Key Highlights of 'India Real Estate: Office and Residential Report' (April 4, 2024):

• Office Market Boom:
  • Gross leasing of office space surged 43% year-on-year (YoY) to 16.2 million sq ft in Q1 2024 (Jan-Mar), compared to 11.3 million sq ft in Q1 2023.
  • Bangalore led the growth with 3.5 million sq ft of transactions, accounting for 22% of the total office space take-up.
• Residential Market Strength:
  • Home sales witnessed a 9% YoY increase to 86,345 units across eight major cities in Q1 2024.
  • This is the second-highest sales volume recorded in the past six years, trailing only Q4 2023.
  • Mumbai saw the highest sales volume (23,743 units) and YoY growth (17%).
• Luxury Housing Driving Growth:
  • Homes priced at Rs 1 crore (₹10,000,000) and above witnessed a significant surge, with sales reaching 34,895 units, a 51% YoY increase.
• Price Rise Across Segments:
  • Housing prices increased in the range of 2-13% across eight major cities during Q1 2024.
• Office Rent Increase:
  • Office rents also saw growth, with a range of 1-9% across the eight major cities.

Sun Apr 7, 2024