Business
NCR Office Market Sees 61% Surge in Net Absorption, Leading the Top 7 Cities
The co-working sector accounted for 34% of total transactions, reflecting a 6% increase from 2023. In contrast, the IT-ITeS sector’s contribution declined by 3% to 29%, while consulting businesses represented 12% of overall transactions.
The report indicates a 22% decrease in new office completions, dropping from 7.6 million square feet in 2023 to 5.9 million square feet in 2024. This controlled addition of new supply, coupled with significant absorption, resulted in a 2.6% dip in average vacancy rates, which now stand at 22.6%. While the reduction in vacancy rates signals improving market fundamentals, NCR still experiences higher vacancy levels compared to other major office markets in India.
Peush Jain, Managing Director of Commercial Leasing and Advisory at ANAROCK Group, stated, “The year 2024 proved to be a pivotal year for the office real estate market, marked by robust absorption, strategic expansions across various sectors, and strong rental growth in major markets. Notably, the net office absorption in the top seven cities reached nearly 50 million square feet, with NCR capturing 19% of this total.”
ANAROCK also reported a 5% year-on-year rise in average office rental rates in NCR, now at Rs 86 per square foot per month, demonstrating a consistent 10% growth since 2019. Among key micro-markets, Noida emerged as the most dynamic area, showcasing a 6% annual rental increase, while still remaining the most affordable market with rents between Rs 60-130 per square foot per month.
Overall, net office absorption across India’s top seven cities reached nearly 50 million square feet, reflecting a significant 29% year-on-year increase from 38.64 million square feet in 2023. The report highlights that positive absorption trends, particularly in the co-working segment, along with steady rental growth across micro-markets, indicate strong occupier confidence in NCR’s office market. Nonetheless, the slowed pace of new completions and elevated vacancy rates pose both challenges and opportunities for market stabilization in the upcoming periods.
Business
RBI Ends Special Dollar-Rupee Swap Window Early Amid Strong Demand
Mumbai: The Reserve Bank of India (RBI) has decided to close its special forex swap facility for fresh FCNR deposits early.
The facility will now close on August 31, the RBI said on Friday.
The central bank said the decision was taken after receiving an encouraging response. The facility has attracted $52.3 billion through fresh foreign currency deposits.
Banks can continue to undertake swaps with the RBI against FCNR deposits raised under the facility until September 11.
Meanwhile, the schemes for External Commercial Borrowings and Overseas Foreign Currency Borrowings will remain open until December 31, 2026.
The RBI launched the special US dollar-rupee forex swap facility on June 8. It allowed banks to raise fresh three-to-five-year FCNR deposits.
Banks could then swap these deposits with the RBI at a concessional rate. The facility effectively covered the entire hedging cost for banks.
The strong response to the scheme led the RBI to bring the facility to an early close.
Business
Leksa Lighting Technologies Named among India’s Top 100 MSMEs
Moodbidri: A dream that began in the rural area of Niddodi in Moodbidri has now gained national recognition. Leksa Lighting Technologies Pvt. Ltd., founded by Ronald Sylvan D’Souza, has been recognised as one of India’s Top 100 MSME companies.
The prestigious national recognition was presented by the MSME Udyog Foundation at a ceremony held in New Delhi on August 8, 2026.
Ronald Sylvan D’Souza started his entrepreneurial journey from a humble background. Through hard work, discipline and continuous efforts, he built Leksa Lighting Technologies into a recognised lighting technology company.
The company has focused on quality, technological innovation and indigenous manufacturing. Research and development have also played an important role in its growth.
Leksa Lighting has adopted Japanese work practices to improve its manufacturing and operational standards. The company has also worked towards developing quality lighting solutions in India.
What began as a dream in rural Karnataka has now reached different parts of the country. The company is also making its presence felt in international markets.
Speaking about the recognition, Ronald Sylvan D’Souza said the award was not an individual achievement. He credited the entire Leksa team, customers, business partners, family members and everyone who supported the company.
He said he was proud and happy to see a dream that began in Niddodi and Moodbidri receive recognition at the national level.
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The achievement highlights the potential of rural entrepreneurs. It also shows that determination, discipline and consistent hard work can help a business from a rural area achieve success on a national platform.
Leksa Lighting Technologies’ journey stands as an example of how a local dream can grow into a nationally recognised enterprise.
Business
Vehicle Prices to Increase from August 1
New Delhi: Buying a new vehicle is set to become more expensive from August 1, adding to the financial burden on consumers. Several automobile manufacturers have announced a price hike due to rising production costs.
The increase is mainly driven by higher prices of raw materials and components. The cost of steel, aluminium, rubber, plastic, electronic chips, batteries, and spare parts has gone up in recent months. Global market changes caused by ongoing conflicts and inflation have also increased manufacturing expenses.
As a result, vehicle companies have decided to raise the prices of new models. Customers planning to purchase a new vehicle are likely to pay more from August 1.
The price hike is also expected to affect the travel and transport industry. Travel agencies and tour operators say buying new cars, SUVs, and other passenger vehicles will become more expensive.
Operators have already been facing higher expenses due to increased fuel prices and toll charges. With the additional cost of new vehicles, many travel agencies are preparing to revise their rental charges.
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The Karnataka Travels Association has indicated that travel fares may be increased to manage the rising operating costs. Passengers may have to pay more for each trip if the revised rates are implemented.
Meanwhile, several automobile manufacturers have already published details of the upcoming price increase on their official websites. Consumers planning to buy a new vehicle may consider making their purchase before the revised prices come into effect on August 1.
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