Latest news with #ShishirBaijal
Gulf Today
2 days ago
- Business
- Gulf Today
Global corporates target over 100m sqft of new workspace
Corporate real estate leaders are betting on the future of offices as they seek to build resilience into their businesses in the shadow of economic, geo-political and technological disruption, according to the latest research from global real estate advisor Knight Frank. Knight Frank's fourth edition of its (Y)OUR SPACE survey draws on the responses of almost 300 corporate real estate leaders with direct responsibility for over 650 million sq ft of space across the globe. The research reveals how some of the world's largest international corporations are seeking to balance costs with the need to transform their business operations, while also offering tech-enabled hybrid workplaces that ensure flexibility and resilience in an uncertain global environment. As many as 63 per cent of the corporate real estate leaders surveyed expressed concern about economic and geopolitical volatility. But instead of freezing decision-making, companies are taking action by building optionality into their space strategies, including shorter leases, more flexible formats, and locations that align with risk diversification and talent access. Far from pulling back, many corporates are accelerating change. 50 per cent of respondents expect their total footprint to grow over the next three to five years, the equivalent of 104 million sq ft of space. 27 companies are expecting to expand by over 20 per cent - creating up to 49 million sq ft of demand from those firms alone. Hybrid models continue to dominate and drive workplace design. Workstyle evolution remains a key factor for corporate real estate leaders, selected by nearly 30% of respondents to the (Y)OUR SPACE survey and the third most influential factor in shaping their real estate strategy over the next 3 years. Despite high profile 'return to the office' directives requiring employees to be present five-days a week from some major corporates, these 'office only' workstyles are expected to be used by just 10 per cent of those surveyed. 46 per cent expect to follow a hybrid workstyle, and a further 22 per cent plan to be 'office first'. By contrast, only 7% of those surveyed expect to be 'remote first' and just 4% plan to offer a 'work from anywhere' arrangement. 33% of respondents said their biggest challenge is improving workplace utilisation. As hybrid work settles into the mainstream, leaders are redesigning offices to support outcomes rather than presence, which means workplaces that drive engagement, support culture, and deliver measurable productivity gains. Commenting on the findings of the report, Shishir Baijal, Chairman and Managing Director, Knight Frank India said, 'Corporate real estate complexities today are being shaped by a convergence of strategic alignment, operational volatility, and fast-evolving workstyles—all against a backdrop of compressed timelines and cost discipline. The CRE function is no longer reacting from the sidelines but is being repositioned at the centre of enterprise transformation. In India, this shift is already underway. Office leasing in the country reached 71.9 million sq ft in 2024—a 21% YoY growth—while 2025 has started on a strong footing, clocking 28.2 million sq ft in Q1 alone, up 74% YoY. As global firms recalibrate their footprints, India is braced for intensified demand—not just for space, but for future-ready, flexible environments that can deliver performance, resilience, and purposeful design in equal measure. Corporate real estate is being recast. It is no longer the backdrop to business—it is the dynamo. And the next era will be led by those who act with intent, build with agility, and lead with conviction.' In a world driven by cutting-edge technology, it is important for global capability centres to create a truly tech-savvy office space. The innovation hub needs to keep pace with the digital age and set a standard for the future of work. The landscape of global capability centres is rapidly evolving. Today, it's not just about cost efficiency; it's about building resilient, innovative, and talent-centric hubs. I have been in the Gulf for three years and investing in a project in Hyderabad. Is GST applicable to all types of residential projects? Please clarify. Mohamed Ali Khan, Sharjah. The impact of GST on residential property depends on the phase of construction, the location as well as the type of project. For example, GST impact will be observed more in case of new launches as compared to near completion projects. Similarly, projects in suburban areas will be more impacted when compared to city-centre projects. I have remitted initial advance amount for an apartment but the project has been delayed for three years. Repeated reminders were in vain. What is the legal remedy available now? Pradeesh Lal, Dubai. You will have to refer the agreement with the developer and the schedule of completion. If there is deficiency in service with regard to delivering the project on time, you have a legal remedy against the developer. Recently courts have taken a tough stand against erring builders. You can also lodge a complaint with the consumer redressal forum.
Hans India
04-06-2025
- Business
- Hans India
Another RBI rate cut to spark affordable RE push
New Delhi: As the Reserve Bank of India (RBI) prepares for its monetary policy committee (MPC) meeting this week, industry experts said on Tuesday that the transmission of rate cuts into lower borrowing costs is vital to sustain residential real estate demand — particularly in the affordable housing segment, which is sensitive to interest rate movements. Given the prevailing benign inflation environment and the GDP growth of 6.5 per cent recorded in FY2025, the Reserve Bank is likely to proceed with a 25-bps repo rate cut this Friday (June 6). 'The case for a rate cut is further supported by the revival in the liquidity conditions to a surplus of Rs3.6 lakh crore, which enhances the effectiveness of monetary transmission. Additionally, the softening of G-sec yields reflects bond market confidence in the RBI's inflation and liquidity management and strengthens the rationale for easing rates,' said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
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India.com
03-06-2025
- Business
- India.com
Another RBI Rate Cut To Spark Affordable Real Estate Momentum: Experts
New Delhi: As the Reserve Bank of India (RBI) prepares for its monetary policy committee (MPC) meeting this week, industry experts said on Tuesday that the transmission of rate cuts into lower borrowing costs is vital to sustain residential real estate demand — particularly in the affordable housing segment, which is sensitive to interest rate movements. Given the prevailing benign inflation environment and the GDP growth of 6.5 per cent recorded in FY2025, the Reserve Bank is likely to proceed with a 25-bps repo rate cut this Friday (June 6). 'The case for a rate cut is further supported by the revival in the liquidity conditions to a surplus of Rs 3.6 lakh crore, which enhances the effectiveness of monetary transmission. Additionally, the softening of G-sec yields reflects bond market confidence in the RBI's inflation and liquidity management and strengthens the rationale for easing rates,' said Shishir Baijal, Chairman and Managing Director, Knight Frank India. With the anticipated rate cut, the cumulative reduction in the policy rate in this cycle would be 75 bps. However, the focus must now shift to the pace and breadth of transmission. 'While some commercial banks have begun to lower their MCLR and base rates, the adjustments have been modest. With liquidity conditions stabilising, there is now greater scope for commercial banks to accelerate the pass-through of policy easing to borrowers. This will be key to spurring consumer demand and private investment, ultimately supporting economic growth,' Baijal noted. The Central Bank is projected to cut the repo rate by another 50 basis points (bps) this fiscal (FY26), after the 50 bps cut until April this year. Bank lending rates have begun easing, which should support domestic demand, according to a latest Crisil note. Experts said that with EMIs constituting a significant share of monthly income in affordable category, even a modest reduction in lending rates can influence buying decisions, providing the necessary momentum to support this price-sensitive demand segment.
Hans India
03-06-2025
- Business
- Hans India
Another RBI rate cut to spark affordable real estate momentum: Experts
New Delhi: As the Reserve Bank of India (RBI) prepares for its monetary policy committee (MPC) meeting this week, industry experts said on Tuesday that the transmission of rate cuts into lower borrowing costs is vital to sustain residential real estate demand — particularly in the affordable housing segment, which is sensitive to interest rate movements. Given the prevailing benign inflation environment and the GDP growth of 6.5 per cent recorded in FY2025, the Reserve Bank is likely to proceed with a 25-bps repo rate cut this Friday (June 6). 'The case for a rate cut is further supported by the revival in the liquidity conditions to a surplus of Rs 3.6 lakh crore, which enhances the effectiveness of monetary transmission. Additionally, the softening of G-sec yields reflects bond market confidence in the RBI's inflation and liquidity management and strengthens the rationale for easing rates,' said Shishir Baijal, Chairman and Managing Director, Knight Frank India. With the anticipated rate cut, the cumulative reduction in the policy rate in this cycle would be 75 bps. However, the focus must now shift to the pace and breadth of transmission. 'While some commercial banks have begun to lower their MCLR and base rates, the adjustments have been modest. With liquidity conditions stabilising, there is now greater scope for commercial banks to accelerate the pass-through of policy easing to borrowers. This will be key to spurring consumer demand and private investment, ultimately supporting economic growth,' Baijal noted. The Central Bank is projected to cut the repo rate by another 50 basis points (bps) this fiscal (FY26), after the 50 bps cut until April this year. Bank lending rates have begun easing, which should support domestic demand, according to a latest Crisil note. Experts said that with EMIs constituting a significant share of monthly income in affordable category, even a modest reduction in lending rates can influence buying decisions, providing the necessary momentum to support this price-sensitive demand segment.
Economic Times
02-06-2025
- Business
- Economic Times
Mumbai property stamp duty collection hits May record high led by luxury sales
Mumbai, the country's largest and most expensive property market, has continued to set new benchmarks by scaling yet another record by registering the best performance in terms of stamp duty collection for the month of May ever. The market has extended its momentum of robust sales activity, supported by sustained demand from homebuyers despite steady growth in property prices and the government's recently announced hike in ready reckoner (RR) rates from the start of the new financial year. The state exchequer fetched revenue worth over Rs 1,062 crore through stamp duty collection, compared with Rs 1,034 crore a year ago. The country's financial capital recorded this revenue on the back of registrations exceeding 11,565 deals during the month, according to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra.'While the pace of growth in registrations slowed in May impacted by properties priced between Rs 1-5 crore. However, this did not impact the revenue collection, owing to higher sales velocity for properties priced above Rs 5 crore,' said Shishir Baijal, CMD, Knight Frank to him, on a year-to-date basis, Mumbai recorded a 24% on-year increase in registrations, totalling 64,461 properties, and a 17% rise in revenue, with stamp duty collections exceeding Rs 5,696 crore. 'The sustained momentum, even amid pricing shifts, underscores the resilience and depth of Mumbai's real estate market. With ongoing large-scale infrastructure upgrades across the region and strong end-user demand, recent and anticipated interest rate cuts are likely to further support sales, especially in the mid-income and affordable segments where aspirations continue to rise,' said Sandeep Runwal, MD, Runwal Realty and Vice Chairman, NAREDCO the first two months of the current financial year, since the RR rates have been hiked, the property registrations have risen 6% to over 25,080 deals with a 4% increase in stamp duty collection at nearly Rs 2,200 of properties worth Rs 5 crore and above increased to 7% in May from 5% a year ago and this uptick in revenue is attributed largely to the rise in transactions in this segment. The market continued to be driven by residential demand, with 80% of all registrations in the month attributed to residential properties. Incidentally, businesswoman Leena Tewari set a new national record in May by purchasing luxury residential property in Mumbai's plush Worli locality at Rs 2.83 lakh per sq ft, surpassing the previous record set just weeks earlier by billionaire banker Uday Kotak, who acquired property in the same vicinity at Rs 2.75 lakh per sq ft. Apartments up to 1,000 sq ft continued to dominate Mumbai's residential registrations in May 2025, accounting for 83% of all transactions--unchanged from the previous year. Within this category, the 500-1,000 sq ft range remained the most preferred, with a 44% share. However, larger homes witnessed growing interest: units measuring 1,000-2,000 sq ft saw a marginal increase in share.
