Archives October 2023

Mumbai, 10th October 2023: PayNearby, India’s largest branchless banking and digital network, announced that its meta-commerce platform – PayNearby Mall, has registered exceptionally low return rates, helping its partner brands optimise costs. The platform which enables easy availability of goods and services in an assisted mode at the last mile has generated a return rate of ~10% when the average rate typically ranges between 20-30%.

In the last six months, over ~25,000+ retailers have enthusiastically embraced the platform. Interestingly, when compared to the urban and metro areas, where e-commerce penetration is high, PayNearby Mall registered a 46% GTV in rural regions, closely tailed by semi-urban areas, with 45%. This shift in consumer behaviour suggests that rural India is increasingly embracing the e-commerce revolution and is as aspirational as its urban counterpart. The most sought-after categories include grocery at 35%, followed by mobile and accessories and cloths at 14% and 9% respectively.

In the e-commerce industry, returns frequently arise from prevalent issues such as impulsive purchases, inaccurate item selection, or unmet customer expectations. However, a substantial number of product returns can significantly impact the financial performance of e-commerce operations. Each returned item incurs expenses associated with processing, restocking, and potential damages, increasing operational costs and logistical complexities. It erodes the profit margins significantly. PayNearby Mall’s innovative assisted meta-commerce model, which blends the convenience of digital commerce with the personal touch of PayNearby retailers, allows partner brands to optimise the costs associated with processing returns.

In areas where e-commerce adoption is low, PayNearby Mall allows partners to bring their products at neighbourhood stores. Customers can walk into these nearby stores and with the help of the local retailer access products on an aggregated e-platform of 100+ partner sites, and shop easily for the products they need. The personalised approach of this unique model helps customers make the right decision and buy the right products, reducing the likelihood of returns due to impulsive buying or incorrect item selection. It results in enhanced cost efficiency for e-commerce players, preserving profit margins and contributing to their overall financial sustainability.

Speaking on the development, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “E-commerce has transformed how people shop. But with it comes the challenge of returns. Studies show that 54% of buyers consider free returns as one of the biggest factors influencing their buying decisions. However, high return rates often impact the financials, customer satisfaction, and overall operational efficiency of businesses. PayNearby Mall’s low return rate underscores the effectiveness of our approach. On one hand, our meta-commerce model empowers rural consumers by bringing the products they want within their reach. On the other hand, with our retailers offering the human touch in helping customers make informed decisions, our e-commerce partners are seeing reduced returns rates, optimised costs and increased revenue.”

GURUGRAM, India –10th October 2023 : Samsung, India’s No. 1 refrigerator brand, today announced the launch of its BESPOKE Double Door refrigerator range, designed to cater to the modern Indian consumer. With a spectrum of beautiful colour options, the new BESPOKE refrigerators bring a touch of urban elegance and individuality to any kitchen.

Samsung’s all-new BESPOKE Double Door refrigerator range, available in BESPOKE Premium Cotta Steel and BESPOKE Glass variants, seamlessly combines personalised aesthetics with advanced refrigeration, making everyday living effortless and stylish.

The BESPOKE Premium Cotta variant adds a vintage charm and warmth to your kitchen. It will be available in two colour options – Cotta Beige and Charcoal (dual tone) and Cotta Charcoal. The Bespoke Glass variant will come in two colour options Clean White and Pink Glass (dual tone) and Clean Black Glass.

“Our BESPOKE Double Door refrigerators bring innovations tailored for the Indian consumers’ unique needs and preferences. The BESPOKE Premium Cotta variant pays homage to traditional cotta design, adding a touch of nostalgia to modern kitchens. Along with distinctive design, BESPOKE Premium Cotta Variant comes with best-in-the-industry features such as Convertible 5-in-1 that is crafted with the versatility of Indian cooking in mind to offer more storage options. The SmartThings AI Energy Mode in the BESPOKE Glass variant empowers consumers to manage energy consumption efficiently. We are excited to bring this new range in India that enhances convenience, style, and sustainability in everyday living,” said Saurabh Baishakhia, Senior Director, Digital Appliance Business, Samsung India

The new BESPOKE Double Door refrigerators transcend functionality and offer both great design as well as technological innovation. The BESPOKE Premium Cotta model features Convertible 5-in-1, engineered to provide more storage space and flexibility catering to all refrigeration needs throughout the seasons with its five conversion modes.

The BESPOKE Glass model comes with SmartThings AI Energy mode that enables consumers to monitor and optimise their refrigerator’s energy usage, helping them save on electricity bills. The Optimal Fresh+ feature ensures that Indian households can store and enjoy their favourite delicacies for an extended period.

Price and Availability

Priced at INR 30,500 onwards, the new BESPOKE Double Door refrigerators will be available at all leading electronic retail stores across India and on Samsung’s own online platform – Samsung Shop. The BESPOKE Premium Cotta model will be available in 236L, 256L, 301L and 322L capacities, in the price range of INR 30,500 to INR 42,500.The BESPOKE Glass variant will be available in 415L and 465L capacities with prices ranging between INR 54,000 and INR 57,800.

BESPOKE Design

Samsung’s new BESPOKE Double Door refrigerators offer warm, elegant and trendy colours and appealing textures that make the consumers’ kitchen reflect their personal taste and sync with their interior design statement.

Convertible 5-in-1

This unique feature provides consumers with more storage space and utmost convenience by allowing them to choose from five different conversion modes – Normal, Seasonal, Extra Fridge, Vacation and Home Alone. With a change of season just switch to ‘Seasonal Mode’ to keep only the fridge on and switch the freezer off. Bring home more grocery bags and just convert the freezer into a fridge with the ‘Extra Fridge Mode’. If you are going out on a vacation and need to store some food in the freezer, simply switch on ‘Vacation Mode’ and keep only the freezer on, while the fridge compartment stays turned off. When staying alone at home and you don’t have a lot to store just switch to ‘Home Alone Mode’ that switches off the fridge and converts the freezer compartment into a fridge.

Twin Cooling Plus™

The Twin Cooling Plus™ technology works as an independent cooling system, with separate airflows in both the fridge and freezer, preventing the smell of different food items moving between the fridge and freezer. Two separate evaporators manage the fridge and freezer space separately and maintain optimal humidity level, leading to longer freshness and less wastage of food.

Optimal Fresh+

This feature ensures food stays fresh for twice as long. The Optimal Fresh+ drawer allows consumers to switch between 4 modes to store various types of foods. In the ‘Soft Freeze’ mode, it retains the freshness of delicate food items such as meat and fish two times longer than normal cooling, thereby conserving its natural flavour.

SmartThings AI Energy Mode

With this feature, consumers can monitor and proactively save energy. SmartThings AI Energy Mode analyses your refrigerator usage patterns and estimates the power consumption, based on AI technology. If the estimated electricity bill exceeds your preset target, it recommends you to activate the ‘Saving Mode’ to reduce energy use.

Wi-Fi Enabled

Consumers can control their refrigerator by tracking and adjusting its performance using the SmartThings app as the product is Wi-Fi enabled.

New Delhi,10th October 2023 , BLS International Services Ltd, a global leader in outsourcing services for governments and diplomatic missions, is pleased to announce the successful renewal of its agreement with Royal Thai Embassy to process visa applications for Thailand from India.

Under the renewed contract, BLS International, with its extensive reach, will continue to provide services to Indian visitors across all visa categories by strategically managing visa application and drop-off centers within the jurisdiction of both the Royal Thai Embassy in Delhi and the Royal Thai Consulate General in Kolkata, Mumbai, and Chennai.

“Mr. Shikhar Aggarwal, Joint Managing Director of BLS International Services Ltd., expressed, ‘This partnership reaffirms BLS International Services Ltd.’s unwavering commitment to providing exceptional visa application services to citizens. The anticipated growth in visa applications highlights the enduring and strong relationship between BLS International Services Ltd. and The Royal Thai Embassy. Through our joint efforts, we look forward to serving an increasing number of visa applicants. The renewal of the Thai visa contract reflects BLS International Services’ exceptional business performance and our dedication to enhancing the customer experience.'”

As the Royal Thai Embassy renews its trusted partnership with BLS International for visa processing in India, BLS International reaffirms its commitment to security and quality control. This extends to secure application delivery, passport collection, and maintaining a vigilant security system throughout the visa process, all aimed at enhancing the visa application experience for applicants.”

Art Konsult’s “Quills of Ages”, an exclusive exhibition showcasing letters, legal documents, inland letters, and telegrams of the Tagore family from Dwarkanath Tagore, Debendranath Tagore, and Rabindranath Tagore. Also, there are some letters from renowned artists like Jamini Roy, Nandalal Bose, Hemen Mazumdar, Bireswar Sen, Asit Halder, and others, sharing their ideas with each other. Additionally, there are letters from Ramananda Chattopadhyay (the editor of Modern Reviews) to Maitreyee Devi, who were both very closely related to Rabindranath Tagore.

Some of the letters depict:

Satyajit Ray on 20.9.1991 addresses; Sandeshi Bandhugana (brothers)

Satyajit Ray, the internationally renowned filmmaker was also an editor in the Sandesh magazine. In his exchange of correspondence, with the readers of the magazine, he expresses how due to illness he could not write in the “Puja” special issue of the famous magazine Sandesh, and he promises his readers to be hopeful that he will write as soon as he recovers.

Rabindranath Tagore on 2-3-1908 addresses; Vidhusekhar Shastri (Vidhusekhar Bhattacharya Shastri)

Rabindranath Tagore in his letter addressing Vidhusekhar Bhattacharya Shatri, voices his efforts towards Shantiniketan. He writes about a meeting of the “Paani Granth Committee”, for sending the old published books one after the other by counting two ginni every month. He also mentions his interest in attracting Kshitimohan Sen to the school.

Ramananda Chattopadhyay on 30-5-1942 addresses; Maitreyee (Maitreyi Devi)

Ramananda Chattopadhyay, founder and editor of the famous journals, “Prabasi” and “The Modern Review”, in his exchange of correspondence with Maitreyi Devi, talks about publishing poems of Rabindranath Tagore. Their letters mention Maitreyi Devi sending Ramananda the proofread articles for monthly published issues, he also tells her that one of her father’s poems on monsoon will be published in an issue of “Prabasi”.

Subhash Chandra Bose on 17-12-29 addresses his mother; Sri Sri Mata Thakurani

Subhash Chandra Bose, in a letter to his mother, writes that his work schedule is completely uncertain and that he is very worried about the elections of B.P.C.C (Bengal Provincial Congress Committee) and A.I.C.C (All India Congress Committee) of Sylhet. He promises to write to her after returning from Delhi.

Jamini Roy on 19-3-1945 addresses; Das Babu (K.C. Das)

Jamini Roy, an Indian painter best known for combining traditional Indian and Western art styles, in his exchange of correspondence with K. C. Das writes that due to some work, he needs to stay in Bolpur for two more days and that as soon as he returns, he will get back to the commissioned series of Ramayana he was making for Das Babu. K. C. Das was the founder of the widely known Rossogolla, the first Indian dessert to be canned for the global market, and also was the owner of K.C. Das (P) Ltd, an Indian confectionery famous for its sweets and snacks.

Asit Kumar Haldar on 16-12-1939 addresses; Brother Subho (Subho Tagore)

Asit Kumar Haldar, an Indian painter of Bengal school and an assistant of Rabindranath Tagore at Shantiniketan, in his letter to Subho Tagore (nephew of Rabindranath Tagore), writes about his approved leaves, and in a sarcastic tone explains his wife’s unwillingness to visit Kolkata, and so he was planning to visit Kashi or Jabalpur. Furthermore, he provides Asit with information regarding sending 5 of his paintings to him through Prodosh Das Gupta (a freelance sculptor, and founder of the Calcutta Group of painters and sculptors) for an academy exhibition.

Bireswar Sen on 13-4-1944 addresses; Subho Babu (Subho Tagore)

Bireswar Sen, a painter influenced by the Bengal School of Art, and writer in his exchange of correspondence with Subho Tagore (he was organizing an exhibition of fine arts work) writes in a poetic way to him that the exhibition for artworks in itself feels contended then why does he feel the need of a write-up explaining about the exhibition. Sen voices his feelings in such a way “Poetry never survives in iron-clad rules or iron moulds; one who enjoys it, enjoys it.” He asks him to spare artists from the bondage of articles. Agreeing with Subho’s proposal in a humorous way, Sen then writes that he even enjoyed writing to him and that it might feel better to see his writing published.

All these letters are from the 19th – mid-20th century. This show will be very unique and the first time in India that approximately 200 letters will be showcased. This exhibition will be of great interest to art historians, students of art history, and researchers.

Art Konsult would be highly obliged if you could cover this in your esteemed publication.

The Tagore family as many would know is one of the most illustrious and prolific families of Bengal associated with the arts and culture. Rabindranath Tagore is the one person who has been the pride of India, known for his poetry and other literary pursuits. However, many in the family have been associated with the arts, and it is with great pride that they are known as the founders of SHANTNIKETAN, the institution nestled among trees and on fertile red soil. Inculcating the arts and performing arts even today!

This collection of letters, other documents and articulate exchanges among the members of this erstwhile family, merit a showing. An exhibition is thus being conceived to highlight this treasure of documents and lead the viewer through a journey which spans over time from the 1800 s, into the twentieth century.

The magic of sepia tone, contrasted with a colour like rust and ochre.

The exhibition will have artistically displayed original documents, along with a selection of old ink pots, and writing implements. Which epitomizes the concept of the written word, interspersed with some photographs, and other subtle elements, like a family tree, and quotations the exhibition will most certainly evoke nostalgia, a throwback to the times when the QUILL wielded mighty powers.

New Delhi, 10th October 2023: Wild Stone, the renowned male grooming brand under McNROE announced the launch of their new digital film for the launch of “Badass Perfume Collection”. The collection features an exquisite trio of fragrances – Whisky, Cigar, and Ammo, which redefine personal style and attitude, elevating the rebellious spirit with an irresistible charm that’s just too cool for the good guys.

The latest digital film by Wild Stone will be amplified on YouTube, Instagram and Facebook. The exhilarating script opens with a charismatic man’s entrance at the upscale party, grabbing everyone’s attention with his enchanting fragrance, and leaving everyone intrigued. Men and Women are both spellbound with his confidence while acknowledging his enigmatic aura. The visual represents the Sigma male power, showcasing his confidence and strength while being the center of attraction. The visual narrative unfolds the essence of a true Sigma male, showing strength and charm.

Mr. Ankit Daga, Director at McNROE Consumer Products Pvt Ltd, expressed his thoughts on the launch of ‘The Badass Collection’ and said, “Enriched with the very essence that characterizes a Sigma Man, our collection boasts three distinct Perfumes which embody the spirit of their names – Whisky, Cigar, and Ammo. Each fragrance invites individuals to embrace their self-expression and revel in their distinctiveness through an enchanting sensory journey.”

Embark on an extraordinary sensory exploration with the Badass Collection Perfumes by Wild Stone. Dive into the rich warmth of Whisky, where cognac, whisky, and nutmeg ignite your senses. Indulge in the smoky allure of Cigar, crafted with geranium, patchouli, tobacco, and musk. Lastly, experience the earthy robustness of Ammo, infused with pepper, cashmere, and amber, all inspiring confidence and charm.

Mumbai, 10th October 2023: Amazon miniTV- Amazon’s free streaming service & Dice Media announces the launch of its captivating romantic comedy ‘Half Love, Half Arranged’, offering a fresh perspective on love & arranged dating! Featuring the adorable duo of Maanvi Gagroo and Karan Wahi in the lead, the streaming service released the quirky trailer, giving audiences a glimpse into a wholesome blend of love, comedy, and a crazy circus of emotions one goes through while looking for their perfect match. The show takes us on a journey with a successful, millennial gynaecologist Riya Tanwar (Maanvi Gagroo) who has had a roadmap for her entire life – personal and professional. However, an unexpected turn of events lead her to get on a quest to find her Mr. Perfect through modern matchmaking. ‘Half Love, Half Arranged’ is all set to embark on a quirky journey of blissful and beautiful love story exclusively on Amazon miniTV from 12th October for free.

The trailer takes viewers through the life of Riya, who is all set to get proposed to by her long-term boyfriend, but situations take turns, and so do her relationships and life. Riya finds herself in the middle of insane arranged marriage matches and amusing dates, with a supportive yet quirky family in tow. As Riya tackles the bizarre questions and hilarious meet-ups, in walks a prince charming, who sweeps her off her feet and has her wondering if her simple road-map is what she wants to follow!!

Amogh Dusad, Head of Content, Amazon miniTV, said, “Amazon miniTV has always worked to provide audiences with relatable, exclusive, and interesting content in a variety of categories. Half Love Half Arranged is a rom-com series which brings an upbeat story of a millennial woman who is a strong-willed doctor. Her search for a partner in the middle of an Indian dating and marriage set-up along with its hilarious twists and turns, is sure to make the audiences laugh!”

Further to this, Vidyuth Bhandary, Studio Head, Dice Media said, “We at Dice Media are proud to introduce our newest series, Half Love Half Arranged, one that holds a special place in our hearts. With this show, we continue our strong and fruitful collaboration with Amazon miniTV, a partnership that has consistently delivered exceptional content to our audience. Half Love Half Arranged is a unique and captivating exploration of modern love & dating, brought to life by Maanvi Gagroo and Karan Wahi’s chemistry and a talented team of artists. We can’t wait for the viewers to embark on this quirky journey with us, exploring the unpredictable twists and turns of love in today’s world. At Dice Media, we are committed to creating content that connects with our audiences, and ‘Half Love Half Arranged’ is yet another offering towards that endeavour.”

Talking about the series Karan Wahi said, “Rom-coms have always been everyone’s favourite, lightening up their mood. With Half Love Half Arranged we are bringing in a unique perspective with a twist of traditional marriage and modern matchmaking. This light-hearted series is sure to give viewers jitters, with women relating to the character of Riya and the situations she gets stuck in. We have tried to address the untouched topic of arranged matchmaking in an Indian family with a flavour of comedy and love.”

“I think the concept of Half love half arranged, is ideal right. You love someone and your families are on board! Just like many women, in Riya’s life too, everyone, her family, relatives, astrologers, neighbours.. are trying to get her to ‘settle down’. The story revolves around bizarre & quirky scenarios, meet-ups with prospective groom, crazy questions, expectations from their families & the saga of finding the right match. Viewers will get a dose of romance, getting a glimpse of Riya’s love life, filled with sweet, heartwarming moments.”, shared Maanvi Gagroo.

Half Love Half Arranged will be available exclusively for streaming on Amazon mini TV on 12th October within the Amazon Shopping app and on Fire TV for free. You can now also download the Amazon miniTV app on Play Store.

India, 10th Oct 2023: Kyvos has been awarded the “Data Analytics Disruptor of the year” at the Data & AI Summit 2023. The high-speed data analytics platform is recognized for its innovative technology that modernizes advanced analytics for leading enterprises while reducing the time and cost to extract insights. Using Kyvos, businesses can analyze any amount of data using their preferred visualization tool and data platform.

With rapidly growing digital technology and data proliferation, businesses are now confronted with massive amounts of data. Organizations need a refined, advanced and reliable solution to harness the full potential of these expanding datasets to stay ahead of the competition, make faster business decisions and meet customer needs. This award recognizes Kyvos as a cutting-edge data analytics platform that solves these challenges and has achieved pathbreaking success with leading enterprises in the field of analytics.

Kyvos solves speed and scale challenges for leading global enterprises by offering instant and interactive AI-driven analytics. It is a modern data analytics platform that enables sub-second querying on massive datasets. Using Kyvos, enterprises can make game-changing decisions with superfast insights into their business and achieve sub-second, interactive responses on both cold and warm queries and build smart aggregates on trillions of rows and thousands of metrics.

The event had an attendance of 200 companies and 250 delegates, including 9 partners and 45 speakers. The 3rd Edition of the Future of Data & AI Summit and Awards 2023 was a distinguished platform for sharing knowledge. The event focused on various key aspects, including the development of an inventive data culture, the implementation of effective data governance strategies, the enhancement of business intelligence, and the utilization of data for maximizing return on investment.

10th October 2023:A comprehensive survey conducted by Genius Consultants Limited reveals that workplace toxicity remains a pressing concern for employees across various industries. The surveysheds light on the critical factors contributing to toxic work culture and highlight the need for effective solutions.

An alarming 71% of respondents expressed their belief that the practice of discrimination and partiality by reporting managers is the primary source of toxicity within organizations. This staggering statistic underscores the urgent need for fair and equitable treatment of employees across all levels. While 13% of respondents attributed toxicity to managerial tyranny and ill behavior, this figure still represents a significant portion of the workforce. Addressing this concern could lead to improved manager-employee relationships and a healthier work environment.

88% of participants identified “Toxic Work Culture” as a major factor contributing to high attrition rates within organizations. The direct link between employee retention and the establishment of a positive work culture cannot be ignored. Conversely, only 3% of employees do not share this perspective.

Notably, 91% of respondents believe that a higher salary could mitigate the impact of a toxic work culture. This suggests that while monetary compensation is not a panacea, it can play a role in offsetting the negative effects. However, a small minority, comprising of only 2% of the participants, hold a different view on this matter.
A resounding 94% of participants stated their willingness to speak up against senior personnel or reporting managers who propagate toxicity within the workplace. This demonstrates a strong commitment to fostering a healthier work environment.But 4% of respondents indicated that they would refrain from raising their voice against seniors/reporting managers.

A substantial 92% of respondents recognize the pivotal role of Human Resources (HR) in monitoring and controlling issues related to toxic work culture.This highlights the importance of HR departments taking proactive measures to address concerns and create positive change.While the majority acknowledges the vital role that HR plays in fostering a positive and healthy workplace environment, 3% respondents feel other factors or departments hold greater responsibility for mitigating toxic work culture.

While 88% of respondents believe in exposing individuals who spread toxicity on social media, 7% suggested seeking help from HR for resolution. This divergence in opinion reflects the varied strategies employees consider in combating toxic work culture.

Commenting on the same, Mr. R.P Yadav, Chairman and Managing Director, Genius Consultants Limited stated, “The results of this survey serve as a wake-up call to the challenges that persist within workplaces today. Organisations need to be committed to addressing these concerns and fostering a culture where every employee feels valued, heard, and empowered. By harnessing the collective energy and dedication of our workforce, we can redefine the standard for workplace culture and lead the way toward a more inclusive and fulfilling professional journey.”

10th October 2023: Aarohan Festival 2023: Celebrating the Finest in Indian Classical Arts
Sai Shinjini Academy of Fine Arts and Culture is thrilled to announce the much-anticipated flagship event, Aarohan Festival 2023, to be held at the prestigious Kamani Auditorium on October 12th, 2023, starting at 6 PM.

This evening promises to be a mesmerizing journey into the world of Indian classical arts, featuring some of the most renowned artists of our time. Aarohan Festival 2023 is a celebration of our rich cultural heritage and a platform to experience the essence of Indian classical music and dance.

Curated by the young and dynamic Kathak dancer, Shinjini Kulkarni, who is the granddaughter of Pt. Birju Maharaj, this festival brings together extraordinary talents from across India.

Participating in this magnificent showcase are two Kathak maestros, Shri Deepak Maharaj, representing the Lucknow Gharana, and Shri Abhimanyu Lal, representing the Jaipur Gharana. Their performances are set to enthrall the audience with the grace, rhythm, and storytelling that are synonymous with this timeless dance form.

In addition to the captivating Kathak performances, the festival will also feature a mesmerizing display of Hindustani vocal music by Shri Prakash Mishra and Deepak Mishra, representing the Benaras Gharana. Their soul-stirring renditions promise to transport the audience to the heart of Indian classical music.

What makes Aarohan Festival 2023 even more special is that it offers FREE entry for all. We invite all enthusiasts, connoisseurs, and lovers of classical arts to join us in celebrating this evening of artistic excellence. This event is a rare opportunity to witness top classical artists coming together to grace the occasion and showcase their incredible talents.

Name of the event: Aarohan Festival 2023

Dates: 12th October 2023

Time: 6:00 p.m.

Venue: Kamani Auditorium, 1- Copernicus Marg, New Delhi

Mumbai, 10 October 2023: With four key infrastructure projects of MMR – Mumbai metro, especially the lines which are set to be operational by 2024, Mumbai Trans Harbour Link (MTHL) and Phase 1 of both Coastal Road Project (CRP) and Navi Mumbai International Airport (NMIA), getting nearer to completion, the real estate market of the region is envisaged to see heightened activity. As per Colliers’ latest report “MMR Infrastructure – Upgrading Real Estate”, in tandem with improved connectivity, commercial office micro markets of BKC and Western suburbs will see an uptick in annual leasing. The traditional micro markets of old CBD & Central Mumbai are set to receive a major facelift while the satellite market of Navi Mumbai will offer a plethora of real estate opportunities.

While coverage and usage adoption are of paramount importance in determining the success of upcoming infrastructure projects in the real estate growth story of MMR, timely completion is equally critical in achieving the desired socio-economic outcomes. Moreover, the projects will have a multiplier effect in the region, where it will not only reduce the burden on the existing infrastructure but boost the overall economy of the region. Decongestion, connectivity improvement and a sustainable growth across micro markets are likely to solidify MMRs preferred positioning for real estate investments in India.

Expected impact of the upcoming infrastructure upgrade on office market of key business districts within MMR

Note- Data pertains to Grade A office buildings. Weighted Average Quoted (WAQ) Rents are in INR per square feet per month for warm shell offices and do not include common area maintenance (CAM)or taxes.

Western suburbs- Andheri, Andheri-Kurla Road, Vile Parle, Chandivali, Malad, Kandivali, Borivali, Goregaon, Jogeshwari, Santacruz West

BKC and annexe- BKC, Bandra, Kalina, Santacruz East

Old CBD- Nariman Point, Ballard Estate, Churchgate, Cuffe Parade, Fort

Central Mumbai- Lower Parel, Parel, Dadar, Matunga, Mahalaxmi, Byculla, Chinchpokli, Mazgaon, Kalachowki, Worli, Prabhadevi, Elphinston, Haji Ali, Mahim

Navi Mumbai- Airoli, CBD Belapur, Ghansoli, Juinagar, Kalamboli, Kharghar, Mahape, Nerul, Pawne, Rabale, Sanpada, Seawoods, Taloja, Turbhe, Ulwe, Vashi

 Badal Yagnik, Chief Executive Officer, Colliers India said: ”The upcoming metro lines, especially those likely to be operational in the next 1-2 years, will play a key role in decongesting areas like BKC and Western suburbs to a large extent. BKC, particularly stands to benefit the most from improved connectivity. With improved connectivity, BKC is likely to witness 1-2 msf of annual office space uptake 2025 onwards, a 1.5x increase compared to 2022 levels. Developers, too, have planned most of their upcoming projects in localities which are likely to witness maximum benefit from enhanced connectivity in the entire MMR region.

A healthy visibility of near to mid-term demand and supply scenario, will eventually firm up rentals across MMR.  Average rentals in prominent micro markets are likely to rise by about 5-10% by 2025 compared to current levels.”

BKC: Metro connectivity likely to elevate annual office leasing 1.5X times 2025 onwards

Once operational, metro lines 2B (D. N. Nagar-Mandale) and 3 (Colaba-SEEPZ) will provide the much-needed augmentation of public transportation system in BKC and annexe, leading to a likely 1.5X annual leasing 2025 onwards as compared to the 1 msf gross leasing in 2022. The upcoming supply of 7 msf in the next three years would increase the current stock (14 msf) in BKC and annexe by about 50%, with the largest chunk to be ready once the metro lines are operational. Moreover, elevated demand levels are likely to drive average monthly rentals of BKC and annexe, higher by 5-10% by 2025 as compared to current levels.

Western Suburbs: Upcoming metro lines to increase homogenization of residential market

Residential- While earlier, the average housing prices declined as one moves northwards in western suburbs, with the upcoming infrastructural development, a sense of homogeneity in housing prices is expected in the next few years. Moreover, with metro work reaching an advanced stage, the market holds immense potential for investments as the housing price differential which was more than 80% in Dahisar (compared to Santacruz) few years ago, has already moderated to less than 50%. Although, the price differentiation within Western suburbs will continue to narrow down, overall residential prices in the area are likely to further head north in the next 2-3 years. Andheri, Jogeshwari, Malad, Goregaon, Lokhandwala, Kandivali and Borivali have already witnessed a 5-10% rise in residential prices in the last 1-2 years.

Office- At the same time, led by improved connectivity, the micro market will continue to see healthy office space uptake. 2025 onwards, annual gross leasing in Western Suburbs has the potential to reach 1.5X times 2022 levels (1.3 msf). Notably, pockets within Western suburbs such as locations along Andheri-Kurla Road and Malad-Goregaon stretch, which are preferred locations for flex operators, could see further traction in the next 1-2 years and can become the flex hot spots of the region.

Old CBD: Infrastructure upgrade to breathe a new lease of life; INR 200 cr investment potential

With the completion of Phase 1 of the Coastal Road and MTHL, the entire Old CBD area will witness improved connectivity with Western suburbs, Central Mumbai and Navi Mumbai. This much awaited infrastructure upgrade holds innate potential to revive office demand in the micro market, which would open fresh avenues for investments. Owing to limited availability of new Grade-A office space, the micro market provides a business case for upgradation of select existing buildings and this stands at around 2 msf.  The real estate space upgradation opportunity translates into an investment potential at about INR200 cr.

Central Mumbai:  Likely to witness heightened office activity, with demand set to come from under-construction developments

The upcoming metro route 3 (Colaba-SEEPZ), MTHL and Phase 1 of Coastal Road will bolster the connectivity with key business districts like old CBD and BKC. In anticipation of the upcoming infrastructure upgradation, Central Mumbai is back on the radar of developers and occupiers since the last few quarters. With likely infusion of fresh Grade-A supply having superior amenities, occupier interest is likely to continue in the next few years. Superior office amenities in turn would steadily drive the annual demand 1.5X times 2025 onwards compared to 2022 levels (0.8 msf). Recently, developers have also been optimizing the commercial as well as residential redevelopment potential that the area holds. The report highlights that the area is likely to see about 5 msf of new office supply in the next 3 years, increasing the Grade-A stock by about 25-30%. Average quoted rentals are also likely to firm up by about 5-10% in the next 2-3 years, up from around INR 170/sf/month currently.

Navi Mumbai: Upcoming Infrastructure to holistically fortify the real estate ecosystem

Office- Completion of MTHL and development around the upcoming airport will transform the real estate landscape of Navi Mumbai. Led by enhanced connectivity, Navi Mumbai has the potential to witness about 20-25% higher annual leasing activity 2025 onwards, compared to 2022 levels (2 msf). Moreover, the micro market is likely to witness about 9 msf of supply infusion in the next 3 years, more than 75% of which pertains to IT stock.

Data Centres- At the same time, the report highlights that MTHL will be pivotal in connecting the data centre hotspots within Navi Mumbai with the rest of the region. MTHL will play a critical role in terms of infrastructure augmentation including buttressing of dedicated power lines, which in turn will establish Navi Mumbai as a preferred destination for DC operators within MMR. In the next 3-5 years, investment to the tune of USD 3-4 billion have been planned in data centres in the micro market.

“The upcoming infrastructure upgrade is likely to transform the real estate landscape of Navi Mumbai holistically across segments including residential sector. From an investor perspective, residential prices, especially are likely to accelerate in areas like Uran-Ulwe, Panvel, Dronagiri, Kharghar and Taloja. With multiple upcoming projects like MTHL, Phase 1 of the international airport and metro connectivity, the office market of Navi Mumbai stands to benefit significantly. Moreover, sub-dollar rentals will continue to be advantageous in the unique proposition offered by Navi Mumbai office market. The micro market is expected to see about 20-25% rise in annual leasing 2025 onwards as compared to 2022 levels. Navi Mumbai is also likely to account for about one-fourth share of the upcoming supply pipeline of MMR in next 3 years. Furthermore, all the infrastructure upgrade would solidify Navi Mumbai’s favourable positioning within MMR for DC operators and attract about USD 3-4 bn of investments for data centres in the next 3-5 years.” says Vimal Nadar, Senior Director & Head of Research, Colliers India.