Housing Sales Surge by 9% in Top Eight Cities in Q4 FY24
The real estate market in India's major cities experienced notable growth in the January-March period of fiscal year 2024, as reported by property consultant Knight Frank India. Housing sales saw a 9% annual increase, reaching 86,345 units across eight key cities, with Mumbai leading the surge at a 17% rise. Additionally, office demand soared by 43%, with gross leasing of office space reaching 16.2 million square feet. This growth was attributed to robust demand for luxury homes and premium workspace, driving housing prices up by 2-13% annually in the aforementioned cities.
Knight Frank India's Chairman and Managing Director, highlighted the exceptional performance of both the residential and office sectors, driven by sustained growth in sales and demand. The surge in housing sales, particularly in the higher price category of Rs 1 crore and above, signifies strong buyer confidence and long-term commitment. Meanwhile, the office sector maintained its upward trajectory, propelled by expanding business operations and a shift towards conventional office setups. Despite challenges, such as opposition from civil society organisations and fluctuations in market dynamics, the real estate sector is expected to sustain its growth momentum, supported by stable economic policies and favourable domestic conditions.
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