Office market transactions for historic office spaces in India grew to 34.7 million square feet in the first half of the current year, across the top eight cities of the country. This is nearly 33% up from the same half in 2013. The top office market in the country was Bengaluru, contributing a total of 8.4 million square feet in office transactions, which accounted for 26% of the total volume across eight cities.
According to Shishir Baijal, Chairman and Managing Director of Knight Frank India: "India's real estate market has been buoyant in the last few quarters, much to the strong economic fundamentals and stable socio-political conditions."
The residential sector was equally dynamic, with the sale of 173,241 units in the first half of the year alone, in eight cities-the highest figure in 11 years.
“Based on our expectation of continued stability in the socio-economic and political conditions and the current trajectory of growth, we anticipate a strong finish to the year 2024 with both residential and commercial office transactions noting record highs,” Baijal added.
The India-facing companies have now taken up 14.3 million square feet of the total volume, garnering a share of 41% in the total leasing volume, from 35% registered in H1 2023. The report confirms, “This growth can be attributed to the strong confidence in the prospects of the Indian economy and consumer markets,” said the report.
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