Bengaluru witnesses growth of 131% YoY in residential unit sales in Q3 2021
Bengaluru, NFAPost: Bengaluru registered the highest transactions in the office space in India during Q3 of 2021, according to Knight Frank India, a leading international property consultancy.
In its quarterly report – India Real Estate Update – Q3 2021, Knight Frank India said Bengaluru reported office transactions of 0.40 mn sq m (4.3 mn sq ft) while new completions were at 0.38 mn sq m (4.0 mn sq ft).
The cumulative office transactions for the first nine months of 2021 were reported to be at 0.73 mn sq m, the property consultancy said.
Bengaluru’s residential sales and new launches witnessed growth of 131% and 86% YoY respectively in Q3 2021. The city recorded sales of 11,337 residential units and launches of 8,797 residential units during this period. Weighted average prices in Bengaluru market remained stable during the quarter, the report said.
Knight Frank India Chairman and Managing Director Shishir Baijal said Bengaluru commanded dominance by registering highest office space transactions in the country during the period of July- September 2021.
“As the global commercial occupiers plan return to office and explore real estate portfolio expansion in APAC region, Bengaluru’s office assets will find favourable preference amongst the occupiers and investors,” said Shishir Baijal.
Knight Frank India Chief Economist & National Director – Research Rajani Sinha said Bengaluru’s residential market has seen a substantial YoY growth in l sales in Q3 2021.
“The rise in income level in the information technology sector, improved perception for home ownership, record low interest rates and an economic recovery with improving covid pandemic scenario are factors that have helped to turnaround the demand in Bengaluru’s residential space,” said Rajani Sinha.