+
Office Completions Dip 13% Amid Delays in Occupancy Certificates
Real Estate

Office Completions Dip 13% Amid Delays in Occupancy Certificates

New office completions across India’s top eight markets declined by 13% year-on-year in the first quarter (Q1) of 2025, totaling 10.7 million square feet (msf), down from 12.2 msf during the same period in 2024, according to a report by real estate services firm Cushman and Wakefield. 

The drop was primarily attributed to delays in obtaining occupancy certificates (OC), which in turn pushed back project timelines. An OC is a legal document issued by local authorities certifying that a building has been constructed according to approved plans and complies with safety norms, making it fit for occupancy. 

Bengaluru, Pune, and Delhi NCR led the new office supply, contributing 9.2 msf — accounting for 92% of the total completions during the quarter. Meanwhile, cities such as Chennai, Kolkata, and Ahmedabad reported no new completions, leading to reduced vacancy rates and a subsequent rise in rental rates in these markets.

(business standard) 
                     

New office completions across India’s top eight markets declined by 13% year-on-year in the first quarter (Q1) of 2025, totaling 10.7 million square feet (msf), down from 12.2 msf during the same period in 2024, according to a report by real estate services firm Cushman and Wakefield. The drop was primarily attributed to delays in obtaining occupancy certificates (OC), which in turn pushed back project timelines. An OC is a legal document issued by local authorities certifying that a building has been constructed according to approved plans and complies with safety norms, making it fit for occupancy. Bengaluru, Pune, and Delhi NCR led the new office supply, contributing 9.2 msf — accounting for 92% of the total completions during the quarter. Meanwhile, cities such as Chennai, Kolkata, and Ahmedabad reported no new completions, leading to reduced vacancy rates and a subsequent rise in rental rates in these markets.(business standard)                      

Next Story
Infrastructure Energy

Bihar Launches Rs 53.4 Billion Green Energy Plan

The Bihar government has taken a major stride towards clean energy with the launch of two new policies and the signing of agreements totalling Rs 53.4 billion. These initiatives aim to generate 2,357 megawatts (MW) of renewable energy through solar, wind, battery storage, and other sustainable technologies.The Bihar Renewable Energy Policy 2025 and the Pump Storage Policy 2025 were officially introduced at an event in Patna. Designed to attract significant investment, the policies seek to position Bihar as a key centre for clean energy projects. Energy Minister Bijendra Prasad Yadav stated tha..

Next Story
Infrastructure Transport

Bids Invited for Rs 62.5 Billion Vizag Metro Project

The long-anticipated Visakhapatnam Metro Project has made significant progress, with the Andhra Pradesh Metro Rail Corporation inviting bids for the first civil contract under Phase 1 of the Vizag Metro. The estimated cost of this contract is Rs 62.5 billion.This engineering, procurement and construction (EPC) contract covers the design and construction of a 46.23 km viaduct spanning three corridors, including a 20.16 km double-decker four-lane flyover cum metro viaduct. The project also comprises 42 elevated metro stations across Visakhapatnam.Recently, SYSTRA Consultancy signed a Memorandum ..

Next Story
Real Estate

Oberoi Realty to Buy Hotel Horizon for Rs 9.19 Billion

A consortium led by Mumbai-listed Oberoi Realty Ltd is set to acquire debt-laden Hotel Horizon Pvt Ltd in Juhu, Mumbai for Rs 9.19 billion (approximately USD 107 million) under a resolution plan approved through India’s Insolvency and Bankruptcy Code (IBC).In a filing to the stock exchange, Oberoi Realty confirmed that the Committee of Creditors of Hotel Horizon had approved the resolution plan, following which a letter of intent was issued. The consortium also includes Shree Naman Developers and JM Financial Properties.As per the resolution plan, the consortium will make a payment of Rs 9.1..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?