The year 2024 is set to be a game-changer for the Indian commercial real estate sector. Here are the key factors driving this transformation:

1. Economic Growth: India’s GDP is on the rise, and its position among the top five global economies is attracting business investors. This positive outlook is encouraging more multinational corporations (MNCs) to establish offices in major cities like Delhi, Mumbai, Bengaluru, and Hyderabad.
2. Increased Construction: There is a significant increase in new office constructions, driven by demand from MNCs. Builders like Shravan Gupta of MGF Group are capitalizing on this trend by constructing office buildings with large open spaces and private areas, promoting a healthy work environment.
3. Core and Flex Model: The trend of core and flex real estate is gaining popularity. This model includes private offices, dedicated lounges, and meeting rooms, accommodating small to mid-level staff. It offers affordability and flexibility, making it attractive to investors and MNCs.
4. Investment from HNIs and Business Houses: High Net-Worth Individuals (HNIs) and business houses like Godrej are investing heavily in commercial real estate, leading to more office buildings under construction in cities like Mumbai and Bengaluru.
5. Global Positioning: India’s emerging status as a vibrant market for business is drawing more investors. The country’s positive growth outlook is boosting the commercial real estate segment by more than 50%, according to Shravan Gupta.

In conclusion, 2024 is set to redefine the office leasing and commercial real estate landscape in India. The rise of mid-sized offices in large commercial complexes is expected to dominate the market, with cities like Mumbai, Hyderabad, and Lucknow seeing significant growth.