Home sales rise 13 pc to 24,525 units in Pune, office space rental up 88 pc, home sales at 10-year high in India
New Delhi: Flat sales increased by 13 pc to 24,525 units while leasing out of office space increased by a remarkable 88 pc to 4.4 million sq ft in Pune. Knight Frank India has claimed that house sales have also increased in the country and have reached the highest level in the last 10 years.
According to Knight Frank India, the real estate market in India is steadily on the rise. It reported impressive numbers in the first half of 2024. Home sales in eight major cities reached 1.73 lakh units, the highest level in 11 years.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, in a virtual press conference, said that India’s strong financial infrastructure and stable socio-political environment have driven both residential and commercial units to record numbers in the first quarter of the year.
India’s strong economic growth has also positively impacted demand for office space, with business and global capacity centres driving a major portion of leasing activity.
Knight Frank India said 2024 will also finish strong, with both the residential and commercial sectors potentially hitting new highs.
Cities – Special Highlights
Mumbai: Home sales up 16 pc to 47,259 units. Office space leasing grew 79 pc to 5.8 million square feet.
Delhi-NCR: Home sales down 4 pc. Only 28,998 units sold. Demand for office space grew by 11.5 pc to 5.7 million square feet.
Bengaluru: Home sales increase marginally by 4 pc to 27,404 units. Demand for office space rose 21 pc to 8.4 million square feet.
Chennai: Home sales up 12 pc to 7,975 units. Demand for office space fell 33 pc to 3 million square feet.
Hyderabad: Home sales up 21 pc to 18,573 units. Demand for office space rose 71 pc to 5 million square feet.
Kolkata: Home sales up 25 pc to 9,130 units. Office space leasing up 23 pc to 0.7 million square feet.
Ahmedabad: Home sales rose 17 pc to 9,377 units during January-June. Increase in leasing of office space.
