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By:

Bhalchandra Chorghade

11 August 2025 at 1:54:18 pm

Real estate sentiment steadies ahead of 2026

India’s real estate sector appears to have regained its equilibrium in the final quarter of 2025, with stakeholder sentiment stabilising after a phase of moderation earlier in the year. The 47th edition of the Knight Frank–NAREDCO Real Estate Sentiment Index for Q4 2025 (October–December) indicates that both current and future outlooks remain firmly in the optimistic zone, underpinned by improving macroeconomic visibility, easing inflationary pressures and steady funding conditions. The...

Real estate sentiment steadies ahead of 2026

India’s real estate sector appears to have regained its equilibrium in the final quarter of 2025, with stakeholder sentiment stabilising after a phase of moderation earlier in the year. The 47th edition of the Knight Frank–NAREDCO Real Estate Sentiment Index for Q4 2025 (October–December) indicates that both current and future outlooks remain firmly in the optimistic zone, underpinned by improving macroeconomic visibility, easing inflationary pressures and steady funding conditions. The Current Sentiment Score edged up marginally to 60 in Q4 2025 from 59 in the preceding quarter, while the Future Sentiment Score held steady at 61. Although these readings remain below the peaks witnessed during 2023–24, they reflect a market that has absorbed recent volatility and is now progressing on more stable fundamentals. The stabilisation suggests that stakeholders are tempering expectations while retaining confidence in the sector’s medium-term prospects. A key driver of this optimism is the strengthening domestic macroeconomic environment. Real GDP growth accelerated to 8.2 per cent in Q2 FY 2025–26, a sharp improvement over the 5.6 per cent recorded in the corresponding period last year. High-frequency indicators continue to signal sustained economic momentum, helping offset global uncertainties. According to Shishir Baijal, Chairman and Managing Director, Knight Frank India, stronger macro visibility, steady funding conditions and disciplined decision-making across stakeholders have collectively reinforced confidence. He noted that calibrated residential supply and robust office leasing activity are providing structural support to the market. Funding availability sentiment also improved during the quarter. Most respondents expect liquidity conditions to remain stable or improve, aided by policy continuity and a sustained focus on asset quality. While lenders and investors continue to adopt a selective approach, capital access across asset classes remains supportive, indicating confidence in the sector’s underlying fundamentals rather than speculative expansion. Regionally, future sentiment strengthened modestly across all zones, with every region remaining in the optimistic zone. The South Zone retained its leadership position with a score of 62, driven by strong office leasing in Bengaluru and Hyderabad and resilient demand in higher-ticket residential segments. The East Zone improved to 62 on the back of steady mid-segment housing demand, while the West Zone also strengthened to 62, supported by stable commercial activity and a calibrated approach to residential development. The North Zone recovered to 59, reflecting stabilising sentiment after earlier softness, aided by steady office traction and ongoing infrastructure momentum. The broad-based regional improvement underscores confidence anchored in urban demand and improving economic conditions. Stakeholder sentiment, however, showed moderate divergence. Institutional stakeholders such as banks, financial institutions and private equity funds recorded a higher Future Sentiment Score of 63, reflecting growing confidence in asset quality and liquidity. Developers, in contrast, maintained a more cautious stance with a score of 58, highlighting a disciplined approach that aligns growth plans closely with demand visibility and funding prudence. This divergence points to a market where capital providers are willing to support growth, while developers remain focused on risk management and execution efficiency. In the residential segment, future sentiment improved in Q4 2025, supported by sustained demand in higher ticket size segments and careful inventory management. Although sales momentum has moderated from earlier peaks, improving financing conditions and controlled supply additions have reinforced confidence. Overall sentiment remains optimistic, characterised by stable demand rather than rapid expansion. The office sector continues to anchor overall market confidence. Leasing expectations remain strong, driven by sustained occupier demand, particularly from Global Capability Centres across major cities. Limited availability of quality Grade A space has encouraged pre-leasing and early commitments, supporting firm rental expectations. Sentiment around new office supply has also improved, indicating expectations of a stronger development pipeline even as near-term availability remains constrained. Parveen Jain, President, NAREDCO, observed that the index reflects confidence strengthening after a period of mild moderation, with residential stability and consistent office leasing forming the backbone of optimism. Taken together, the Q4 2025 findings suggest that India’s real estate sector is entering 2026 on a steadier, more balanced footing, guided by economic clarity, prudent capital deployment and demand-driven strategies across asset classes.

Honouring Ancestors: Halloween in America vs Shraddha in India

Updated: Jan 13, 2025

Part Seven

The ‘ghosts’ blindly emulating Western traditions are far more unsettling than the spectral figures of Halloween.

Honouring Ancestors

The world celebrates Halloween on the 31st of October, but I have always pondered: how can it truly be regarded as a festival? In my culture, we have a deeply rooted and rich tradition of honouring our ancestors through various meaningful rituals. For instance, we celebrate Ganpati with immense enthusiasm and vibrant fanfare, and we also observe Pitru Paksha, a sacred fortnight specifically dedicated to paying homage to our forebears. As part of this, we perform Shraddha, a solemn and significant ritual to honour our departed ancestors with the utmost sincerity and reverence. Furthermore, we continue to remember our loved ones through annual, monthly, and tarpan rituals, which hold profound significance in keeping their memories alive.


In contrast, I have observed that in America, England, and Europe, Halloween serves as a time to remember ancestors, albeit in a markedly different and distinct manner. Since relocating to America, I have noticed that malls and shops start preparing for Halloween as early as the very first week of October. People celebrate the occasion with tremendous enthusiasm and excitement throughout the month, decorating their homes and surroundings with eerie, ghostly decorations and hosting elaborate costume parties to mark the festivities.


The way Americans and people around the world commemorate their ancestors during Halloween is undeniably impressive. Everyone, from young children to senior citizens, interacts with the concept of ghosts in various creative and engaging ways. Unlike in India, where there is often an inherent fear of ghosts, and they are typically associated with rural areas, in America, ghosts are everywhere. They are not only part of folklore but also feature prominently in urban settings—appearing in hotels, malls, shops, and even on people’s clothing, such as shirts.


These communities remember their ancestors with remarkable enthusiasm, spending lavishly on lighting, decorations, and festivities, in a manner somewhat akin to how we celebrate Ganpati and Diwali in India. I estimate that Halloween generates an astonishing revenue of around $50 billion to $100 billion annually. Although the festival has been heavily commercialised, I must acknowledge that their marketing strategies are nothing short of remarkable.


In America, there is no fuss surrounding Shraddha rituals, crows, or Pind Daan. Instead, they celebrate Halloween with lively parties, drinks, and revelry, which, in their own unique way, might even help them forge a connection with their ancestors. Unlike the Shraddha rituals in India, there is no overcrowding at sacred sites or pollution of rivers caused by ritualistic practices. I find the concept of Halloween both fascinating and thought-provoking, and I am particularly intrigued by America’s remarkable ability to globalise and market almost any idea with great success.


Halloween has gained significant popularity in India, especially among the younger generation. However, while many Indians embrace Halloween without truly understanding its cultural significance, it is vital to remember that the Western way of life is not inherently superior. Even more concerning is the increasing trend of commercialising festivals and the uncritical adoption of Western traditions, which risks eroding the uniqueness of our cultural heritage.


I must confess that I find the metaphorical “ghosts”—those who unthinkingly emulate Western traditions—far more unsettling than the spectral ones celebrated during Halloween.


Countries like America and those in Europe consistently show appreciation for the contributions, whether small or significant, made by their ancestors. They honour and cherish their predecessors, take immense pride in them, and even, at times, justify the wrongdoings and atrocities committed in the past. In essence, they never disown their ancestors; instead, they remain eternally indebted to them. This mindset extends to their sense of national pride. They are invariably proud of their country and steadfastly loyal, never turning their backs on it.


Whether or not our people choose to celebrate Sarvapitri Amavasya, my concern lies elsewhere. If festivals like Halloween contribute to a diminishing sense of pride and respect for our cultural heritage or foster an attitude of disowning our identity and nation, then, perhaps, I too would prefer to take on the guise of a ghost.


(The author is a director of a company. He has travelled extensively across India and overseas.)

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