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The 7th Annual Economic Outlook Survey 2024-25

Survey Content:

We are thrilled to announce the launch of the 7th Annual Economic Outlook Survey 2024-25, conducted by the Bombay Chamber of Commerce & Industry. This survey has become a vital platform for collecting insights and data from both member and non-member organisations, allowing us to deliver a comprehensive macroeconomic analysis of the Indian economy.

In keeping with our role as a bridge between the industry and the Government, we have shared findings from our previous Surveys with key authorities, including the RBI, Ministry of Finance, and Regulatory Bodies. These insights have contributed to a deeper understanding of the economic landscape and influenced policies aimed at fostering a conducive business environment in the country.

The Economic Outlook Survey plays a crucial role in understanding the pulse of the industry across the spectrum – from Large corporations to Micro, Small, and Medium Enterprises (MSMEs). By capturing the diverse challenges, opportunities, and trends experienced by businesses of all sizes, the Survey offers a balanced view of the economic landscape, providing invaluable insights that cater to both ends of the industry.

In this spirit of collaboration and nation-building, we invite you to participate in the 7th Economic Outlook Survey. By taking just a few minutes to share your perspectives, you can play an active role in shaping the future of our economy.

Your feedback is crucial and will help inform policy decisions that drive sustainable development.

For further queries, contact:

Priya Singh: 022 6120 0238; Utkarsha Joshi: 022 6120 0271

Email Id: priya.singh@bombaychamber.com ;Utkarsha.Joshi@bombaychamber.com

Bombay Chamber’s Landmark Conclave on SM REITs 2.0: The Path to Compliance & Growth Focuses on the Potential of Monetising Real Estate

Mumbai, October 8, 2024 – India’s Small and Medium Real Estate Investment Trusts (SM REITs) market is on track to exceed $60 billion by 2026, driven by Mumbai’s significant completed stock and bolstered by recent tax reforms under the Union Budget 2024-25. With enhanced transparency, investor protection, and a growing demand for fractional ownership, SM REITs are fast becoming an attractive investment option poised to revitalise the commercial real estate market and boost investor confidence.

Against this promising backdrop, the Bombay Chamber of Commerce and Industry hosted the Conclave on SM REITs 2.0: The Path to Compliance & Growth, under the aegis of the PE & VC Committee. The conclave focused on the transformative potential of SM REITs, regulated by SEBI as of March 8, 2024, and featured key industry stakeholders discussing the evolving regulatory landscape and growth opportunities.

Ashith Kampani, Board Member and Chair of the PE & VC Committee, Bombay Chamber, and Chairperson of Cosmic Mandala 15 Group, in his welcome address, stated, “The potential market size for SM REITs in India is projected to exceed $60 billion by 2026. The regulation of fractional ownership of real estate assets is a commendable step that will encourage foreign direct investment from global retail investors.”

Sanjay Dutt, Board Member and MD & CEO of Tata Realty & Infrastructure, set the stage by emphasising India’s robust real estate demand, “India is witnessing unprecedented office space absorption. For the first time in the history of the country, for the 2024 calendar year, India will witness the highest office absorption in the country. By the end of 2024, net absorption is likely to touch 65 million sq. ft., with the gross figure approaching 80 million sq. ft. This growth extends beyond the top eight cities and opens up new opportunities for developers and investors nationwide.” Dutt praised SEBI’s regulations for transforming India’s unregulated real estate sector into an institutionalized market.

In his Keynote Address, Shri Pramod Rao, Executive Director of SEBI, highlighted the potential of SM REITs to unlock value from India’s real estate wealth, which comprises over half of the country’s total wealth. He noted, “A report computes the wealth of Indians, and states that wealth in the form of real estate exceeds half of the total wealth in the whole country, with gold coming second, at 15%, bank deposits at 13%, equities at 5.8 % and insurance and pension at 5.7%, each. To me this underlines the fact that the wealth of a lot of individuals is in real estate. Real estate is the largest asset class globally, yet it is often illiquid and difficult to manage for individual investors. SM REITs convert these physical assets into financial assets, offering liquidity and fractional ownership, making it a powerful tool for financial inclusion.”

The first panel discussion, moderated by Kailash Babar, Deputy Editor at ET, explored the regulatory framework and compliance landscape for SM REITs. Expert panellists, including Sudip Mullick, Advocate, Dr. Niranjan Hiranandani, Founder & Chairman of the Hiranandani Group, Ruchir Sinha, Managing Partner at Resolute Partners, and Sandip Bhagat, Partner, S&R Associates discussed key drivers for SM REIT growth, taxation challenges, and the sector’s role in democratising real estate investment.

The second panel, led by Neil Borate, Deputy Editor at LiveMint, provided an investor-centric view of SM REITs. Industry experts Shobhit Agarwal, MD & CEO, ANAROCK Capital; Divya Goyal, Executive Director and Head of Investment Risk Monitoring Services, Consulting, India, CBRE; Abhinav Maker, Partner, Trilegal; Shiv Parekh, Founder & CEO, hBits, and Raj Shah, Co-Founder, Invest in Pre-Leased discussed differentiators between SM REITs and mainstream REITs, the sectors showing the most promise, and key concerns for investors as the market evolves.

The event was supported by Embassy REIT, Trilegal, S&R Associates, Anarock, hBits and Invest in Preleased.

Remembering Ratan Tata

(December 28, 1937 – October 9, 2024)

With profound sadness, Bombay Chamber of Commerce & Industry mourns the loss of Mr. Ratan Naval Tata, visionary industrialist, philanthropist, and Chairman Emeritus of Tata Sons on October 9, 2024, at the age of 86. He is the recipient of India’s second highest civilian honour, Padma Vibhushan.

Born on December 28, 1937, in Mumbai, Ratan Tata was the great-grandson of Tata Group founder Jamsetji Tata. Educated at Cornell University and Harvard Business School, he went on to lead the Tata Group, one of India’s largest and most respected conglomerates, from 1991 to 2012. Under his stewardship, the Group expanded globally with the acquisition of marquee brands such as Jaguar Land Rover, Tetley Tea, and Corus Steel, placing Indian enterprise on the world stage. Ratan Tata’s legacy is one of integrity, humility, and a deep commitment to improving lives. His efforts went beyond the boardroom as he championed social causes through the Tata Trusts, funding initiatives in healthcare, education, rural development, and environmental conservation. Notably, he played a pivotal role in the development of the Tata Nano, a symbol of affordable innovation for the masses.

Throughout his life, Ratan Tata remained a staunch advocate of ethical business practices and was revered for his modesty and compassion. Despite his immense success, he was known for his down-to-earth demeanor and his ability to connect with people from all walks of life.

A luminary, he leaves behind an unparalleled legacy that will continue to inspire future generations. Ratan Tata’s influence on Indian business, his philanthropy, and his commitment to fostering a better world will be remembered for generations to come.

May he rest in peace.