5% increase in home sales
18% rise in office leasing
Knight Frank report reveals
The residential real estate sector has gained momentum across the country. In the quarter ending September, home sales increased by 5% in eight major cities in India. The report released by Knight Frank India also revealed an 18% rise in office leasing. During the July-September period, 87,108 units were sold in these eight cities, compared to 82,612 units sold in the same period last year. Gross office leasing increased by 18% year-on-year, reaching 19 million square feet.
In Hyderabad, home sales rose by 9%, reaching 9,114 units. However, office space leasing saw a decline of 26%, limiting it to 2.2 million square feet, down from 2.9 million square feet in the same quarter last year.
In Mumbai, a record 24,222 residential units were sold, marking a 9% increase compared to sales in the same quarter last year. However, office leasing here declined by 17%, registering at 2.7 million square feet. In Bengaluru, home sales rose by 11%, with 14,604 units sold. Office space leasing surged by two and a half times, reaching 5.3 million square feet, up from 2.1 million square feet during the same period last year.
In Pune, home sales saw only a 1% increase, totalling 13,200 units, while office space leasing decreased by 14%, falling to 2.6 million square feet.
Knight Frank noted a positive trend in the housing market, with record sales reported in Q3. According to Shishir Baijal, CMD of Knight Frank India, the demand for premium homes priced above Rs 1 crore has contributed to this sales growth. However, he mentioned a decline in home sales in the affordable price segment.
