New Delhi: The real estate market in India is booming, with flat sales increasing by 13% to 24,525 units and office space leasing in Pune skyrocketing by 88% to 4.4 million sq ft. Knight Frank India reports that house sales have reached the highest level in the last 10 years, with 1.73 lakh units sold in eight major cities in the first half of 2024.
Chairman and Managing Director of Knight Frank India, Shishir Baijal, attributes this growth to India’s strong financial infrastructure and stable socio-political environment. The demand for office space has also seen a significant increase, driven by business and global capacity centres.
In Mumbai, home sales have increased by 16% to 47,259 units, while office space leasing grew by 79% to 5.8 million square feet. Delhi-NCR saw a slight decrease in home sales, with only 28,998 units sold, but the demand for office space grew by 11.5% to 5.7 million square feet.
Bengaluru experienced a marginal 4% increase in home sales to 27,404 units, with demand for office space rising by 21% to 8.4 million square feet. Chennai saw a 12% increase in home sales to 7,975 units, although demand for office space fell by 33% to 3 million square feet.
In Hyderabad, home sales rose by 21% to 18,573 units, while demand for office space increased by 71% to 5 million square feet. Kolkata saw a 25% increase in home sales to 9,130 units, with office space leasing up by 23% to 0.7 million square feet. Ahmedabad also experienced a rise in home sales by 17% to 9,377 units during January-June, along with an increase in office space leasing.
Overall, Knight Frank India predicts a strong finish to 2024, with both the residential and commercial sectors potentially hitting new highs.
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