Donthi Murali
This is an article about housing sales and office space leasing in eight major Indian cities. It discusses growth in both sectors. Demand for luxury housing and premium office space is high. Housing prices rose 2-13% annually. Office rents grew 1-9%. Cities like Mumbai and Hyderabad saw significant increases in housing sales. The office leasing market grew considerably in Hyderabad and Pune. There was a slight decline in Bengaluru’s housing market, but office space leasing remained flat. Kolkata’s office leasing market also saw a decline.
In New Delhi, the real estate sector experienced a notable increase in housing sales, with a 9% rise compared to the previous year. Concurrently, there was a surge in demand for office spaces as well. This growth trend was observed across the top eight cities in India during the fourth quarter of the fiscal year 2023-24. These findings were reported in a study conducted by [Knight Frank], underscoring the resilience and potential of the real estate market despite various challenges. More detailed insights as mentioned below.
The property consultant Knight Frank India reported a 9% annual increase in housing sales and a remarkable 43% surge in office demand across eight major cities during the January-March period. This growth was attributed to improved demand for luxury residences and high-quality office spaces. The findings were unveiled during a webinar where Knight Frank India released its ‘India Real Estate: Office and Residential Report (January-March 2024)’. Additionally, the report highlighted that housing prices experienced a rise ranging from 2% to 13% annually in these eight cities during the same period.
According to the data, housing sales in January-March surged to 86,345 units across eight major cities, a notable increase from 79,126 units recorded in the same period the previous year. This growth can be attributed to the stable economic conditions in the country, which have encouraged businesses to operate in India. The major cities covered in this report include Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru, Pune, and Ahmedabad.
In Hyderabad, new home prices experienced the most significant increase, rising by 13 percent year-on-year. This rise indicates a shift in focus among developers towards the development of premium properties.
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