Gurugram
According to the Anarock-CII study, the pan-India market share for shared working spaces will increase from 3 percent to 4.2 percent in the next 12 months, with a 15 to 20 percent increase in growth.
Another report by Knight Frank India states that the commercial segment in India witnessed a huge surge in the second half of 2020. The top eight Indian cities recorded a transaction of 22.2 mn sq. ft. during the period, while the new completions were at 17.2 mn sq. ft. The National Capital Region (NCR) registered a 24 percent increase in office leasing during the same period as compared to the previous one. Gurugram and Noida with a share of 45 percent and 43 percent respectively dominated in overall occupancy in the region. This indicates that the commercial activities are on the path of continuous revival.
With India’s commercial real estate sector set to witness a stronger recovery driven by various favourable factors, the residential real estate projects in and around offices and business centres is also expected to witness a steady rise in demand and appreciation in terms of value. Considering increased demand developers are expanding their commercial portfolio with future-ready office spaces to suit the post-pandemic realities.
Likewise, while the onset of the COVID-19 pandemic in 2020 saw many city dwellers leave the city in search of more spacious and affordable real estate, as work-from-home models became the norm for white-collar jobs immediately after the first wave, there was a shift in demand back into the big cities, especially now that most offices have returned to normal operations.