Booming Housing and Office Spaces in the Real Estate Market in India (2022-2027) – Exclusive Report by Mordor Intelligence

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Booming Housing and Office Spaces in the Real Estate Market in India (2022-2027) - Exclusive Report by Mordor Intelligence
Mordor Intelligence
The real estate market in India is highly fragmented in nature, with multiple players operating in the market. Higher competition among market players is impacting selling prices and land prices, further leading to oversupply in the market. Furthermore, the market is dominated by a few pan-India branded players and multiple local players. Some of the major developers in the country are Prestige Estates Projects, DLF, Prestige Group, Lodha Group, Oberoi Realty, etc.

Real Estate Market in India – Key Highlights

  • The Indian real estate market is expected to register a CAGR of more than 15% during the forecast period.
  • In the first quarter of 2021, more than 58,300 mid-range housing units were sold, with Mumbai Metropolitan Region (MMR) and Pune holding more than a 53% share of sales. Cities in southern India, such as Bangalore, Hyderabad, and Chennai, contributed almost 27% of the sales in the residential sector, and the NCR region contributed more than 15% share of the sales.
  • More than 62,000 housing units were launched in 2021 compared to 41,000 housing units in 2020. Meanwhile, Hyderabad recorded robust growth in the supply of new housing units, with 12,600 housing units in 2021 compared to 3,300 housing units in 2020. Also, Pune and Mumbai Metropolitan Region (MMR) saw significant growth rates of 75% and 40%, respectively.
  • Mumbai consulting firms contributed more than 36% demand for total office space leasing. In addition, Bangalore is leading in India in terms of the highest volume of office absorption, with more than 7.26 million square feet, followed by Hyderabad. In New Delhi and the National Capital Region (NCR), most demand is contributed by Grade A offices’ space absorption.
  • In 2021, the renewal of leasing activities was rising in the top six commercial real estate hubs, namely, Bengaluru, Mumbai, Pune, Chennai, Gurugram, and Noida. More than 7,400 leases spanning approximately 90 million square feet area were to be renewed. Furthermore, Mumbai holds the highest share of more than 40% in leasing renewal activity, followed by Pune with a 17% share.

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Real Estate Market in India Overview

Real estate is the second largest sector in the country after agriculture in terms of providing employment opportunities. Moreover, the growth of the real estate market in the country is supported by increasing industrial activities, rapid urbanization, and improved income levels. This is further contributing to the economy of the country. The government has initiated key policies for the development of the real estate sector, such as the Real Estate Regulatory Act (RERA) and the Benami Transactions Act. The government is also providing a boost to affordable housing construction, interest subsidy for home buyers, service tax exemption, Dividend Distribution Tax (DDT) exemption, PR for foreign investors, etc.

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Recent Developments in the Real Estate Market in India

  • In December 2021, Experion Developers announced plans to invest USD 350 million in the next two years to expand its business. The expansion is focused on the commercial and residential sectors in the country. Moreover, 70 to 80% of the investment is for residential sector development, while the company is also focusing on 3.5 lakh square feet of commercial development.
  • In September 2021, US realty firm Hines expanded in India by entering partnerships with three local developers and landowners. The company invested more than USD 400 million in equity for the development of projects across major cities. At present, Hines is developing seven projects, including three housing and four office projects in Gurugram, Mumbai, Bengaluru, and Pune.

Related Research and Links

List of Key Players in the Real Estate Market in India

  • Godrej Properties
  • Prestige Estates Projects Ltd
  • Oberoi Realty Limited
  • DLF
  • SOBHA Limited
  • Lodha Group
  • Jaypee Infratech Ltd
  • PNC Infratech Limited
  • Merlin Group
  • Sunteck Realty
  • Brigade Enterprises Ltd
  • Experion Developers Private Limited*

*List Not Exhaustive

Mordor Intelligence has segmented the Real Estate Market in India based on property type and key cities:

  • Property Type (Market Size & Forecast based on Value (USD billion), 2018-2027)
    • Residential
    • Office
    • Retail
    • Hospitality
    • Industrial
  • Key Cities (Market Size & Forecast based on Value (USD billion), 2018-2027)
    • Bengaluru
    • Mumbai
    • Pune
    • Chennai
    • Hyderabad

About Mordor Intelligence

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

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