The Government of India introduced its Union Budget 2015-16 on February 28, 2015, highlighting that India's economy was in a brilliant spot in contrast to the rest of the world. This was mostly ascribed to decreased vulnerabilities concerning financial lull, steady expansion, loosening local interest and currency fluctuations.
The Budget evaluated a GDP development rate of 7.4% in 2014-15 (an increment more than 6.9% in 2013-14). Saving money upon macro-financial security, more noteworthy monetary reasonability, high vocation era and indigenous assembling, development is required to touch 8.18.5% in 2015-16.
This would make India a main development driver in the worldwide economy. In general, the Budget struck a fine harmony between populist measures, procedural proficiency, and simplicity of working together, which was exceptionally welcome. For the real estate and construction sector, below is a summary of what can be expected this year.
Office space redesign
Bangalore represented just about half of the overall transaction activity executed in the country. Pune and the Delhi National Capital Region (NCR) likewise saw solid transaction activity (around 30% of the aggregate transacted space in driving urban areas) amid February. Urban cities, for example, Bangalore, Hyderabad and Kolkata watched an increment in occupier demand in the month. Few large sized transactions (over 100,000 sq. ft.) were additionally closed in Bangalore, to a great extent in areas, for example, the Outer Ring Road (ORR) and Electronic City. Among the transactions concluded, Tech Mahindra submitted around 140,000 sqft in Goldhill Supreme, Walmart took up around 130,000 sqft in Salarpuria Aura, and RBS Business Services rented around 100,000 sq. ft. in RMZ Ecoworld.
Occupier interest likewise stayed solid in micromarkets, for example, Gurgaon in the NCR; Thane and Airoli in Mumbai; ORR and Electronic City in Bangalore; Banjara Hills and Madhapur (IT Corridor) in Hyderabad; Hinjewadi, Aundh, Talawde and Kharadi in Pune; and Central Chennai, with interest chiefly determined by IT/ ITeS, banking / financial services and telecom majors.
Residential Market Update
The majority of the housing projects were launched in Bangalore and Chennai in the mid-end and top of the line segments (measuring 100–700 units), while different urban cities pulled in limited new launches amid the month. Going ahead, private markets are liable to see stable value focuses with a progressive graph in launches in most driving urban cities.
Organized Retail Space
High lanes in Bangalore, Hyderabad and Chennai saw solid interest from F&B, and clothing and accessories retailers. As per CBRE's most recent report, How Active are Retailers Globally, around 6% of worldwide retailers would be focusing on India in 2015.