Knight Frank – India Real Estate Office and Residential Market

The Indian real estate market has seen a strong recovery since the pandemic, driven by positive homebuyer sentiments and a supportive economic environment. Sales volumes in the primary market have grown significantly, reaching a 10-year high in 2023. Despite global economic challenges, India has maintained its status as the fastest growing large economy with stable interest rates. In 2024, the residential market continued to show momentum with sales growing at 9% year-on-year in the first quarter. Mumbai saw the highest sales volume and growth, fueled by a spike in sales of high-priced units. Residential development has been in overdrive, with units launched exceeding sales for the past six quarters. Demand for larger living spaces and an upgraded lifestyle continues to drive the market, particularly in the higher ticket-size segment. Overall, there has been a significant increase in sales of units priced over INR 10 million, with this segment being the primary driver of sales growth. The trend towards larger living spaces and upgraded lifestyles, sparked during the pandemic, has continued to shape the residential market in India.