New Delhi, The Indian real estate market remained buoyant between January and June this year, with housing sales hitting an 11-year high of 1.73 lakh units and office demand at a record 34.7 million. square feet in eight major cities, according to Knight Frank.
On an annual basis, housing sales rose 11 percent to 1,73,241 units, while leasing of office space grew 33 percent to 34.7 million square feet between January and June this year in eight major cities.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "India's real estate market has been buoyant in the last few quarters due to strong economic fundamentals and stable socio-political conditions."
As a result, the residential and office segments have seen record numbers in a decade, he told reporters at a virtual press conference on Thursday.
He noted that premium homes accounted for 34 percent of all sales in the first half of 2024.
"At the same time, India's status as one of the fastest growing major economies has had a positive impact on office demand. India faces corporates and GCCs taking leading positions in transactions. Based on our expectation "With continued stability in socio-economic and political conditions and the current growth trajectory, we anticipate a strong finish to 2024 with residential and commercial office transactions recording record levels."
Between January and June 2024, housing sales in Mumbai rose 16 percent year-on-year to 47,259 units, while leasing of office space in the city rose 79 percent to 5.8 million square feet.
In Delhi-NCR, housing sales declined 4 per cent to 28,998 units, but demand for office space grew 11.5 per cent to 5.7 million sq ft.
Bengaluru saw a 4 per cent growth in housing sales to 27,404 units and a 21 per cent rise in office demand to 8.4 million sq ft.
In Pune, housing sales rose 13 per cent to 24,525 units, while leasing of office space rose 88 per cent to 4.4 million sq ft.
Chennai witnessed a 12 per cent growth in residential property sales to 7,975 units, but the city witnessed a 33 per cent drop in office demand to 3 million sq ft.
In Hyderabad, housing sales rose 21 per cent to 18,573 units, while office demand soared 71 per cent to 5 million sq ft.
Kolkata witnessed a 25 per cent growth in housing sales to 9,130 units. The city saw a 23 percent increase in office space leasing, up to 0.7 million square feet.
In Ahmedabad, residential property sales during January-June rose 17 per cent year-on-year to 9,377 units. Office space leasing multiplied to reach 1.7 million square feet.
Commenting on the report, Gurugram-based real estate broker Signature Global President Pradeep Aggarwal said demand for residential properties at various price levels remains strong, driven by high economic growth and infrastructure development.
"Developers are strategically launching new projects to take advantage of this demand," he said.
Bhavesh Kothari, Founder and CEO of Property First Realty, said: "The growing desire to own a home among potential buyers and stable mortgage rates that help homebuyers plan their finances well in advance are driving this growth trend greatly".
Additionally, he said positive buyer sentiment and rising wave of NRI investments in India's residential sector are also instilling confidence in developers.
On an annual basis, housing sales rose 11 percent to 1,73,241 units, while leasing of office space grew 33 percent to 34.7 million square feet between January and June this year in eight major cities.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, "India's real estate market has been buoyant in the last few quarters due to strong economic fundamentals and stable socio-political conditions."
As a result, the residential and office segments have seen record numbers in a decade, he told reporters at a virtual press conference on Thursday.
He noted that premium homes accounted for 34 percent of all sales in the first half of 2024.
"At the same time, India's status as one of the fastest growing major economies has had a positive impact on office demand. India faces corporates and GCCs taking leading positions in transactions. Based on our expectation "With continued stability in socio-economic and political conditions and the current growth trajectory, we anticipate a strong finish to 2024 with residential and commercial office transactions recording record levels."
Between January and June 2024, housing sales in Mumbai rose 16 percent year-on-year to 47,259 units, while leasing of office space in the city rose 79 percent to 5.8 million square feet.
In Delhi-NCR, housing sales declined 4 per cent to 28,998 units, but demand for office space grew 11.5 per cent to 5.7 million sq ft.
Bengaluru saw a 4 per cent growth in housing sales to 27,404 units and a 21 per cent rise in office demand to 8.4 million sq ft.
In Pune, housing sales rose 13 per cent to 24,525 units, while leasing of office space rose 88 per cent to 4.4 million sq ft.
Chennai witnessed a 12 per cent growth in residential property sales to 7,975 units, but the city witnessed a 33 per cent drop in office demand to 3 million sq ft.
In Hyderabad, housing sales rose 21 per cent to 18,573 units, while office demand soared 71 per cent to 5 million sq ft.
Kolkata witnessed a 25 per cent growth in housing sales to 9,130 units. The city saw a 23 percent increase in office space leasing, up to 0.7 million square feet.
In Ahmedabad, residential property sales during January-June rose 17 per cent year-on-year to 9,377 units. Office space leasing multiplied to reach 1.7 million square feet.
Commenting on the report, Gurugram-based real estate broker Signature Global President Pradeep Aggarwal said demand for residential properties at various price levels remains strong, driven by high economic growth and infrastructure development.
"Developers are strategically launching new projects to take advantage of this demand," he said.
Bhavesh Kothari, Founder and CEO of Property First Realty, said: "The growing desire to own a home among potential buyers and stable mortgage rates that help homebuyers plan their finances well in advance are driving this growth trend greatly".
Additionally, he said positive buyer sentiment and rising wave of NRI investments in India's residential sector are also instilling confidence in developers.
