According to a Knight Frank India report, transactions registered a growth of 33 per cent (year-on-year) in H1 2024 from 26.1 million sq ft in H1 2023.
Bengaluru remained the largest office market with transactions of 8.4 million sq ft, which is 26 per cent of the total office volume transactions across the eight cities.
Mumbai (5.8 million sq ft) and Delhi-NCR (5.7 million sq ft) were the other major commercial markets in the country.
Ahmedabad recorded the strongest growth of 218 per cent (y-o-y), albeit on a smaller base.
According to the report, Chennai was the only market to see a decline in transaction volumes due to severe shortage of Grade-A space in the city.
Residential sales reached an 11-year high with 1,73,241 units sold across eight cities in the first half of this year.
India's real estate market has been growing rapidly over the last few quarters due to strong economic fundamentals and stable socio-political conditions, said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
The residential market has recorded a significant growth of 11 per cent year-on-year on a premium segment basis, accounting for 34 per cent of all sales in the first half of 2024.
Baijal said, “Based on our expectation of continued stability in socio-economic and political conditions and the current trajectory of growth, we expect a strong end to the year 2024, with both residential and commercial office transactions at record highs. "
In the first half of 2024, India-facing businesses leased 14.3 million square feet, accounting for 41 percent of the total leasing volume, compared to 35 percent in the first half of 2023.
"This growth can be attributed to strong confidence in the prospects of the Indian economy and consumer markets," the report said.
Bengaluru remained the largest office market with transactions of 8.4 million sq ft, which is 26 per cent of the total office volume transactions across the eight cities.
Mumbai (5.8 million sq ft) and Delhi-NCR (5.7 million sq ft) were the other major commercial markets in the country.
Ahmedabad recorded the strongest growth of 218 per cent (y-o-y), albeit on a smaller base.
According to the report, Chennai was the only market to see a decline in transaction volumes due to severe shortage of Grade-A space in the city.
Residential sales reached an 11-year high with 1,73,241 units sold across eight cities in the first half of this year.
India's real estate market has been growing rapidly over the last few quarters due to strong economic fundamentals and stable socio-political conditions, said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
The residential market has recorded a significant growth of 11 per cent year-on-year on a premium segment basis, accounting for 34 per cent of all sales in the first half of 2024.
Baijal said, “Based on our expectation of continued stability in socio-economic and political conditions and the current trajectory of growth, we expect a strong end to the year 2024, with both residential and commercial office transactions at record highs. "
In the first half of 2024, India-facing businesses leased 14.3 million square feet, accounting for 41 percent of the total leasing volume, compared to 35 percent in the first half of 2023.
"This growth can be attributed to strong confidence in the prospects of the Indian economy and consumer markets," the report said.
