Tag Archives: HVS ANAROCK report

According to HVS Anarock’s latest report, the Adani Group plans to spend US$2 billion to build Mumbai’s largest international convention centre (ICC), around 1 million square feet near the international airport. The Mumbai Metropolitan Region Development Authority (MMRDA) has also agreed to its design, but approval for the full blueprint is expected soon.

According to HVS Anarock’s ‘Occupancy Trends Across Key Indian Markets,’ all major cities saw a rise in occupancy rates in 2024 compared to previous year. Mumbai tops with over 80 per cent occupancy, driven by MICE events and high-profile gatherings like Dua Lipa’s concert. Pune recorded the highest growth, with a 12-14 percentage point increase.

As per HVS Anarock, in line with the season, Goa regained its spot at the top with the highest average rates (surpassing ₹12,000) followed closely by Mumbai (also exceeding ₹12,000). Kolkata saw a substantial 30% spike in its average rates from the previous month and a 23% increase compared to November 2022.

Around 39 per cent of branded hotel signings in 2018 were seen in Tier III cities, which was higher than that of Tier I cities (29 per cent) and Tier II cities (32 per cent), according to a recent HVS ANAROCK report. The report stated that rapid urbanisation in the country, is increasingly making Tier 3 markets more relevant in the eyes of the hotel brands, who are witnessing nearly a third of their new hotel signings emerge from them, despite hotels being much smaller than those located in Tier 1 markets. This is also happening on account of newer Hotel Management companies setting shop as also the smaller ones looking to grow rapidly through franchise or management agreement of smaller standalone hotels in Tier II and III cities.