The housing and office markets in India are getting better, as indicated in a recent report by Knight Frank India. The report covers the months from January to March in 2024, and it shows that housing sales went up by 9% in eight big cities. At the same time, there was a huge 43% increase in the demand for office spaces. Now, let's take a closer look at how each city is doing in this real estate boom.

MUMBAI

Mumbai, the financial capital of India, experienced a 17% rise in housing sales, with 23,743 units sold during Q4 FY24. The office leasing market also saw significant growth, increasing by 29% to reach 2.8 million square feet. Despite being the most expensive market, Mumbai continues to attract buyers and businesses alike, reflecting its status as a prime real estate destination.

DELHI-NCR

In Delhi-NCR, housing sales witnessed a marginal 1% increase, reaching 15,527 units. However, the office demand in the region surged by 19%, indicating a resurgence in commercial activities. The capital region remains a crucial hub for both residential and commercial real estate, with steady demand despite market fluctuations.

BENGALURU

Bengaluru, known as India's Silicon Valley, saw a slight dip of 2% in housing sales, totalling 13,133 units. However, the office demand remained stable at 3.5 million square feet, highlighting the city's resilience as a tech and business hub. The demand for premium workspace in Bengaluru continues to drive the commercial real estate sector forward.

PUNE

Pune witnessed a robust 14% growth in housing sales, with 11,832 units sold during the quarter. The office demand in the city soared more than two times, reaching 1.9 million square feet. Pune's emergence as a thriving IT and manufacturing hub has fuelled demand for both residential and commercial properties.

HYDERABAD

Housing sales in Hyderabad surged by 15%, with 9,550 units sold in Q4 FY24. The office demand witnessed an extraordinary threefold jump to 3 million square feet, underscoring the city's growing prominence as a major business destination. Hyderabad's favourable business environment and infrastructure development continue to attract investors and homebuyers alike.

AHMEDABAD

Ahmedabad recorded an 11% increase in housing sales, reaching 4,673 units, while office demand grew by 18% to 0.5 million square feet. The city's strategic location and thriving industrial sector contribute to its attractiveness for real estate investments.

CHENNAI

Chennai saw an 8% rise in housing sales, totalling 3,950 units, accompanied by a 45% increase in office leasing, reaching 1.2 million square feet. The city's diverse economy and robust infrastructure make it a promising real estate market for both residential and commercial developments.

KOLKATA

Kolkata experienced a 12% increase in housing sales, with 3,937 units sold during the quarter. However, office demand in the city fell to 0.2 million square feet. Despite this dip in commercial real estate, Kolkata's residential market continues to show resilience, driven by steady demand from homebuyers.

The Knight Frank India report provides valuable insights into the dynamic real estate landscape of India's top eight cities. While each city presents unique opportunities and challenges, the overall trend reflects a resurgence in both residential and commercial segments. As urbanization and economic growth continue to drive demand, the real estate sector is poised for sustained growth and innovation in the years to come.