Business

Indian Real Estate has remained resilient during the Pandemic

Indian Real Estate has remained resilient during the Pandemic and is on the path of steady
recovery in the year 2021 with promising growth projections across segments such as
Office, Industrial & Warehousing & Retail.
The CIRIL Annual report highlights the key trends and projections for the aforementioned
segments in the year 2022.
Office space segment has witnessed leasing activity of 46 mn sq.ft and coworking and
flexible office spaces have gained prominence with a growth of approximately 7+ mn sq.ft.
Retail sector is navigating through a gradual recovery with total transaction of 16 mn sq.ft of
space absorption in 2021. Retailers could see a surge in footfalls during the festive season of
Oct 2021 and the sector can expect to reach its pre covid state by end of 2022.
Industrial & warehousing sector witnessed a fresh supply of 32.4 mn sq.ft in 2021 clocking a
15% growth Y-O-Y and is driven by higher demand from Third Party Logistics and ECommerce Players.

Snippets on Kolkata Real Estate Market:
The office space sector in Kolkata witnessed an upswing with absorption of around 0.95 msf
in 2021.
Rajarhat and Salt Lake areas continue to be the main market drivers accounting for 80% of
total Grade A net absorption.
The Retail segment in the city has seen significant ready supply in 2021 in High Streets with
majority conversions. The highest occupiers are from F&B segment and hyper market
formats. Many Retailers are on an expansion mode and looking for space in Grade A malls.
The Industrial & warehousing sector in Kolkata showed a healthy revival of 1.0 msf leasing
activity. The NH2 submarket (Dankuni) has remained the lucrative location for warehouse
transactions accounting for over 45% of total leasing volumes followed by NH6 submarket
contributing around 25% in 2021.

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