Knight Frank – India Real Estate Residential and Office Market, 1H 2024

The real estate industry in India has experienced a strong recovery since the pandemic, with the residential market leading the resurgence. Sales volumes have grown at a healthy rate, reaching a 10-year high in 2023. Positive market sentiments are fueled by India's strong economic outlook, with GDP growth rates among the highest globally. Increased savings during lockdowns and minimal income disruptions have boosted demand in the residential market. Sales in the first half of 2024 reached an 11-year high, with growth seen across most markets. Homebuyer preferences are shifting towards experiential living, driving sales of higher-priced units. In contrast, the office market is seeing an excess of supply compared to demand. Despite rising inventory levels, the market remains relatively healthy with improving fundamentals. Prices have also grown in most markets, reflecting the overall strength of the real estate sector. With a positive economic outlook and potential rate cuts, the market is poised for continued success in the second half of 2024.