India's Real Estate Market Sees 5% Increase in Housing Sales and 18% Growth in Office Demand
The Indian real estate market has witnessed a 5% increase in housing sales and an 18% growth in office demand across top 8 cities, with Mumbai and Bengaluru emerging as the top performers.
Real EstateHousing SalesOffice DemandIndiaKnight Frank IndiaMumbaiBengaluruDelhincrChennaiAhmedabadPuneHyderabadReal Estate NewsOct 03, 2024
Mumbai recorded the highest sales volumes at 24,222 units, a new high for the market, with a 9% year-on-year growth. Bengaluru saw an 11% growth in sales to 14,604 units, while Pune and Hyderabad witnessed a 1% and 9% growth, respectively.
On the office demand front, Bengaluru emerged as the top performer, with a more than two-fold jump in gross leasing of workspace to 5.3 million square feet. Delhi-NCR saw a 26% growth in office demand to 3.2 million square feet, while Chennai and Ahmedabad witnessed a 35% and 69% growth, respectively.
However, office demand in Mumbai fell 17% to 2.7 million square feet, while Pune and Hyderabad saw a decline of 14% and 26%, respectively. Knight Frank India CMD Shishir Baijal said, \
Frequently Asked Questions
What is the growth rate of housing sales in India during the July-September quarter?
5%
Which city recorded the highest sales volumes in housing sales?
Mumbai
What is the growth rate of office demand in Bengaluru?
More than two-fold
Which segment of the housing market is witnessing a decline in sales?
Affordable housing segment
What is the expected growth in office leasing numbers by the end of 2024?
20%
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