India's Housing Market Sees 5% Growth in Q3 2024, Mumbai Leads the Pack
The housing market in India has witnessed a 5% growth in Q3 2024, with Mumbai emerging as the top performer. The city saw a 9% growth in sales, with 24,222 units sold during the quarter.
Housing MarketReal EstateIndiaMumbaiBengaluruOffice SpaceKnight Frank IndiaReal EstateOct 03, 2024
According to a report by Knight Frank India, housing sales have grown across all markets except for Delhi-NCR, where sales have dipped by 7% year-on-year. Sales in Bengaluru grew at 11% year-on-year with 14,604 units.
Meanwhile, office space transactions grew 18% year-on-year during the three-month period to reach 19 million square feet, the highest quarterly absorption since Q1 2018. Bengaluru led the office space transactions, with a 28% share in the total office volume transactions across the select eight cities during Q3 2024 at 5.3 million square feet.
The report also highlighted that the residential segment has recorded sales to the tune of 2.6 lakh units, while the office category has registered leasing of 53.7 million square feet, so far in 2024. Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, \
Frequently Asked Questions
What is the growth rate of the housing market in India in Q3 2024?
The housing market in India has witnessed a 5% growth in Q3 2024.
Which city has led the pack in terms of housing sales in Q3 2024?
Mumbai has led the pack, with a 9% growth in sales to 24,222 units.
What is the growth rate of office space transactions in Q3 2024?
Office space transactions grew 18% year-on-year during the three-month period to reach 19 million square feet.
Which segment continues to drive overall sales growth in the housing market?
The ₹1 crore and above segment continues to fire on all cylinders and remains the primary driver of overall sales growth.
What is the expected growth rate of office leasing numbers by the end of 2024?
We expect this trend to continue for the rest of the year, with the possibility of office leasing numbers crossing 70 million sq ft by the end of 2024—an astounding 10 million sq ft increase, or a 20% growth over the previous high.
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