Engineering and Manufacturing Sector Becomes a Major Office Leasing Force in India
The Engineering and Manufacturing sector has become a major office leasing force in India, contributing a significant 15-18 percent share in the overall office leasing volume across the top eight cities in 2021 and 2022. This is the highest leasing done by the sector in history, as its share used to be not more than six percent on average during the 2017-18 period.
The growth of the Engineering and Manufacturing sector is being driven by several factors, including the Central Government’s Make in India initiative and the Production Linked Incentive (PLI) schemes. The sector is also benefiting from the increasing demand for chip manufacturing and electronic equipment.
The growth of the Engineering and Manufacturing sector has also positively impacted the flex space segment, as the sector’s contribution in the flex space market has grown from three percent to nine percent in the last three years (2020-22).
Real estate experts believe that the Engineering and Manufacturing sector will continue to be a major driver of office leasing demand in India in the coming years. The sector’s expansion is expected to create new opportunities for real estate development in the peripheral locations of major cities.
Related News
- 22 Sep
Investing in Land for Rental Yields: A Lucrative Opportunity
Investing in land and renting it out can be a good way to generate income and capital appreciation. However, it is important to do your research and invest in the right locations. The key factors to consider include proximity to the city center, upcoming infrastructure, social amenities, tourist attractions, and affordability.
- 20 Sep
Flexible Office Space Market in India to Reach 81 MSF by 2025: Report
The flexible office space market in India is expected to grow rapidly in the coming years, driven by rising demand from startups, SMEs, and large enterprises, as well as the increasing adoption of hybrid work models. The market is still at a nascent stage, but it has grown rapidly in recent years, with over 7.6 lakh seats now available. Prominent office areas such as Whitefield in Bengaluru, Hitec City in Hyderabad, Baner in Pune, Andheri (E) in Mumbai, and DLF Cybercity in Gurugram are popular with flexible space operators and occupiers. Overall, the flexible office space market in India is poised for strong growth in the coming years.
- 20 Sep
Hotels in Noida and Greater Noida charge high room rates ahead of two international events
Hotels in Noida and Greater Noida are witnessing robust demand ahead of two international events, the MotoGP Indian Grand Prix and the UP International Trade Show. Room rates have risen appreciably, with some hotels charging up to Rs 25,000 per night. The upward spiral in hotel tariffs has spilled over to adjoining areas like Ghaziabad, Kaushambi and Vaishali in Uttar Pradesh, and parts of Delhi. Visitors are also choosing alternative options like Airbnb rooms. The surge in demand for rooms is a positive sign for the hospitality industry in the area.
- 18 Sep
MHADA announces lottery for sale of affordable homes in satellite towns near Mumbai and Pune
MHADA has announced a lottery for the sale of affordable homes in satellite towns near Mumbai and Pune. The lottery will be held for the sale of 5,311 homes in Mumbai and 5,863 homes in Pune. The homes will be in the range of Rs 9 to 49 lakh in Mumbai and Rs 5 lakh to 1.11 crore in Pune. Over 1,000 homes in Mumbai are being sold under the Pradhan Mantri Awas Yojana (PMAY). The registration process for the lottery is completely online and available on https://housing.mhada.gov.in/ The lottery results will be announced on November 7, 2023 for the Mumbai lottery and on an unspecified date for the Pune lottery.
- 16 Sep
Maharashtra Real Estate Regulatory Authority (MahaRERA) to Consider Regulations on Monitoring Quality of Construction
MahaRERA is taking steps to improve the quality of construction of real estate projects in Maharashtra and protect homebuyers from unscrupulous developers.
Leave a Reply