{"id":99007,"date":"2023-04-03T16:57:00","date_gmt":"2023-04-03T11:27:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=99007"},"modified":"2023-04-03T16:54:08","modified_gmt":"2023-04-03T11:24:08","slug":"biz-realty-housing-office","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-realty-housing-office\/","title":{"rendered":"Property market steady in Jan-Mar; housing sales up 1%, office leasing rises 5% annually in 8 cities: Knight Frank"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3883471213\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Indian real estate witnessed steady demand during January-March with housing sales rising by 1 per cent and gross office space leasing growing by 5 per cent year-on-year across eight major cities, Knight Frank India said on Monday.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3520992509\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>Housing prices rose in the range of 1-7 per cent annually in the first quarter of this calendar year, while office rentals grew 2-9 per cent, according to real estate consultant Knight Frank &#8216;India Real Estate&#8217; report released on Monday.<\/p><p>As per the data, housing sales stood at 79,126 units across eight major cities during January-March 2023, up by marginal 1 per cent from the year-ago period.<\/p><p>The gross office leasing rose 5 per cent to 11.3 million square feet in January-March, from 10.8 million square feet in the corresponding period of the previous year.<\/p><div class=\"trade-content_5\" id=\"trade-219538302\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>&#8220;The residential market remained resilient in the face of rising interest rates and prices as sales level sustained in the first quarter of the year,&#8221; Knight Frank India Chairman &amp; Managing Director Shishir Baijal said in a statement.<\/p><p>The need for home ownership continues to drive demand even as the homebuyer&#8217;s ability to purchase has come under pressure over the past few months, he said.<\/p><p>&#8220;The mid and premium (housing) segments have emerged as outperformers in this market and can also be expected to drive volumes for the remainder of 2023,&#8221; Baijal said.<\/p><p>According to Knight Frank, all eight cities posted a YoY (year-on-year) growth in per square feet (sq ft) prices of residential properties during January-March this year.<\/p><p>Prices grew the most in Bengaluru at 7 per cent followed by Mumbai at 6 per cent, whereas Hyderabad and Chennai prices rose 5 per cent each YoY during Q1 2023.<\/p><p>Housing prices appreciated by 4 per cent in Pune, 3 per cent each in Ahmedabad and Delhi-NCR. Kolkata saw a growth of just one per cent in housing prices.<\/p><div class=\"trade-content-10\" id=\"trade-594115001\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>In the office market, rentals in Kolkata rose 9 per cent year-on-year in the January-March period.<\/p><p>Rentals grew by 5 per cent each in Hyderabad, Bengaluru and Chennai, while Pune and Mumbai saw a 4 per cent rise in rent each.<\/p><p>Ahmedabad and Delhi-NCR witnessed 3 per cent and 2 per cent increase, respectively, in office rent.<\/p><p>On the office market, Baijal said, &#8220;The relatively stronger economic environment in India has helped the office market to step into 2023 on a positive note.<\/p><p>The proposition of high-quality talent and the cost arbitrage with the appreciation in the USD has served to anchor the Indian businesses of multinational corporations.<\/p><p>As per the data, housing sales in Mumbai during January-March fell 6 per cent to 20,300 units, but office leasing more than doubled to 2.2 million square feet.<\/p><p>In Delhi-NCR, housing sales rose 2 per cent to 15,392 units, while office leasing were up 12 per cent to 2.6 million square feet.<\/p><p>Housing sales in Bengaluru dropped 2 per cent to 13,390 units, but the office market remained stable with leasing of 3.5 million square feet.<\/p><p>Pune saw a marginal growth of 1 per cent in housing sales at 10,368 units, while office demand fell 8 per cent to 0.8 million square feet.<\/p><p>Housing sales in Hyderabad rose 19 per cent to 8,300 units but office absorption declined 46 per cent to 0.8 million square feet.<\/p><p>Ahmedabad witnessed a 3 per cent growth in housing sales at 4,225 units. However, the office demand fell 20 per cent to 0.4 million square feet.<\/p><p>Housing sales in Chennai went up 8 per cent to 3,650 units, but office demand fell 18 per cent to 0.8 million square feet.<\/p><p>In Kolkata, the sales of residential properties dipped 3 per cent to 3,501 units during January-March period this year. The city, however, saw 48 per cent increase in office leasing to 0.2 million square feet.<\/p><p>Gurugram-based realty firm Advance India Projects Ltd (AIPL) Head Corporate leasing Mukul Sharma said the demand for Grade-A offices continues to strengthen with each passing quarter.<\/p><p>&#8220;In fact, in cities like Gurugram, demand has outpaced supply by a significant margin. Sectors such as IT and business process management are expanding rapidly and are on a hiring spree.<\/p><p>&#8220;Additionally, many multinationals are establishing their headquarters and global capability centres (GCCs), driving demand for high-quality office space leasing,&#8221; Sharma added. PTI MJH DRR<\/p><div class=\"trade-after-content\" id=\"trade-3437427395\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Indian real estate witnessed steady demand during January-March with housing sales rising by 1 per cent and gross office space leasing growing by 5 per cent year-on-year across eight major cities, Knight Frank India said on Monday. Housing prices rose in the range of 1-7 per cent annually in the first quarter of this calendar [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":74606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-99007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Property market steady in Jan-Mar; housing sales up 1%, office leasing rises 5% annually in 8 cities: Knight Frank - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"Indian real estate witnessed steady demand during January-March with housing sales rising by 1 per cent and gross office space leasing growing by 5 per cent year-on-year across eight major cities, Knight Frank India said on Monday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=99007\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property market steady in Jan-Mar; 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