Real Estate Surge: Housing and Office Markets Thrive

Housing sales increased by 5% and gross office leasing by 18% across major cities during Q3 2024, driven by demand for premium homes and workspaces. Mumbai led in housing sales, while Bengaluru saw significant growth in office space leasing. Challenges persist in affordable housing and some regional markets.

Recent data from Knight Frank India indicates a significant rise in housing and office space demands across eight major cities in the third quarter of 2024. Housing sales witnessed a 5% growth, reaching 87,108 units compared to the previous year's 82,612. This surge is primarily driven by the appetite for premium homes.

The 'India Real Estate' report highlights an 18% increase in office space leasing, climbing to 19 million square feet, as multinational corporations endeavor to establish Global Capability Centres. The report contrasts with the findings of other consultants like Anarock and PropEquity, who reported declines.

Notably, Mumbai and Bengaluru have shown robust growth, with Mumbai recording the highest housing sales. However, challenges persist in affordable housing and specific regions like Delhi-NCR, which saw a decline. The robust office leasing underscores India's emerging role as a global business hub.

(With inputs from agencies.)