Mumbai Records 29 % YOY Increase In Office Transactions In Q1 2024
In the latest report on India Real Estate: Residential and Office for January-March 2024 (Q1 2024), Knight Frank India revealed that Mumbai witnessed office space transactions totalling 2.8 million square feet (mn sq ft) during the quarter, marking a 29% year-on-year (YoY) increase. Additionally, office completions in Mumbai surged by 986% to reach 0.4 million sq ft in Q1 2024. During Q1 2024, the major occupancy/leasing activity was driven by India Facing Businesses with 88% attribution. Flex office areas accounted over 9% share and 3% was occupied by third party IT services. The residential market of Mumbai witnessed a total of residential sales volume of 23,743 with a Year on Year (YoY) growth of 17% YoY which was the highest across the eight Indian cities. Over 25,263 units were launched in Mumbai during the same period. The average weighted residential price witnessed an increase of 6% YoY during Q1 2024 with a value of INR 7,891 sq ft. Mumbai observed a commendable growth of 259% in the ticket size category of above 10mn during Q1 2024. A total of 7,401 units were sold in this segment. For the ticket size of under INR 5 mn category, INR 10,527 units were sold showcasing 13% YoY growth.