The reason behind this is increasing leasing by other services sector including consulting firms
In 6 years, Indian office property market clocked the highest half-yearly leasing transaction volume with 21 million sq ft of space leased across seven major cities in the country in the first half of 2018. According to report, a robust growth at 13% has been shown on-year.
The other services sector including consulting firms increased the leasing, which resulted into six year high leasing in India office realty market. The share of Information Technology/IT-enabled services declined on over all leasing.
An expert said, “The office sector has been doing very well with the vacancy levels at near zero level in many cases and the rentals steadily moving upwards. This includes the most sought-after locations in Mumbai though at 21% the overall vacancy rate may sound high.” Most Indian cities experienced strong positive rental growth according to report.
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The changes have happened in 2017 have really shaped the way the residential market is moving ahead, cities like Mumbai, where the ban on construction took place and Delhi, where the NGT (National Green Tribunal) ruling happened, has really stalled the entire industry.