BENGALURU: Bengaluru has registered the highest office space transactions in the country and has stood second in residential spaces in the third quarter of 2021 (July-September), reveals a report by a leading global property consultancy firm.
The report by Knight Frank India, ‘India Real Estate Update - Q3 2021’, made public on Monday, stated that the city reported transactions running to 0.4 million square metres, while its new completions stood at 0.38 million square metres. “The cumulative office transactions for the first nine months of 2021 were reported to be at 0.73 million sqm,” it said.
Bengaluru’s residential sales and new launches witnessed a growth of 131 per cent and 86 per cent respectively in Q3 2021 over the previous year. “The city recorded sales of 11,337 residential units and launch of 8,797 residential units during the period. Weighted average prices in Bengaluru market remained stable during the quarter,” it said.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Bengaluru commanded dominance by registering highest office space transactions in the country during 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 among the occupiers and investors.”
Rajani Sinha, Chief Economist & National Director - Research, Knight Frank India, said, “Bengaluru’s residential market has seen substantial YoY growth in residential sales in Q3 2021. The rise in income level in the information technology sector, improved perception for homeownership, record low-interest rates and economic recovery with improving Covid pandemic scenario are factors that have helped to turnaround the demand in Bengaluru’s residential space.”