The common weighted residential worth witnessed a rise of 6% YoY throughout Q1 2024 with a price of Rs 7,891 sq ft. (Representative picture)
During Q1 2024, the most important occupancy/leasing exercise was pushed by India India-facing companies with 88% attribution.
In the newest report, ‘India Real Estate: Residential and Office’ for January-March 2024 (Q1 2024), Knight Frank India revealed that Mumbai witnessed workplace area transactions totalling 2.8 million sq. ft (mn sq ft) throughout the quarter, marking a 29% yr-on-yr (YoY) improve. Additionally, workplace completions in Mumbai surged by 986% to succeed in 0.4 million sq ft in Q1 2024.
During Q1 2024, the most important occupancy/leasing exercise was pushed by India India-facing companies with 88% attribution.
Flex workplace areas accounted for over 9% share and three% was occupied by third-celebration IT providers.
Residential market
The residential market of Mumbai witnessed a complete residential gross sales quantity of 23,743 with a Year on Year (YoY) progress of 17% YoY which was the best throughout the eight Indian cities. Over 25,263 items had been launched in Mumbai throughout the identical interval. The common weighted residential worth witnessed a rise of 6% YoY throughout Q1 2024 with a price of Rs 7,891 sq ft.
Mumbai noticed a commendable progress of 259% within the ticket dimension class of above 10mn throughout Q1 2024. A complete of seven,401 items had been offered on this section. For the ticket dimension below Rs 5 mn class, Rs 10,527 items had been offered showcasing 13% YoY progress.
Shishir Baijal, chairman & MD, Knight Frank India, stated, “The real estate market experienced another exceptional period characterised by robust performances in both the office and residential sectors. The residential segment particularly witnessed a significant surge, propelled by continued growth in sales in the higher price category of Rs 1 Crore and above. This not only demonstrates a strong demand trajectory but also reflects buyers’ confidence in making long-term commitments. Concurrently, the office sector maintained its upward trajectory, delivering one of the most impressive quarterly demand performances to date.”
“The country’s economic stability has spurred businesses operating in India to expand their operations, consequently driving demand for office spaces. Additionally, many companies are now reverting to conventional office setups, either reducing or discontinuing their work-from-home policies, further boosting demand. We anticipate these activities to continue at a robust pace in the foreseeable future backed by the stable economic policies and favourable domestic conditions,” Baijal added.
