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India's office and retail real estate sectors are set for continued growth despite global headwinds, according to Sriram Khattar, Vice Chairman and Managing Director (Rental Business) at DLF Ltd. Speaking at a CII real estate conference, he said India's English-speaking workforce, cost efficiency, and world-class office spaces make it a top destination for global firms. With office stock surpassing one billion sq ft, India now ranks fourth globally. Khattar added that organised retail is expanding faster than traditional formats, supported by reforms such as RERA, GST rationalisation, and the REIT framework. He highlighted CII's advocacy for tax and approval reforms, reinforcing India's appeal as a transparent, competitive, and growth-ready real estate market.
India's office real estate market is anticipated to continue expanding despite global challenges, according to Sriram Khattar, Vice Chairman and Managing Director (Rental Business) at DLF Ltd. Speaking at a CII conference on real estate earlier this week, Khattar observed that the demand for both office and retail spaces remains strong. Advertisement
He mentioned that India enjoys a significant competitive advantage owing to its large base of English-speaking young professionals, who are accessible to global firms at comparatively lower costs, coupled with world-class commercial workspaces available at equally economical rates. This combination, he said, provides a compelling reason for international companies to establish operations in India.
Khattar, who also serves as Co-Chair of the CII National Committee on Real Estate and Housing, added that India's robust digital infrastructure and its cost efficiency make the nation well-positioned to sustain its growth trajectory despite shifting geopolitical and economic conditions across the world.
Real estate consultancy Knight Frank India reported that India's office space stock has surpassed one billion square feet, placing the country fourth globally. Demand for office spaces has rebounded significantly since the pandemic, with gross leasing activity in the top metropolitan cities reaching record levels in the past year.
Discussing the retail segment, Khattar noted that organised retail is expanding faster than traditional retail, and overall retail growth continues to outpace the national economic growth rate. He further commented that the introduction of the Real Estate (Regulation and Development) Act (RERA) has been a major step forward for the industry, creating a transparent and institutionalised framework for developers and investors.
Khattar remarked that both the Goods and Services Tax (GST) rationalisation and the Real Estate Investment Trust (REIT) framework have contributed positively to sectoral development. He also indicated that CII plans to raise issues with policymakers concerning input credit for leased properties, GST exemption for rental housing, and the need for a centralised digital portal to streamline building plan approvals and reduce procedural delays.
The steady demand for commercial and retail properties, supported by affordable, high-quality infrastructure and an English-speaking workforce, continues to bolster India's position as a preferred global office destination. Backed by reforms such as RERA, GST rationalisation, and REITs, and with upcoming policy initiatives aimed at improving transparency and efficiency, the Indian real estate sector appears well-equipped to sustain growth despite a volatile global landscape.
Source - PTI
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