India's Housing Market Sees 5% Growth in Sales Across Top 8 Cities
Mumbai leads the pack with 9% growth in sales, while Bengaluru sees 11% growth, according to a new report by Knight Frank India.
Housing MarketReal EstateIndiaMumbaiBengaluruOffice SpaceAffordable HousingKnight Frank IndiaReal Estate MumbaiOct 03, 2024
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 way with a 28% share in the total office volume transactions across the select eight cities during Q3 2024.
The report highlights that the residential segment has recorded sales to the tune of 2.6 lakh units so far in 2024, while the office category has registered leasing of 53.7 million square feet. The ₹1 crore and above segment continues to drive overall sales growth, with a 41% year-on-year growth in sales.
However, affordable housing remains a laggard, with sales declining by 14% annually. The report notes that the combined impact of rising prices, higher home loan rates, and the relatively adverse effects of the pandemic in this sector persisted, suppressing demand.
New launches were recorded at 90,479 units across the eight cities, recording a 6% year-on-year growth in Q3 2024. Mumbai and Pune saw the highest volume of units launched, collectively constituting 43% of the total units launched during the quarter.
Rent growth was seen across all office markets, with Bengaluru growing by a notable 158% year-on-year during the third quarter of the ongoing calendar year.
Knight Frank India is a leading property consultancy that provides a comprehensive range of services to the real estate sector.
Frequently Asked Questions
What is the growth rate of housing sales across the top 8 cities in India?
5%
Which city leads the pack in terms of growth in sales?
Mumbai, with a 9% growth in sales
What is the growth rate of office space transactions across the top 8 cities?
18% year-on-year
Which segment continues to drive overall sales growth in the residential market?
The ₹1 crore and above segment
Why has affordable housing seen a decline in sales?
Due to the combined impact of rising prices, higher home loan rates, and the relatively adverse effects of the pandemic in this sector
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