Indian Real Estate Market Hits Record Highs in 2024

India's real estate market surged in the first half of 2024, with housing sales and office space demand reaching record highs. The growth is attributed to strong economic fundamentals, stable socio-political conditions, and rising NRI investments. Key cities like Mumbai, Pune, and Hyderabad saw significant increases in both residential and office space transactions.

In an unprecedented surge, India's real estate market achieved remarkable milestones in the first half of 2024, as reported by Knight Frank. Housing sales soared to an 11-year peak of 1.73 lakh units, while office demand reached a record 34.7 million square feet across eight major cities.

Annually, housing sales grew by 11 percent, and office space leasing saw a 33 percent increase, signifying robust growth in the sector. Shishir Baijal, Chairman and Managing Director of Knight Frank India, attributed this buoyancy to strong economic fundamentals and stable socio-political conditions.

Premium housing accounted for 34 percent of all sales, and Mumbai led the overall market growth, with housing sales up 16 percent and office space leasing surging by 79 percent. Other cities like Pune, Hyderabad, and Bengaluru also recorded substantial increases, highlighting the sector's resilience and promising outlook for the rest of 2024.

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