The Indian real estate sector is seeing encouraging growth across assets class marking a return in confidence in the market, ET Realty has reported.
According to a recent report by JLL India, the total investment in India’s real estate for the January – June 2018 period touched $3,616 million (Rs 24,011 crores), majority of which was in the IT and commercial sector.
Of the total investment, IT and commercial sectors attracted close to $2,000 million (Rs 13,151 Crores) in the same period.
“There has been a paradigm shift in the momentum of real estate witnessed in the first half of 2018,” said Ramesh Nair, Chairman CII Realty & Infrastructure Conclave and CEO & Country Head, JLL India.
“All aspects of the sector – residential, retail, office and investments, have seen healthy increase in demand,” he said.
“What we note specifically is the quantum of this rise which has increased significantly, ushering a revival of the sector backed by strong fundamentals.”
The first half of 2018 also saw corporate leasing activity rise by a 54% in the first half of 2018 as compared to the same time last year.
Companies leased around 8 million sq. ft more space as compared to same time last year taking the total gross space leased in the H1 2018 of the year to about 24 million sq ft.
Cities that contributed the most to this growth were Bengaluru and NCR, with a share of 26% each in the gross leasing volumes during this period.