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Office transactions across prime Indian cities surge 168% YoY: Knight Frank India

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Office transactions across prime Indian cities surge 168% YoY: Knight Frank India

In the third quarter of 2021, India’s office building transactions recorded strong quarterly growth, despite the imminent threat of more serious second and third waves of infections.

According to Knight Frank’s third quarter office market update report for the third quarter of 2021, the total office space in major cities in the third quarter was 1.2 million square meters (12.5 million square feet), a year-on-year increase of 168%. The report mentioned that compared with the same period last year, in 2021 (January to September 2021), the office market transaction volume increased by 13%, and the completion of new office buildings increased by 6%. As Indian companies take major steps to resume office work, increase vaccination rates and reduce liquidity restrictions, they have improved the business environment and helped restore the pre-pandemic market traction levels. Knight Frank India pointed out that in the third quarter of 2021, the total office transactions in eight markets in India improved, reaching 83% of the 2019 quarterly average.

Among the larger markets, Chennai, Bangalore, and the National Capital Region (NCR) recorded the highest recovery in the third quarter of 2021, with transaction volumes reaching 123%, 112%, and 93% of the 2019 quarterly average. The IT department was the largest consumer of space this quarter, accounting for 34% of the transaction space. Increased transaction activity in this industry is an extremely encouraging driver of office demand, as it is the most prolific tenant category in the office market. This quarter, tenants occupied nearly 23,500 co-office seats in eight markets, the highest this year. “After the second wave threatened the derailment of the market in the previous quarter, the Indian office market experienced a strong recovery in the third quarter of 2021.

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Based on the 2019 quarterly average, the transaction volume achieved in this quarter is also statistically significant because Office transaction volume was at a historic high that year.” Knight Frank India company CMD Shishir Baijal said. New completions have also increased significantly, with 1.1 million square meters (11.9 million square feet) delivered in the third quarter of 2021, an increase of 67% year-on-year. Bangalore, Pune, and Hyderabad accounted for 73% of the newly completed area, with Bangalore having the largest area delivered at 400,000 square meters (4 million square feet). From January to September 2021, the number of new construction completions increased by 6% compared to the same period last year. In the second wave of COVID-19, newly completed projects were hit by a shortage of labor.

News Source : Construction Week Online

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Equipped to thwart cyber attacks: Banks, insurance firms to Sitharaman

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May 10, 2025

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Equipped to thwart cyber attacks: Banks, insurance firms to Sitharaman

Sitharaman gave banks instructions to keep offering smooth services to customers, even in isolated locations, in cooperation with authorities and security firms as needed. Finance Minister Nirmala Sitharaman received assurances from Indian banks and insurance companies on Friday that they are prepared to stop any cyberattacks by Pakistani outfitted DDoS.

Distributed denial-of-service) systems. “Mock drills covering cybersecurity and disaster recovery scenarios at the highest levels have been held to ensure institutional readiness,” they informed her at a Friday meeting. According to the financial institutions (FIs), they are alert and actively monitoring phishing efforts. In order to guarantee prompt claim payouts.

Continuous customer service, Sitharaman instructed banks to keep offering smooth services to consumers, especially in distant places, in cooperation with regulators and security agencies New Delhi, May 10, 2025 — In a reassuring development for the financial sector, Finance Minister Nirmala Sitharaman on Friday said that banks and insurance companies in India fully.

Speaking at a cybersecurity summit organized by the Ministry of Finance in collaboration with the Reserve Bank of India (RBI) and IRDAI, Sitharaman stated that both public and private sector financial institutions have significantly ramped up their cyber preparedness equipped to counter cyber threats and have strengthened their digital security infrastructure safeguard.

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Rising Digital Transactions, Rising Risk

The Finance Minister’s remarks come in the wake of a growing number of cyber threats targeting the banking and insurance sectors, especially as India witnesses a steep rise in digital transactions. According to official data, digital payments in India grew over 76% year-on-year in FY 2024-25, driven by UPI, mobile banking, and digital policy purchases.

With this surge, the risks associated with data breaches, phishing, ransomware, and unauthorized access have also grown exponentially. Sitharaman emphasized the need for constant vigilance and investment in advanced cybersecurity technologies “Representatives from leading banks and insurance companies have assured the ministry that robust systems.

Institutional Safeguards in Place

The Finance Minister highlighted that both the RBI and IRDAI have issued detailed guidelines on cybersecurity protocols. Regular audits, simulation drills, and incident response mechanisms are now mandatory across institutions “Financial institutions cannot afford to be complacent. Cyber threats are evolving, and our preparedness must stay ahead of that curve.

“Banks are operating with 24×7 Security Operations Centers (SOCs), and insurance companies are also mandated to deploy advanced firewalls and data protection policies,” she noted ” she said real-time monitoring, and preventive frameworks are in place to detect, resist, and respond to cyber attacks,” Sitharaman said customers and operations Sitharaman also.

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Consumer Awareness Key

The minister also urged banks and insurers to invest in customer education. “A large number of cyber frauds happen due to lack of awareness. Institutions must proactively inform and empower users to identify and avoid suspicious links, calls, or messages,” she added mentioned that the government is working closely with the Indian Computer Emergency Response Team (CERT-In) to ensure real-time threat intelligence sharing and coordinated.

As digital finance continues to evolve, Sitharaman reaffirmed the government’s commitment to creating a secure and resilient financial ecosystem for all stakeholders response strategies Finance Minister Nirmala Sitharaman said banks and insurance companies have assured the government of their readiness to counter cyber threats. At a recent cybersecurity summit.

Financial institutions confirmed the implementation of advanced security systems, 24×7 monitoring, and compliance with RBI and IRDAI guidelines. Sitharaman emphasized the need for ongoing vigilance, customer And collaboration with CERT-In to ensure a secure digital financial ecosystem amid rising cyber risks of advanced securit Sitharaman emphasized the need for constant vigilance and investment in advanced.

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