Despite the withdrawal of all the sops by the state government, residential sales momentum in Maximum City has remained strong in the current fiscal. This indicates that the city’s housing demand is on a winning streak despite the withdrawal of stamp duty benefits.
Rising vacancies in the main southern cities can largely be attributed to increased new office space additions in the period. Altogether, the three cities saw new office space addition of 12.95 mn sq. ft. area in H1 FY22, accounting for nearly 58% share of the total new completions in top 7 cities
The total number of leases coming up for renewal in 2021 account for 90 Mn sq. ft. area. Interestingly, in terms of area, Bengaluru has the largest share at about 37%, with Mumbai coming in a distant second with a share of about 19%.