India Commercial Real Estate Market: Projecting Size, Share, and 2027 Outlook - Detailed Trends, Competition, and Opportunity Analysis by TechSci Research

Introduction

The India commercial real estate market is poised for steady growth over the next five years, driven by a confluence of factors fueling the demand for office spaces, retail establishments, and other commercial properties. According to a TechSci Research report titled "India Commercial Real Estate Market By Type (New Construction, and Resale) By Category (Shopping Centres and Malls, Medical & Educational Buildings, Hotels & Offices and Others) By Mode (Online & Offline), By Region, Company Forecast & Opportunities, FY2027," this market is expected to witness a steady upward trajectory, catalyzed by the country's economic growth, urbanization, and evolving consumer preferences.

This comprehensive report delves into the intricacies of the India commercial real estate market, exploring the driving forces behind its expansion, the emerging trends shaping the industry, and the opportunities that lie ahead. In this analysis, we will examine the market's segmentation, competitive landscape, and the factors contributing to its resilience and adaptability.

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Market Drivers and Trends

Growth of the IT Industry and Digitalization

The development of the IT industry, fueled by the growing trend of digitalization across the country, and the increasing adoption of advanced technologies such as artificial intelligence, the internet of things, and data analytics, are paving the way for market growth. As these sectors thrive, the demand for office spaces, co-working hubs, and IT parks surges, propelling the commercial real estate market forward.

According to a report the Indian IT industry is expected to reach $350 billion in revenue by 2025, further solidifying its position as a global technology hub. This growth will inevitably translate into an increased demand for commercial real estate to accommodate the expanding workforce and infrastructure needs.

Rise of Co-working Spaces and Start-up Culture

The high demand for co-working spaces from start-ups as well as large organizations is contributing significantly to the growth of the commercial real estate market. India's vibrant start-up ecosystem, coupled with the growing preference for flexible and collaborative workspaces, has fueled the need for co-working spaces across major cities.

According to a report, a leading professional services firm specializing in real estate, the co-working segment in India is expected to witness a compound annual growth rate (CAGR) of over 15% between 2019 and 2023. This trend has opened up new avenues for commercial real estate developers and investors, as they cater to the evolving needs of businesses and the modern workforce.

Retail Sector Expansion and Mall Development

The high scope for the development of the retail sector, fueled by the growth of e-commerce and the increasing presence of multinational companies (MNCs), is creating lucrative opportunities for the commercial real estate market. The construction of shopping malls and retail complexes is on the rise, catering to the changing consumer preferences and the demand for integrated shopping experiences.

According to a report by the TechSci Research, In 2023 the Indian online retail industry was valued USD 82 billion, driven by factors such as rising incomes, urbanization, and changing consumer habits. This growth will inevitably translate into a higher demand for commercial real estate spaces dedicated to retail and consumer-centric businesses.

Infrastructural Development and Government Initiatives

The ongoing infrastructural development projects and supportive government initiatives are fostering the growth of the commercial real estate market in India. The presence of affordable labor and land, coupled with the ease of construction processes and formalities, is attracting a plethora of multinational companies to invest in the country, further driving the demand for commercial spaces.

The Indian government's initiatives, such as the Smart Cities Mission and the Make in India campaign, have also contributed to the growth of the commercial real estate sector by promoting urban development, manufacturing, and foreign direct investment (FDI). These initiatives have paved the way for the establishment of new industrial and commercial hubs, creating opportunities for real estate developers and investors.

Impact of COVID-19 and Emerging Trends

The COVID-19 pandemic has undoubtedly impacted the commercial real estate market, with lockdowns and social distancing measures leading to temporary disruptions. However, the adoption of online channels for property purchases and the increasing demand for contactless transactions have emerged as notable trends during this period.

As businesses adapted to remote work and e-commerce operations, the demand for logistics and warehousing spaces surged, presenting new opportunities for the commercial real estate sector. Additionally, the pandemic has accelerated the adoption of digital technologies and virtual tours, allowing buyers and investors to explore properties remotely, thus enhancing the overall customer experience.

Market Segmentation

The India commercial real estate market is segmented into type, category, mode, regional distribution, and company.

Mode Segmentation

Based on the mode, the market can be bifurcated into online and offline segments. The online segment is expected to witness growth during the forecast period of FY2023-FY2027. The ease of convenience, lucrative offers, and discounts offered by market players are driving the high demand for commercial real estate transactions through online channels.

Category Segmentation

The market is further segmented by category, including shopping centers and malls, medical and educational buildings, hotels and offices, and others. Each segment caters to specific demands and contributes to the overall growth of the commercial real estate market.

Regional Distribution

India's vast geographical expanse and diverse regional economies play a significant role in shaping the commercial real estate market. Metro cities such as Mumbai, Delhi, Bengaluru, and Chennai, as well as emerging urban centers, are witnessing a surge in commercial real estate development, driven by factors such as population growth, economic activities, and infrastructure development.

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Competitive Analysis

The India commercial real estate market is highly competitive, with numerous players vying for market share. Leading companies operating in this space include Sunteck Realty Ltd., Omaxe Ltd., Godrej Properties Ltd., Phoenix Mills Ltd., Oberoi Realty Ltd., Brigade Enterprises Ltd., NBCC India Ltd., Prestige Estates Projects Ltd., Indiabulls Real Estate Ltd., and DLF Ltd.

These companies are increasingly focusing on research and development processes to fuel higher growth in the market. To meet evolving customer demands for better efficiency and durability, several commercial real estate manufacturers are introducing technologically advanced offerings. Strategic partnerships, mergers, and acquisitions are also common strategies employed by these players to expand their market presence and strengthen their competitive positions.

Benefits of the Research Report

The research report "India Commercial Real Estate Market By Type (New Construction, and Resale) By Category (Shopping Centres and Malls, Medical & Educational Buildings, Hotels & Offices and Others) By Mode (Online & Offline), By Region, Company Forecast & Opportunities, FY2027" offers valuable insights and benefits to stakeholders in the commercial real estate industry. Here are some key benefits:

• Comprehensive Market Analysis: The report provides an in-depth analysis of the India commercial real estate market, including market size, growth trends, and competitive landscape.

• Identification of Growth Opportunities: The report identifies emerging trends and opportunities in the market, enabling companies to make informed strategic decisions and capitalize on potential growth areas.

• Competitive Intelligence: The report offers a detailed analysis of the key players in the market, their strengths, weaknesses, and competitive strategies, allowing companies to benchmark their performance and develop effective competitive strategies.

• Market Segmentation: The report provides a detailed segmentation of the market by type, category, mode, regional distribution, and company, enabling stakeholders to understand the market dynamics and target specific segments.

• Regulatory Insights: The report examines the regulatory landscape and compliance requirements for the commercial real estate market, helping companies navigate the complex regulatory environment and ensure compliance.

• Investment Opportunities: The report identifies potential investment opportunities in the market, guiding investors and venture capitalists in making informed decisions.

• Forecasting and Planning: The report provides forecasts and projections for the market, enabling companies to plan their development strategies, resource allocation, and expansion plans effectively.

By leveraging the insights and analysis provided in this research report, stakeholders in the India commercial real estate market can gain a competitive edge, make informed decisions, and capitalize on the exciting growth opportunities that lie ahead.

“Commercial real estate is adopting modern technologies to advance the existing infrastructure and reduce the dependency on manual labor is expected to contribute to market growth. The commercial real estate industry uses 3D technology, smart wearables, focused drones, virtual reality, and radio frequency identification technology, amongst others to enhance the consumer experience. Construction companies are using innovative technologies and applications and the facility to provide the virtual tour to consumers is expected to propel the commercial real estate market growth till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Commercial Real Estate Market By Type (New Construction, and Resale) By Category (Shopping Centres and Malls, Medical & Educational Buildings, Hotels & Offices and Others) By Mode (Online & Offline), By Region, Company Forecast & Opportunities, FY2027” has evaluated the future growth potential of India commercial real estate market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of India commercial real estate market.

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