Knight Frank - India Real Estate, June 2023

The 19th edition of Knight Frank India's flagship half-yearly report, 'India Real Estate H1 2023,' provides valuable insights and information about the performance and opportunities in the Indian real estate market. The report covers the residential and office segments across the top 8 cities in India, including Mumbai, Delhi, Bangalore, and Chennai, from January to June 2023. According to the report, the residential real estate demand in India scaled a nine-year high in 2022, while the office market posted a robust recovery compared to markets in the developed world. However, the underlying components of the market are undergoing a significant amount of churn, possibly pointing to a pivotal point in its evolution. For instance, in the office space, the occupier's preference for flex spaces scaled a historic high, while in the residential market, the sales volumes of the erstwhile dominant affordable segment have been convincingly eclipsed by those of the mid-segment. The report also highlights the economic momentum in India, with the GDP growth estimates for FY 2023-24 being revised upward. However, it remains to be seen if the real estate market has enough steam to sustain the momentum it had gained in the previous year. The report covers topics such as transaction volumes, market trends, occupier preferences, and regulatory environment, making it a valuable resource for anyone interested in the Indian real estate market.