Awfis, the office space-sharing company that went public in May 2024, reported a net profit of INR 1.3 crore for Q4 FY24, a significant turnaround from a INR 13.8 crore loss in the same quarter last year. The company's operating revenue for Q4 FY24 increased by 45% YoY to INR 232.3 crore. Despite total expenses rising to INR 239.7 crore from INR 178.7 crore YoY, Awfis achieved a 55.7% revenue growth for FY24, reaching INR 848.8 crore, and reduced annual losses by over 60% to INR 17.5 crore. Following their public offering, Awfis expanded by opening 22 new centres, totaling 181 centres across 17 cities, covering 5.6 million square feet with over 1.1 lakh seats.Read more

According to Anarock, rent growth has slowed in seven major Indian cities. In Q2 2024, rents for a typical 1,000 sq. ft two-bedroom apartment increased by just 2-4% compared to 4-9% in Q1. This deceleration is attributed to a surge in new housing supply, with over 531,000 units expected in 2024, a 22% increase from 2023. Notably, Noida's rent rose only 4%, Mumbai's Chembur and Mulund saw a 2% increase, and Hyderabad's HITECH City and Gachibowli experienced a 3% rise. Bengaluru's Whitefield saw rents rise to INR 35,000 per month. Renters may benefit from this slowed growth and increased supply.Read more

The Indian office space market is experiencing a major shift towards flexible workspaces, with WeWork India at the forefront. The Competition Commission of India (CCI) has approved the acquisition of a significant stake in WeWork India by a new investor group led by Real Trustee Advisory Company, acting for Volrado Venture Partners Funds, and Embassy Buildcon. This group will acquire 100% of the shares of 1 Ariel Way Tenant Limited, which holds WeWork India's shares. With an India-centric ownership structure, WeWork India is poised to meet local market needs. The flexible workspace market in India is projected to grow to over 40 million sq. ft by 2025, up from 19 million sq. ft in 2020.Read more

Wipro, Infosys and Cognizant, together saw shrink in its office space by 3.7 percent. Wipro occupied 24.97 million sq ft at the end of March 2024 while Infosys saw a decline by 0.23 million sq ft in the financial year 2024. Both the companies have shut down some of their offices. Additionally, NASSCOM stated that India�s IT firms have reported weakest dollar revenue growth ever. All three multinational companies are also experiencing cutting down on employees- Infosys with 3,17,240 employees at the end of March 2024 and Cognizant with 3,47,700 employees. Wipro also saw a decline in workforce by 24,516.Read more

CRISIL Ratings anticipates that India's pivotal infrastructure sectors-real estate, renewable energy, and roads-will draw investments totaling INR 15 trillion over the next two years. This substantial inflow underscores India's strategic emphasis on sustainable infrastructure development, the integration of green energy, the expansion of road networks, and the fulfilment of escalating demands in real estate. The report underscores the role of policy interventions in augmenting investor interest and strengthening the credit profiles of private entities. However, challenges persist, particularly in sectors such as renewable energy and roads, where the effective execution of projects and industry acceptance of new models remain pivotal concerns.Read more

Quick-commerce company Zepto is expanding its dark store network to stock a wider range of products, including high-value items like electronics and luxury goods, aiming to enhance its non-grocery delivery capabilities. This move aligns with Zepto's strategy to improve quick commerce while maintaining its focus on 10-minute grocery deliveries. Zepto, which operates around 250 dark stores in major cities, plans to set up larger storage facilities and replenish smaller stores based on demand. Despite substantial revenue growth, Zepto faces financial challenges with significant losses. The company is preparing to raise over USD 1 billion ahead of a potential 2026 IPO.Read more

The Goa Industrial Development Corporation plans to hold a fresh auction for a commercial plot in Verna Industrial Estate, as it was dissatisfied with the bid received during the previous e-auction. Three plots consisting of one hotel plot and two generic commercial plots were previously put up for auction. While the generic plots received good prices upwards of INR 25,000 per sqm, the bid of INR 8,600 per sqm for the hotel plot was deemed too low. Hence, GIDC cancelled the previous auction for the hotel plot. GIDC hopes the fresh auction will fetch more satisfactory bids for the remaining hotel plot in Verna Industrial Estate.Read more

Since the 2019 elections, residential property prices in India's top seven cities (Mumbai, Delhi, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata) have increased at a Compound Annual Growth Rate (CAGR) of 6%, according to Anarock. Prices rose from INR 5,600 per square foot in June 2019 to INR 7,550 by March 2024. This trend mirrors post-2014 election patterns, indicating potential links between economic optimism and real estate investments. Despite the pandemic, strong demand and limited supply have driven prices up, suggesting robust long-term investment potential in India's major cities.Read more

Residents of Jailorwala Bagh are set to receive new flats from the Delhi Development Authority (DDA) as part of the "Jahan Jhuggi Wahin Makan" scheme. Starting July, 1,078 eligible families will move into 1,675 newly constructed EWS (Economically Weaker Section) flats, each costing INR 25 lakh but subsidized to INR 1.4 lakh for slum dwellers. These 340 sq ft units include a bedroom, living room, kitchen, bathroom, and balcony. The project also features community halls, shops, a childcare center, classrooms, a clinic, and ample green spaces and parking. This marks DDA's second successful in-situ rehabilitation effort.Read more

India's economic growth is projected to drive a surge in housing demand, with experts forecasting a requirement for 100 million new dwelling units by 2030. Rising household incomes and a burgeoning population are key factors contributing to this demand. Abhishek Lodha, CEO of Macrotech Developers Ltd., anticipates that increasing homeownership opportunities and upgrades will fuel demand further. Prime Minister Narendra Modi's infrastructure and housing initiatives are expected to amplify this growth, potentially adding over USD 906 billion to India's economy. Despite challenges, including scaling up construction activity, India's real estate sector remains optimistic about its long-term growth prospects.Read more