On an annual basis, housing sales rose 11 per cent to 1,73,241 units, while office space leasing grew 33 per cent to 34.7 million square feet.
Written By Riya R Alex
Published4 Jul 2024, 03:37 PM IST
Housing sales hit a 11 year peak.
Housing sales in India hit an 11-year high of 1.73 lakh units, and office demand reached a record 34.7 million square feet across eight major cities from January to June.
This was revealed in a report – India Real Estate: residential and office for January to July – released by global real estate consultants Knight Frank.
On an annual basis, housing sales rose 11 per cent to 1,73,241 units, and office space leasing grew 33 per cent to 34.7 million square feet.
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Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, “Strong growth momentum is reflected in the robust performance of the Indian real estate markets.”
As a result, the report said the residential and office segments have recorded decadal-high numbers. Baijal mentioned that premium housing formed 34 per cent of all sales in the first half of 2024.
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Within NCR, Gurugram, in particular, has emerged as a preferred choice for luxury homebuyers. There is a large presence of high-net-worth individuals (HNIs) and Ultra NHIs and a significant rise in the number of affluent millennials in the region, who prefer to stay close to work and are willing to go the extra mile for their convenience and indulgent lifestyle, said Aakash Ohri, Joint Managing Director & Chief Business Officer, DLF Homes.
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During Jan-June 2024, housing sales in Mumbai increased by 16 per cent annually to 47,259 units, while office space leasing in the city surged 79 per cent to 5.8 million square feet.
In Delhi-NCR, housing sales fell 4 per cent to 28,998 units, but office space demand grew 11.5 per cent to 5.7 million square feet.