during its new launch phase extend far beyond the allure of being one of the first owners. From the potential for substantial capital appreciation and a diverse selection of units to attractive incentives and customization options, investors stand to gain significantly by strategically entering the market at its inception. By comprehensively understanding and skillfully leveraging these benefits, individuals can position themselves for unparalleled success in the dynamic and ever-evolving world of real estate investment.

Also Read: Year-End Real Estate Review and Outlook for 2024

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Commenting on the new home buying trend, Prashant Khandelwal, CEO – Agami said, “Home buyers of today are more knowledgeable and do extensive research before buying a home. There is a growing trend of both spouses working and therefore, do not have much time to attend to daily chores. Kalanagar in Bandra for instance looks most promising as it is home to luxury residential properties and also in close proximity to commercial districts of BKC and Santacruz. Therefore, the convenience factor plays a major role in the decision making process whilst buying their home. They look at having all conveniences close at hand that saves on travel time and provides for a more convenient living experience.”

According to Track2Realty’s Consumer Confidence Survey, “Contrary to the industry narrative of bigger houses and preferences shifting to periphery locations, Indians are increasingly looking for convenience and lifestyle choices with a compact house.”

This changing perception of home buyers has come about due to improved connectivity within Mumbai and adjoining areas in the MMR region. There are a number of infrastructure projects that have been completed and some major projects ongoing which promises to enhance connectivity even further and help reduce commute time. This brings us to the question of where do you find such areas in Mumbai where people are flocking in order to purchase their desired home. The western suburbs of Mumbai like Goregaon, Kandivali, Borivali and even Mira Road are seeing huge demand for housing. This comes on the back of major infra projects being undertaken that will connect South Mumbai to the western suburbs in the north and beyond.

Commenting from the demand perspective, Mr. Rohan Khatau, Director, CCI Projects said, “Western suburbs of Mumbai are witnessing a greater housing demand due to various factors like improved connectivity and better social infrastructure. Home buyers not only look at buying a home that is in close proximity to Metro stations, malls, schools and hospitals, that provide convenience but also in areas with a potential of capital appreciation.”

Mumbai is upgrading with a number of world class infrastructure projects underway, giving a boost to the housing sector. Suburban areas are now better connected with South Mumbai which provides the home buyer with a plethora of buying options. Suburban Mumbai offers residents with all the convenience required for a comfortable living in close vicinity to their residence.

Speaking on how convenience is an important factor in a home buyer’s decision Himanshu Jain, VP – Sales, Marketing and CRM, Satellite Developers Private Limited (SDPL) said, “Home buyers are especially looking at the western suburbs to buy a home, as this region offers a mix of affordable and luxurious properties. The western suburban belt is also close to a number of offices and commercial spaces in addition to being in the heart of large malls, Retail outlets and Entertainment zones. Given the enhanced connectivity, home buyers do not mind buying a more luxurious property, considering they get all these conveniences that come along with the home.”

In conclusion, rapid urbanization along with world class infrastructure has propelled the growth of the housing sector. The concept of selling a project solely based on its location can no longer be capitalized on. Home buyers have moved ahead and are now looking at buying into a project that sells convenience to its prospective customers. Apart from convenience, the project should be close to infrastructure projects to make it an attractive proposition to home buyers. 

Also Read: Good News for Homebuyers availing a Home Loan

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Most people’s largest investment in their lives is the purchase of a home. You must not only find the right location, but also the right mortgage. Finding an affordable home can be difficult with low inventory in many local markets and rising home prices nationwide. Between the euphoria of purchasing a home and the stress of its financial implications, a first-time buyer is prone to making mistakes.

Here are five common mistakes that first-time buyers make and how to avoid them.

Failing to fix a budget

The biggest mistake potential homebuyers make is not having a specific home purchase plan in place. The first consideration is your financial capacity. If you don’t know how much you can afford to spend on a house, you’ll be in big trouble later, especially if your home consumes all of your earnings. It all starts with a budget, which is created after taking into account other major expenses, especially if you have other loans to repay.

Inadequate research

Research will help you understand the kind of projects in the market. The best way to begin the quest is to do adequate research. Identifying the right locality for your needs, estimating the prices in said area, having a general idea of reliable builders, having a basic understanding of interiors and construction etc will go a long way in protecting newbies from making rookie mistakes.

Not comparing home loans

The interest rate is the most important factor to consider when choosing a lender. However, there are several other factors to consider. Given that you will be spending a significant portion of your working life repaying this debt, a home loan product should be chosen after extensive research and due diligence.

Not checking loan eligibility

One should not proceed with the purchase unless the financial status is well understood. A typical purchase requires a down payment ranging from 10 to 25 percent of the actual value, the remaining amount availed as a loan from banks. It’s a good idea to get pre-approved for a loan to determine your loan eligibility. This will give you an idea of your financial capacity and will aid you in your home search.

Ignorance about tax benefits

Few people are aware of the taxes they must pay when purchasing a home, as well as the rebates available under various sections of the Income Tax Act. Not paying the taxes on your home purchase would be considered tax evasion, and failing to properly claim the rebate would result in financial losses.

Also Read: Only Rs 1k stamp duty for EWS and LIG homes under PMAY

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By Varun Singh

• Sales data reveals that mid-to-high-end segment units are most preferred, accounting for 79% of total demand
• Demand for 2 BHK units dominates with a 38% share, followed by 3 BHK units at 26%
• Service class buyers account for 68% demand
• 26% sales driven by doctors, lawyers, CAs and other business professionals

Sales data at ANAROCK confirms that homebuyer preferences continue to evolve rapidly. Higher incomes and increasing awareness of global lifestyle and living standards are causing aspirations to transcend mere need. While the COVID-19 pandemic has rebooted the desire for ‘hard assets’ like housing, certain housing types are selling better than others. The fact that buyers are spoiled for choice allows them to pick and choose.

Certain trends become obvious when superimposing ANAROCK’s most recent sales figures on transaction data from the larger market. Buyers’ focus has clearly shifted from affordable housing (homes priced under INR 40 Lakh) to mid-end (INR 40 – 80 Lakh) and high-end homes (INR 80 Lakh to INR 1.5 Cr). This is very evident from analysing buyer behaviour in the top seven cities in the last fiscal year FY21-22 – nearly 80% of demand is for mid-end and high-end homes, with the affordable housing segment accounting for a mere 10% of the demand.

Rahul Phondge, Chief Business Officer, ANAROCK Group, says, “Chennai and Pune showcased the highest demand in the mid-end segment and accounted for nearly 60% and 59% of the total demand in these cities. Bengaluru recorded almost 56% of demand geared towards the high-end segment. Of the city’ overall housing sales, Hyderabad displayed the highest demand for luxury (17%) and ultra-luxury (8%) segment homes priced above INR 2.5 Cr. While average prices in Hyderabad are much lower than in the Mumbai Metropolitan Region (MMR), property sizes in these segments are significantly larger than in MMR.”

Across the major cities, the 2 and 3 BHK typologies yielded the maximum demand, accounting for 64% of the overall demand. 2 BHK units are most popular in Chennai, where nearly 67% of sales during the fiscal year were for this configuration. Bengaluru sold the most 3 BHK units, which accounted for 49% of overall sales during the year, closely followed by Hyderabad with 44%.

National Capital Region (NCR) 

In Delhi-NCR, 4BHK+ and plots stole the show. The preference for independent and low-density living resulted in 4BHK accounting for 17% of sales, and plots accounting for 16% during the fiscal year. The region also witnessed 16% of the overall demand in 1RK/Studio category homes at the other end of the spectrum. End-users accounted for 93% of transactions, with two-thirds hailing from the service class.

Mumbai Metropolitan Region (MMR)

Due to MMR’s urban sprawl and hectic market activities in peripheral locations, the demand for mid-range and high-end homes dominates. Mid-range housing accounted for 46% of overall demand during FY21-22, while high-end homes accounted for 39%. The preference for 2BHK units is rising, accounting for 50% of the demand. The prospect of future price appreciation is also attracting investors, with approx. 13% of buyers clearly stating that they are investing for the long-term.

On studying the buyer profiles, it emerges that 64% are from the service class, and 23% are from the business communities. This diversity indicates a healthy mix that will help the market withstand economic disruptions.

Bengaluru

The Tech Halli also saw increasing interest from investors during the last fiscal. Nearly 16% of home purchases were by people focused on long-term investment. A significant part of this demand appears to be fuelled by an appetite for second homes in the city’s peripheral locations. While the final verdict on the future of workplaces is yet to emerge, a hybrid model is likely to be more popular, especially among employees of the IT-ITeS sector.

Socially distanced living in the peripheral regions to ensure better pandemic safety protocols has also increased demand for plots and villas. These assets accounted for approx. 12% of transactions. This group of buyers experienced minimal or no professional impact from the pandemic and had accrued significant savings due to limited scope for general consumption.

Despite the recent marginal hike, interest rates are still attractively low, while ongoing government incentives still work well for first-time end-user buyers and second home investors. As prices begin to rise and the mortgage rate hardens, the current market dynamics may change.

Also Read: Rising property prices have boosted present homeowners’ home equity

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By Varun Singh

When one buys a home they can check the brick and mortar, how big the flat is or not, but don’t know whether the flat is on loan or not.

But now it won’t be the case, before you buy a home you can check whether it’s on loan or not but now you can check.

Recently MahaRERA came out with a circular which has made the builders to submit a report on whether the property they are selling is on loan or not?

The circular states, “Ministry of finance has notified the establishment of Central Registry Securitisation Asset Reconstruction and Security Interest of India (CERSAI), a government company, incorporated for the purpose of operating and maintaining the Central Registry under the provision of the Securitisation and Reconstruction of financial assets and enforcement of security interest act 2002.”

The objective of setting up of central registry is to prevent frauds in loan cases involving multiple lending from different banks on the same immovable property.

Government of India has subsequently issued a gazette notification on January 22, 2016 for filing of the following types of security interest on the CERSAI portal.

a) Particulars of creation, modification or Satisfaction of security interest in immovable property by mortgage Other than mortgage by deposit of title deeds.
b) Particulars of creation, modification or satisfaction faction of security interest in hypothecation of plant and machinery, stocks, deaths including book debts or receivables, whether existing or future.
c) Particulars of creation, modification of satisfaction of security interest in intangible assets being know how, patents, copyright, trademark, license, franchise or any other business or commercial right of similar nature.
d) Particulars of creation, modification of satisfaction of security interest in any under construction residential or commercial or a part thereof by an agreement or instrument other than mortgage.

Whereas, CERSAI had started registration of the data in respect of paragraphs 82C for the security interests created on or after January 22, 2016 with affect from me 25, 2016 for scheduled commercial banks and with effect from July 1, 2016 for all other entities registered with them.

Further, the registration of data in respect of paragraph D has commenced June 8, 2017 for all banks and financial institutions registered with CERSAI.

The MahaRERA circular says that homebuyers and allottees should be aware of such security interest created on real estate projects/apartments which home buyer is interested in purchasing.

Therefore now builders will have to during project registration submit report from CERSAI on security interests created in the real estate project along with the encumbrances certificate. In case no security interest has been created and builder shall provide an undertaking confirming the same.

Further the builder Has to also submit a CERSAI report when there are any changes on security interests created on real estate project by the builder.

The CERSAI reports submitted should be generated within 10 days before the date of submission.

So now a homebuyer can just visit MahaRERA website before buying a house and know whether the property is already on loan or not.

Adv Sunil Kewalramani says, “The MahaRERA has taken a great step by issuing this Order as it will further increase transparency in the Real Estate Industry. Now the home-buyers can check security interest created by the Developer in the Real Estate Project, Apartment which homebuyers is interested in purchasing.”

Also Read: Samudra Mahal Duplex Sold For ₹46.29 crore

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By Varun Singh

Normally it is believed that the real estate industry of Mumbai Metropolitan Region (MMR) is way ahead of the other cities.

However, in terms of office leasing many cities have left behind MMR when it comes to office leasing.

These cities are way ahead of the west cities that comprises of MMR and Pune in office leasing.

So which are these cities? There are three cities that have beaten MMR and Pune in West and the National Capital Region (NCR) in the North.

According to Anarock Property Consultants, the cities that are dominating the office leasing spaces are the three cities from South of India.

The main Southern office market have overtaken other regions in terms of new supply, net absorption, and even rental growth. Among the top 7 cities, Bengaluru, Hyderabad and Chennai saw their share of total office leasing increase to 66% in FY21 (against 47% in FY18). The net office absorption in FY21 in the top cities was 21.32 mn sq. ft., and these three southern cities absorbed approx. 14.06 mn sq. ft. MMR and Pune absorbed 4.56 mn sq.ft (21%) and NCR 2.3 mn sq.ft (a mere 11% share.)

In FY18, 31.15 mn sq. ft. of office space were leased in the top 7 cities. Of this net absorption, the Southern cities collectively accounted for 47%, the Western region 33% and the Northern region 17%.

In terms of new office supply too, the Southern cities continued to ramp up their share – from 40% in FY18 to nearly 63% in FY21. Of the total new office space completion of 40.25 mn sq. ft. in FY21 across the top 7 cities, the Southern cities had a 63% share (approx. 25.55 mn sq. ft.). The office supply share of the main Western markets shrank to just 19% in FY21 (from 40% in FY18.)

Anuj Puri, Chairman – ANAROCK Group says, “The remarkable growth in the office market of these three Southern cities when viewed against their Western and Northern counterparts is directly attributable to robust demand by the IT/ITeS sector, affordable rentals, and the exponential growth of start-ups locally over the past few years. The manufacturing and industrial sectors are also driving demand here.”

Rental Growth: Notably, between FY18 and FY21, office rentals in each of the southern cities have also shown double-digit growth. In this period, office rentals in NCR remained more or less stagnant while MMR and Pune saw a mere 2% and 8% rental growth respectively.

• In Bengaluru, average monthly office rentals were INR 67 per sq. ft. in FY18 – they increased to INR 77 per sq. ft. in FY21 (up 15%)
• In Chennai, average monthly rentals stood at INR 54 per sq. ft. in FY18 – they rose to INR 60 per sq. ft. in FY21 (up 11%)
• In Hyderabad, average monthly office rentals rose from INR 51 per sq. ft. in FY18 to nearly INR 57 per sq. ft. in FY21 (up 12%)
• In MMR, average monthly rentals increased from INR 123 per sq. ft. in FY18 to INR 125 per sq. ft. in FY21 (up by just 2%)
• Pune saw average rentals rise from INR 63 per sq. ft. in FY18 to INR 68 per sq. ft. in in FY21 (up 8%)
• In NCR, average office rentals remained unchanged in both years at INR 78 per sq. ft

Also Read: MMR Unsold Inventory Overhang Dips to 43 Months in Q2 2021 From 55 Months in 2020

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