Individuals who join the National Pension Scheme are given a Permanent Retirement Account Number, which allows them to access their funds. State and central government personnel must register for PRAN cards. Registration information is accessible on the National Securities Depository Limited’s official website. However, one can apply for PRAN in a variety of various ways. Also, read Saving Schemes in India. NPS PRAN Is? National Pension Scheme users are assigned a 12-digit Permanent Retirement Account Number, which allows them to access their funds from anywhere in India. Under PRAN, there are two types of National Pension Scheme accounts. Tier-I: This account is not withdrawable and is intended for retirement savings. Tier II: This account type, like any other savings account, allows you to withdraw your funds. You cannot, however, claim tax breaks. Furthermore, the National Securities Depository Limited (NSDL) issues this number for life. As a result, once assigned, a PRAN cannot be modified over the subscriber’s lifetime. Furthermore, after…
Commercial Leasing In India Increased Threefold In The June 2022 Quarter
Commercial office space leasing in India reached 14.7 million square feet (MSF) in the Q2 of 2022, a threefold increase from the previous year.
Based on Collier’s research, vacancy levels fell 100 basis points to 17%, driven by strong demand from IT and flex occupiers and a constant stream of supplies. Rentals will firm up in several areas by the close of 2022, owing to a rise in occupancy levels.
In Quarter 2 of 2022, industrial and warehouse demand was 4.5 million square feet, a 1.4 percent decrease year-on-year. Delhi-NCR had the largest proportion, accounting for 28%, followed by Chennai, which had a 21% share. Institutional investments in real estate in India were $1.5 billion in Q2 2022, representing an 18.8 percent decrease from Q2 2021. Greenfield investments in the office, industrial, and logistics sectors are expected in the coming quarters.
To combat the high inflation rate, the RBI’s attitude has shifted from accommodating to neutral. The high inflation rate has resulted in a 10%-12% increase in building costs, affecting developers’ expected cashflows and project completions.
Gross absorption was 14.7 million square feet in Q2 2022, a triple jump from Q2 2021. During the second quarter of 2022, Hyderabad, Delhi-NCR, and Bengaluru contributed over 64% of total leasing. The supply pipeline is expected to match market pre-commitments. But, some supply delay is also anticipated as developers battle with increased costs.
Vacancy levels fell by a solid 100 basis points to 17% in Q2 2022, owing to a recovery in demand in all sectors. Rentals get projected to firm up in several areas by the close of 2022, owing to an increase in occupancy levels. Large spaces are still being leased by IT and flex tenants, and demand from consultancy and BFSI organizations has increased.
3PL was the most popular demand category in the industrial industry, accounting for 60% of total demand, followed by automobiles (13%). Large agreements (greater than 100,000 square feet) led leasing, accounting for 75% of overall renting in H1 2022. With limited supply and strong demand, vacancy rates get forecasted to stay rangebound.
Colliers stated that office properties are still the favored investment for capital investors, contributing 42% of investment inflows in Q2 2022. When compared to the same period last year, investments in alternative assets increased fourfold in Q2 2022. Domestic investors have returned to the market, accounting for 44% of the market in Q2 2022, up from 10% in Q2 2021.
Do you want to begin investing in the commercial space sector as well? But you’re not sure where or how? Assetmonk is the fastest-growing wealth tech platform in India. It offers commercial property investment options. We provide investment opportunities in newly emerging markets after conducting rigorous due diligence. The IRRs range between 14 to 21%. Assetmonk gives investors commercial real estate fractional ownership and real estate crowdfunding options.