India Property Demand: The demand for real estate in the country is high. The country’s real estate market is touching new heights. The charm of real estate remained intact in the last half. Due to the increase in demand, house sales reached an 11-year high of 1.73 lakh units. Real estate consultant Knight Frank has said in its latest report that there have been important talks about real estate in the big cities of the country.
at its highest level in 10 years
Residential sales rose 11 per cent to a 10-year peak in January-June. The Indian real estate market remained bullish in the first half of 2024, pushing home sales to an 11-year high of 1.73 lakh units. According to Knight Frank, office demand in eight major cities of the country reached a record 34.7 million sq ft during this period. On an annual basis, residential sales in eight major cities grew 11 per cent to 1,73,241 units between January and June this year, while demand for office space grew 33 per cent to 34.7 million sq ft.
Knight Frank India Chairman and Managing Director Shishir Baijal said that India’s real estate market has grown rapidly in the last few quarters due to strong economic fundamentals and stable socio-political conditions. He said in an online press conference on Thursday that as a result, the demand for residential and office spaces was the highest in a decade.
Status of top cities of India
He said premium housing accounted for 34 per cent of total sales in the first half of 2024 (January-June). Residential sales in Mumbai grew 16 per cent year-on-year to 47,259 units in January-June 2024, while demand for office space in the city grew 79 per cent to 58 lakh sq ft. Residential sales in Delhi-National Capital Region declined by four per cent to 28,998 units, although demand for office space grew 11.5 per cent to 57 lakh sq ft. Residential sales in Bengaluru saw a four per cent rise to 27,404 units while office demand grew 21 per cent to 84 lakh sq ft.
Residential sales in Pune grew 13 per cent to 24,525 units, while demand for office space grew 88 per cent to 4.4 million sq ft. Chennai witnessed a jump in residential demand and a decline in demand for office space during the period. Hyderabad, Kolkata and Ahmedabad witnessed growth in both residential and office space demand. Commenting on the report, Pradeep Aggarwal, chairman of Gurugram-based real estate company Signature Global, said demand for residential properties across price points remains strong, driven by high economic growth and infrastructure development. “Developers are strategically launching new projects to take advantage of this demand,” he said. Bhavesh Kothari, founder and chief executive officer of Property First Realty, said, “Increasing willingness to purchase homes among potential buyers and stable loan rates are mainly driving this upward trend.”