Retail Growth Moves Beyond India’s Metros

For much of the modern retail era, India’s consumption story was shaped by its largest cities. From the late 1990s through the early 2010s, organised retail, shopping malls and branded consumption were largely concentrated in metropolitan centres such as Mumbai, Delhi and Bengaluru. These cities benefited from higher incomes, early exposure to global brands and stronger physical retail infrastructure. Over time, however, rising costs, congestion and intense competition began to limit incremental growth in these markets.

As a result, the centre of gravity in Indian retail has gradually shifted. Smaller cities, once viewed as peripheral markets, are now emerging as engines of demand and development. Urban centres across northern, southern and eastern India are increasingly shaping consumption trends, driven by rising aspirations and improving access to goods and services. What was once a metro-centric model has evolved into a far more distributed retail landscape.

Several structural changes have enabled this transition. Digital payments have become deeply embedded in everyday commerce, allowing even small merchants and consumers in non-metro areas to transact seamlessly. This shift has reduced reliance on cash, improved transparency and made organised retail formats more viable in towns that previously operated almost entirely through informal channels. The widespread adoption of instant payment systems has lowered entry barriers for retailers while expanding choice for consumers.

Logistics and connectivity have also played a critical role. Improvements in road networks, freight movement and urban infrastructure have shortened delivery times and reduced costs, making it feasible for retailers and online platforms to serve a wider geography. Warehousing and fulfilment facilities are no longer limited to major metros; they are increasingly located closer to consumption centres in smaller cities, enabling faster and more reliable last-mile delivery.

These developments have coincided with a marked change in consumer behaviour. Shoppers in Tier-2 and Tier-3 cities are more digitally engaged than ever before, spending significant time browsing and purchasing online. Their preferences have evolved beyond basic necessities to include electronics, fashion, personal care and aspirational products. Seasonal sales and promotional events now see participation from across the country, not just from large urban centres.

Brands have responded accordingly. Many premium and aspirational labels are expanding aggressively outside metros, opening stores, strengthening distribution networks and tailoring offerings to local demand. For a growing number of companies, a substantial share of sales now comes from smaller cities, reflecting both higher growth rates and lower saturation compared to established metro markets.

From an operational perspective, these locations offer clear advantages. Real estate costs are lower, labour is more readily available and competitive intensity is less severe, allowing businesses to operate with healthier margins. Early entrants often benefit from strong brand recall and customer loyalty, giving them a durable advantage as markets mature.

Challenges remain. Infrastructure quality can be uneven in peri-urban areas, talent retention is more difficult outside major cities, and regulatory processes are not always streamlined. Yet these issues are increasingly being addressed through coordinated public and private investment, as policymakers and businesses recognise the importance of inclusive urban growth.

India’s retail evolution is therefore no longer defined by a handful of large cities. The next phase of expansion is being written in smaller urban centres that combine rising incomes, digital access and improving infrastructure. As consumption spreads more evenly across the country, Tier-2 and Tier-3 cities are set to play a decisive role in shaping the future of India’s retail and consumer economy.

Financial Infrastructure and the Rise of Green Capital in India

India’s financial system has been undergoing a quiet but consequential transformation. Beyond headline growth figures, the country has been steadily building the foundations of a green investment ecosystem that links capital markets, banking institutions and infrastructure finance to long-term sustainability goals. What has emerged over the past decade is not a sudden shift, but a gradual alignment between economic development and environmental priorities.

A key feature of this transition has been the growing role of capital markets in directing funds toward environmentally aligned projects. The introduction of government-backed green debt instruments created a reference point for pricing and credibility, encouraging private issuers to follow with their own sustainability-linked offerings. These instruments have helped normalise the idea that environmental performance can coexist with predictable financial returns, especially for long-term investors seeking stability rather than short-term gains.

Corporate participation has expanded alongside this framework. Companies operating in energy, infrastructure and industrial development have increasingly turned to labelled debt instruments tied to specific environmental outcomes. While such financing structures were once viewed with scepticism, stronger disclosure expectations and tighter oversight have improved confidence among investors who apply sustainability screens. The emphasis has shifted from broad claims to measurable outcomes, reinforcing accountability across the market.

Regulatory evolution has played a central role in shaping this environment. Market supervisors have gradually increased expectations around transparency, requiring large listed companies to disclose how environmental and social factors affect their operations and risk profiles. At the same time, financial regulators have begun integrating climate considerations into their broader view of systemic stability, signalling that environmental risks are no longer treated as peripheral to financial health.

Real-asset investment vehicles have also contributed to this shift. Structures designed to pool capital for income-generating assets have increasingly incorporated sustainability objectives into their financing strategies. By linking borrowing costs to environmental performance indicators, these vehicles have created incentives for asset owners to reduce emissions, improve efficiency and adopt internationally recognised standards. This approach has helped bridge the gap between sustainability goals and mainstream investment criteria.

Banks, too, are adjusting their models. Lending frameworks increasingly factor in environmental exposure alongside traditional credit metrics, while dedicated deposit products channel savings toward projects aligned with cleaner energy, transport and conservation. Retail and commercial customers alike are gaining access to financing that supports distributed energy systems, particularly in urban and semi-urban settings where rooftop solutions are becoming more common.

At the international level, India has sought to position select financial hubs as gateways for cross-border green capital. These centres offer regulatory clarity and tax efficiency, making them attractive platforms for global investors exploring opportunities in climate-aligned assets. Interest from overseas institutions reflects confidence in the direction of India’s policy architecture, even as the market continues to evolve.

Importantly, the development of a national framework to classify environmentally aligned economic activity marks a step toward consistency. By defining what qualifies as sustainable across different sectors, such a framework aims to reduce ambiguity and improve comparability for investors, lenders and regulators alike. While still a work in progress, it signals an intent to align domestic markets with global practices while retaining flexibility for local conditions.

Challenges remain. Verification standards, enforcement mechanisms and secondary market depth continue to lag behind ambition. Ensuring that sustainability claims translate into real outcomes will require sustained attention from regulators, issuers and investors. Yet the direction of travel is clear.

India’s approach to green finance is not built on sweeping declarations, but on incremental institutional change. By strengthening financial infrastructure and embedding sustainability into the mechanics of capital allocation, the country is laying the groundwork for a greener growth model—one that seeks to balance environmental responsibility with economic momentum.

India’s Manufacturing Push at a Strategic Crossroads

fletcher@cijeurope.com
3 January 2026
CIJ - Spotlight, Indicators, Manufacturing

India has entered a decisive phase in its industrial development. Having grown into one of the world’s largest economies, the country now finds itself at the centre of a global reassessment of production networks. Companies across multiple industries are rethinking long-established manufacturing footprints, seeking locations that offer scale, workforce availability and political stability. In this shifting environment, India is increasingly viewed as a viable alternative for expanding or diversifying manufacturing operations.

Several factors are driving this interest. Rising costs and operational risks in traditional production hubs have encouraged manufacturers to adopt more diversified supply chains. India’s large domestic market, democratic governance framework and expanding industrial base have positioned it as a long-term partner for companies looking to balance efficiency with resilience. This shift is not about replacing one manufacturing centre with another, but about building redundancy and flexibility into global production systems.

Domestic policy has played an important role in shaping this momentum. Over the past five years, the government has introduced targeted incentive programmes designed to attract investment across a wide range of manufacturing sectors. These initiatives link financial support to actual output and scale, encouraging firms to expand production rather than simply relocate facilities. Participation has grown steadily, and companies operating under these frameworks have reported rising investment levels, higher production volumes and meaningful job creation.

At the same time, India’s manufacturing ambitions continue to be tested by structural constraints. Trade imbalances with key partners highlight the depth of the challenge, particularly in technology-intensive and capital-goods segments where domestic capacity remains limited. Addressing these gaps requires not only incentives but also improvements in physical and logistical infrastructure.

Logistics remains a critical area of focus. Moving goods across the country is still more expensive and time-consuming than in many advanced economies, despite recent improvements. While highways and expressways have expanded rapidly, bottlenecks persist in last-mile connectivity, maintenance and rural access. These frictions affect both cost efficiency and delivery reliability, particularly for manufacturers operating outside major urban centres.

Maritime infrastructure presents a similar picture. Ports handle the majority of India’s external trade, and operational efficiency has improved over time. Yet congestion, turnaround delays and coordination challenges continue to weigh on supply chains, especially during periods of high demand. For manufacturers integrated into global trade flows, these constraints can erode competitiveness.

Energy availability has improved markedly over the past decade, with a sharp rise in electricity generation capacity and a growing share of non-fossil sources. This expansion has strengthened India’s long-term energy security and supported industrial growth. However, supply reliability remains uneven in certain regions, particularly in smaller industrial clusters, where power quality and distribution infrastructure can be inconsistent.

Recent business activity indicators point to strong momentum in factory output, suggesting that manufacturers are responding positively to both domestic demand and export opportunities. Yet sustaining this pace will depend on how effectively India can address underlying infrastructure gaps while continuing to refine its industrial policy framework.

India’s manufacturing push is therefore best understood as a work in progress. The foundations for growth are firmly in place, supported by policy direction, demographic scale and international interest. Turning this potential into durable industrial leadership will require continued investment in logistics, energy distribution and institutional capacity, alongside sustained engagement with global partners.

The coming years will determine whether India can convert its current moment into a lasting transformation of its manufacturing sector, moving from opportunity to execution in an increasingly competitive global landscape.

India–EU Trade Talks: Strategic Alignment Meets Structural Friction

For nearly two decades, India and the European Union have worked intermittently toward a comprehensive trade and investment agreement. Despite multiple negotiation rounds and periodic restarts, the effort has yet to produce a final deal. As of late 2025, the agreement remains unfinished, although officials on both sides continue to signal political intent to conclude discussions either by the end of the year or in early 2026.

The renewed momentum reflects a shift in global priorities. Europe is seeking dependable partners that align with its political values and governance standards, particularly as it looks to diversify supply chains and reduce dependence on a narrow set of manufacturing hubs. India, meanwhile, is positioning itself as a long-term production base capable of absorbing global investment, expanding exports and moving up industrial value chains. In this context, the proposed agreement is no longer just about tariffs; it has become a vehicle for deeper strategic alignment.

Economic ties between India and the EU are already substantial, with annual trade well above the hundred-billion-dollar mark. A completed agreement would aim to build on this foundation by improving market access, reducing regulatory friction and providing greater certainty for investors. Beyond commerce, the talks also touch on broader issues such as environmental cooperation, technology development and supply-chain resilience, reflecting the increasingly interconnected nature of trade and geopolitics.

Several sectors stand to be affected if the agreement moves forward. Industrial real estate and logistics could benefit from stronger cross-border investment flows as European institutional capital seeks exposure to India’s expanding manufacturing and distribution networks. Improved trade visibility would likely support demand for modern warehouses, industrial parks and transport-linked infrastructure, particularly along established corridors and emerging production clusters.

Logistics and supply chains are another area where closer ties could have tangible effects. Greater integration may support the expansion of temperature-controlled networks for pharmaceuticals and food products, while encouraging global logistics operators to scale up their presence in India. Investment announcements by international logistics firms already point to expectations of sustained growth driven by trade, e-commerce and healthcare supply chains.

Manufacturing sits at the centre of the negotiations. India’s industrial zones and export-oriented clusters are expected to play a key role in attracting European producers looking to diversify operations. At the same time, recent trade agreements between India and smaller European groupings have set benchmarks for long-term investment commitments, reinforcing expectations that any EU deal would include strong manufacturing and capital-formation components.

Technology cooperation represents another area of overlap. Clean energy, semiconductors and advanced manufacturing systems feature prominently in bilateral discussions. India’s ambitions in renewable energy and low-carbon technologies align with Europe’s sustainability objectives, creating scope for joint research, technology sharing and capital deployment. Areas such as hydrogen energy, battery recycling and semiconductor design are increasingly seen as natural points of collaboration rather than competition.

Despite this convergence, significant differences remain. The automotive sector is one of the most sensitive issues. India maintains high barriers to protect domestic vehicle manufacturing, while European producers are pushing for greater access. Indian policymakers remain cautious, concerned that rapid liberalisation could overwhelm local manufacturers without delivering reciprocal export opportunities.

Pharmaceuticals present a different kind of challenge. India is a major supplier of affordable medicines to Europe, and expanded trade could deepen this role. However, disagreements over intellectual property standards persist, with India resisting changes that could raise costs or limit access to essential medicines. Balancing innovation incentives with public health considerations remains a core point of tension.

Environmental regulation has also emerged as a contentious area. Europe’s move to link trade with carbon-related requirements has raised concerns in India, particularly among energy-intensive industries. Indian officials argue that such measures risk disadvantaging developing economies and conflict with principles of equity in global climate policy.

Data governance adds another layer of complexity. Europe promotes cross-border data flows under strict privacy standards, while India prioritises regulatory oversight and security considerations. Reconciling these approaches will require tailored solutions rather than one-size-fits-all frameworks.

Taken together, the India–EU trade talks reflect both opportunity and constraint. The strategic logic for closer cooperation is clear, and economic complementarities are strong. Yet the differences are structural rather than superficial, rooted in divergent development stages, regulatory philosophies and political priorities.

Whether the agreement is concluded in the near term or pushed further down the line, its significance extends beyond trade volumes. It will signal how two major democratic economies navigate cooperation in a world where economic policy, technology and geopolitics are increasingly inseparable.

Housing Affordability and the Growing Urban Divide

fletcher@cijeurope.com
3 January 2026
CIJ - Spotlight, Indicators, Residential

India’s urban housing market has evolved rapidly over the past two decades, transitioning from a largely underdeveloped system to one characterised by scale, institutional participation and rising complexity. Yet this maturation has come with a growing challenge. In many cities, home prices have risen far faster than household incomes, placing ownership increasingly out of reach for a large share of urban residents. This imbalance has begun to affect not only household finances but also the broader dynamics of urban growth.

The strain is most visible in the country’s largest metropolitan areas, where the gap between earnings and property prices has widened steadily. For many households, purchasing a home now requires the equivalent of nearly a decade of income, well above what is commonly considered a sustainable threshold in international comparisons. This trend has raised concerns among policymakers and economists alike, as stretched affordability risks deepening social inequality and reinforcing patterns of informal housing in high-cost cities.

Housing stress is no longer confined to the most expensive neighbourhoods. Even in markets once considered relatively accessible, price growth has outpaced wage increases, eroding the ability of middle-income households to enter the ownership ladder. In cities such as Mumbai and Delhi, the cost of a typical home has reached levels that effectively exclude all but the highest earners. Other large urban centres, including technology-driven cities, now sit above global comfort levels for affordability, reflecting the national nature of the challenge rather than a city-specific anomaly.

This pressure on households extends beyond the headline cost of housing. Urban families must also navigate rising expenses related to healthcare, education and climate-related disruptions, all of which reduce disposable income and further limit the ability to save for home ownership. As a result, affordability is shaped as much by broader living costs as by property prices alone.

Public policy has attempted to respond to these pressures through a range of housing and regulatory initiatives. Large-scale urban housing programmes have sought to expand access for lower- and middle-income groups, while regulatory reforms have aimed to improve transparency and discipline within the real estate sector. Tax measures and targeted incentives have also been introduced to ease the burden on first-time buyers, although their impact has varied across income segments and cities.

These interventions have helped stabilise parts of the market but have not fully offset the underlying structural issues. Limited availability of affordable land in central locations, lengthy approval processes and rising construction costs continue to constrain supply in the segments where demand is strongest. As a result, price pressures persist despite policy support.

Developers, for their part, are adapting to the changing landscape. Many have shifted away from ultra-premium offerings towards smaller, more efficiently designed homes aimed at middle-income buyers. Others are increasingly focused on suburban corridors and secondary cities, where land costs are lower and affordability metrics are more manageable. Flexible payment structures and early-stage incentives have also become more common as builders seek to broaden the pool of potential buyers.

India’s urban housing challenge is therefore marked by a clear paradox. Demand for ownership remains strong, driven by demographics and aspirations, yet affordability constraints are limiting participation. Addressing this imbalance will require coordinated action across land policy, urban planning, finance and infrastructure, alongside sustained engagement from both the public and private sectors.

Without such alignment, the risk is that India’s cities will continue to grow in ways that exclude large sections of their populations from formal housing markets, reinforcing inequality and undermining the promise of inclusive urban development.

Logistics and Warehousing: From Rapid Expansion to a More Selective Phase

India’s logistics and warehousing sector has undergone a dramatic transformation over the past several years. What began as a surge driven by online retail, organised manufacturing and the expansion of third-party logistics providers has reshaped the physical supply chain landscape across both major metropolitan areas and emerging regional hubs. Large-format warehouses, fulfilment centres and last-mile facilities have become a defining feature of industrial development in India’s Tier I and Tier II cities.

This growth phase has resulted in a substantial expansion of built warehousing space nationwide. By the end of 2024, total modern warehouse stock across India’s leading markets had crossed the half-billion square foot mark, reflecting sustained development activity over multiple years. Leasing activity has also remained consistently strong, with annual take-up exceeding earlier historical norms and signalling deep occupier demand from retail, manufacturing and logistics operators.

However, as the sector enters 2025, signs of maturity are beginning to emerge. While leasing volumes remain healthy, investor sentiment has become more cautious, particularly in markets that saw rapid and concentrated development during the boom years. Developers and occupiers alike are now placing greater emphasis on location quality, infrastructure access and long-term viability, rather than sheer scale and speed of expansion.

Much of the early momentum in the sector was fuelled by aggressive network build-outs from e-commerce and quick-commerce platforms seeking to dominate last-mile delivery. Over time, this strategy led to dense clusters of warehouses in certain corridors and secondary micro-markets. As profitability and operational efficiency have come under closer scrutiny, many of these players have slowed the pace of expansion, focusing instead on optimising existing networks. This shift has altered demand patterns, particularly in peripheral locations that were heavily dependent on online retail growth.

Rising land costs have added another layer of complexity. In established logistics clusters around Delhi NCR, Mumbai and Bengaluru, competition for suitably zoned land has pushed acquisition prices higher, compressing development margins and lengthening decision timelines. In smaller cities, while land may be more affordable, challenges related to approvals, connectivity and administrative delays have often offset those advantages, making execution more uncertain.

Infrastructure constraints continue to shape the sector’s evolution. Despite major investments in highways, freight corridors and port capacity, logistics efficiency in India remains uneven. Last-mile connectivity, especially in peri-urban and semi-rural areas, still poses challenges for warehouse operators. Congestion and operational delays at ports and intermodal nodes further underline the need for coordinated improvements across the supply chain ecosystem.

At the same time, technology is becoming an increasingly important differentiator. Automation, data-driven inventory management and intelligent warehouse systems are gradually being adopted to improve throughput and reduce reliance on manual labour. While the long-term benefits are widely recognised, adoption remains uneven due to high upfront costs, dependence on imported equipment and a shortage of skilled personnel capable of operating advanced systems. For many operators, balancing efficiency gains with cost pressures remains a central challenge.

Concerns around potential oversupply are also gaining attention. As demand growth normalises, particularly in secondary locations, some markets face the risk of elevated vacancy levels. This has prompted developers to slow speculative construction and adopt more phased, demand-led development strategies.

Looking ahead, the logistics and warehousing sector appears to be transitioning from an era of rapid expansion to one of consolidation and refinement. Capital access will remain critical, and many industry participants are exploring new funding avenues to support long-term growth. While the pace may moderate, the underlying role of logistics infrastructure in supporting India’s manufacturing ambitions, consumption growth and export competitiveness ensures that the sector remains strategically important.

Rather than signalling a slowdown, the current phase points to a more disciplined and mature market, where scale is matched by sustainability, efficiency and long-term planning.

India’s Office Market Finds Its Footing Again

After several years marked by caution and uneven performance, India’s Grade A office market has begun to show clear signs of revival. Leasing activity strengthened noticeably over the course of 2024, reversing the slowdown seen in the immediate post-pandemic period and restoring confidence among occupiers and investors alike. The rebound has been driven by a combination of economic resilience, renewed corporate expansion plans and growing interest from long-term institutional capital.

Office take-up across the country reached some of its strongest levels in recent years, with activity spread across major metropolitan areas rather than concentrated in a single market. This broad-based recovery reflects a shift in sentiment, as companies reassess their space needs and re-engage with physical offices, particularly for collaborative, technology-driven and client-facing functions. Sectors such as information technology, financial services and global in-house operations have played a central role in this renewed demand.

Southern cities have been at the forefront of the recovery. Bengaluru has once again asserted its position as the country’s most active office market, supported by a deep occupier base and continued expansion by multinational firms. Leasing activity has been boosted not only by new requirements but also by renewals and consolidations, indicating a degree of long-term commitment from tenants. Hyderabad has followed a similar trajectory, benefiting from competitive occupancy costs, modern office stock and an improving urban infrastructure that continues to attract both domestic and international occupiers.

In western India, Mumbai has recorded a gradual but steady improvement in office absorption. Demand has been most visible in established commercial districts, where limited availability and strong tenant profiles have helped maintain pricing discipline. The National Capital Region has also contributed meaningfully to the recovery, with Gurugram emerging as a key driver of office demand in North India. Large-format developments and integrated business parks have remained particularly attractive to technology-led occupiers and service providers.

The recovery in leasing has been accompanied by sustained interest from global capital. India’s office assets continue to be viewed as offering relatively compelling income returns when compared with many mature markets, where pricing corrections and structural uncertainty have weighed on investor sentiment. While yields vary across cities and asset classes, the overall risk-return profile of Indian Grade A offices has remained favourable, underpinned by stable occupancy levels and a growing pool of institutional-quality buildings.

Listed real estate vehicles have further strengthened the market’s institutional framework. Office-focused investment platforms now hold a significant share of premium commercial stock, providing investors with access to diversified portfolios and predictable cash flows. The visibility and governance standards associated with these structures have helped broaden the investor base, drawing interest from both domestic savers and international funds.

Foreign sovereign and pension investors have been particularly active over the past few years, increasingly favouring partnerships and platform-based strategies. Their continued presence reflects confidence in India’s long-term economic prospects, as well as in the structural reforms that have improved transparency and reduced execution risk within the real estate sector. Regulatory changes, clearer taxation frameworks and greater formalisation have all contributed to a more investable environment.

Looking ahead, India’s office market appears to have moved beyond its period of adjustment. While occupier preferences continue to evolve and supply remains selective, the underlying fundamentals suggest a market that has regained momentum and depth. For investors and occupiers alike, the current cycle points to a more balanced and mature phase for India’s Grade A office sector, anchored by sustained demand and growing institutional participation.

India’s Energy Transition: Progress, Pressures and the Balancing Act Ahead

Over the past decade, India has emerged as one of the most consequential players in the global shift toward cleaner energy. Alongside China and the United States, the country has expanded its power generation capacity at an unprecedented pace, driven by sustained economic growth, rapid urbanisation and rising electricity consumption across households and industry. While renewable energy has gained remarkable momentum, coal continues to underpin India’s power system, underscoring the complex balance between environmental goals and development priorities.

Electricity demand in India has followed a long-term upward trend, reflecting structural changes in the economy and wider access to power. Seasonal demand peaks have become increasingly pronounced, placing additional pressure on the grid and reinforcing the need for reliable, dispatchable generation. In response, India has expanded its installed power capacity to more than 500 gigawatts. A major milestone was reached in 2025, when sources other than fossil fuels accounted for more than half of total installed capacity for the first time, achieving this benchmark well ahead of the country’s international climate commitments.

Renewable energy has moved decisively into the mainstream of India’s power strategy. Solar power has seen particularly strong growth, supported by large utility-scale projects as well as expanding rooftop installations. Wind energy has also regained momentum after a period of slower development, contributing to the diversification of the energy mix. Together with hydropower and nuclear generation, these sources have reshaped the structure of India’s electricity sector, even if their contribution to actual power generation still lags behind their share of installed capacity.

Despite this rapid expansion of clean energy, coal remains central to meeting India’s electricity needs. Coal-fired power plants continue to provide the bulk of electricity during periods of high demand, offering a level of reliability and flexibility that variable renewable sources cannot yet consistently match. Domestic coal production has reached record levels, reinforcing energy security while supporting employment across mining regions and related industries. Cost considerations also remain significant, as coal-based power is often cheaper to dispatch than renewable energy combined with large-scale storage solutions.

The persistence of coal in India’s energy mix reflects a series of structural challenges. Renewable generation is inherently dependent on weather conditions, and large-scale energy storage remains expensive and limited in availability. Grid infrastructure and land acquisition constraints can delay project execution, while long development timelines and regulatory complexity discourage private investment in sectors such as wind and nuclear power. In addition, India continues to rely heavily on imported components and materials for clean energy technologies, exposing the sector to global supply chain risks.

To address these constraints, the government has rolled out a range of policy measures aimed at strengthening domestic manufacturing, attracting investment and accelerating technological adoption. Incentives for rooftop solar installations and support for local production of clean energy equipment are designed to reduce import dependence and build industrial capacity. At the same time, new areas such as green hydrogen are being promoted as part of a broader strategy to decarbonise industry, lower fossil fuel imports and create new employment opportunities.

India’s long-term commitment to achieving net-zero emissions by 2070 reflects a pragmatic approach to climate action. Rather than pursuing abrupt shifts, the country has prioritised a gradual transition that aligns environmental objectives with economic growth and social stability. This approach recognises the realities of a rapidly developing economy where access to affordable and reliable energy remains essential.

India’s energy transition is therefore best understood as an evolving process rather than a linear transformation. The country has made substantial progress in expanding clean energy capacity and meeting climate-related milestones ahead of schedule. At the same time, coal continues to play a critical role in supporting growth and ensuring grid stability. This duality defines India’s energy landscape today and offers a realistic perspective for other developing economies navigating the challenge of balancing development with environmental responsibility.

Nhood Services Poland completes further public consultation stage for Wilanów Park

Nhood Services Poland has concluded another stage of public consultations related to the planned Wilanów Park mixed-use development in the Wilanów district of Warsaw. The consultations focused on the project’s functions, programme and integration with its surroundings, with input collected from local residents and district representatives.

Between June and October 2025, the second consultation phase was carried out by A2P2 architecture & planning, acting on behalf of the investor. This stage concentrated on evaluating the planned uses of the project and assessing how well they correspond to the needs of the local community.

According to Grzegorz Kwiecień, Senior Project Manager at Nhood Services Poland responsible for the Wilanów Park project, the aim of the consultations was to better understand residents’ expectations and ensure that the proposed functions are aligned with everyday needs in the district. Feedback from this process is intended to support further refinement of the development concept.

The consultation programme included meetings at designated consultation points in Wilanów, open workshops, discussions with representatives of the district authorities as well as local cultural and social institutions, and an online survey. Residents highlighted the importance of access to services and retail functions that would complement existing offerings in the area. Among leisure-related proposals, a cinema was frequently mentioned; a multi-screen cinema has already been included in the project at the architectural design stage. Plans also предусматри include cultural and social facilities, such as a year-round orangery.

Participants also drew attention to the needs of children and young people, a growing demographic group in the district. The project concept предусматри recreational and sports-related spaces for different age groups. Cycling infrastructure was another recurring topic, with plans for bike paths that would connect to existing routes in the southern part of the city.

Transport and road infrastructure were discussed during the consultations. Following these talks, the project team held discussions with the Wilanów District Office, the City Road Authority and Warsaw Trams regarding road improvements and the planned extension of the tram line. These measures are intended to improve connectivity within the district.

Green spaces were also identified as a priority. In addition to a public park of more than two hectares, which has been part of the project concept from the outset, plans include a community garden and green roofs to support recreation and everyday use.

The results of the consultations were presented by A2P2 to residents in September 2025, and subsequently to a broader group of stakeholders at the end of October, including the project’s investors Ceetrus Polska and Apsys Polska, representatives of the Wilanów district and members of the academic community. The latter presentation took place during the international Eco-City conference and included a discussion on participatory approaches to urban development.

Wilanów Park is planned as a multifunctional development combining retail, dining, services and leisure facilities with publicly accessible green space. The project is being led by Nhood Services Poland on behalf of Ceetrus Polska and Apsys Polska and is planned for delivery in the Wilanów district of Warsaw.

Generali Fond Realit acquires portfolio of three Lidl stores in cooperation with SCF

Generali Fond Realit, managed by Generali Investments CEE with advisory support from Generali Real Estate, has completed the acquisition of a portfolio of three newly developed Lidl supermarkets in the Czech Republic. The transaction was carried out in cooperation with Czech investment group Star Capital Finance (SCF) and represents the first completed deal between the two parties.

The acquired properties are located in Mníšek pod Brdy, Kutná Hora and Olomouc. Together, the three supermarkets provide a total leasable area of 6,816 sq m. Each store has been developed by Lidl and is located at established or developing retail nodes: near the D4 motorway in Mníšek pod Brdy, close to the Šipší shopping centre in Kutná Hora, and at the entrance to Olomouc along road 55.

The transaction is structured as a sale-and-leaseback. Lidl developed the properties to its operational specifications and, following completion, sold them to the fund while remaining as the long-term tenant. According to the parties involved, this structure aligns with Generali Fond Realit’s investment strategy, which focuses on income-generating assets with long-term leases.

As part of the transaction, Generali Fond Realit becomes the sole owner of the properties, while SCF takes a shareholding position in the fund. Representatives of both groups described the deal as the start of a broader cooperation in the Central and Eastern European region.

One of the acquired stores, located in Mníšek pod Brdy, incorporates elements of Lidl’s newer store concept, including updated architectural design and revised internal layouts. The remaining locations follow the retailer’s current standard format.

The acquisition further expands Generali Fond Realit’s retail portfolio in the Czech market and marks SCF’s first completed joint investment with the Generali group.

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