HYDERABAD: In a major boost to office market segment, Hyderabad registered the second highest office space transactions in the country with 2.1 million sqft in Q3 (July-September) while the new completions were at 2.2 million sqft during July.
According to Knight Frank India's report on "India Real Estate Update - Q3 2021" released on Monday, the cumulative office transactions during the first nine months of 2021 were at 3.7 million sqft.
As per the report, Hyderabad and Kolkata have seen the strongest recovery to pre-pandemic levels in terms of sales as well as launches. The increasing rate of vaccinations along with fewer restrictions on mobility improved the business environment and aided a recovery to market traction levels seen in pre-pandemic times, the report said.
Bengaluru, Pune and Hyderabad accounted for 73 per cent of the new completions with Bengaluru seeing the most space delivered at 4 million sqft. During January-September, new completions have grown by six per cent compared to the corresponding period of last year.
"Hyderabad witnessed remarkable growth in office transactions on the back of robust demand by IT and manufacturing sector. Strong infrastructure development and socio-economic friendly government policies have been a big boost for the market," said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
Coming to housing market, Hyderabad's residential sales and new launches witnessed year-on-year growth of 272 per cent and 650 per cent respectively in Q3. The city recorded sale of 5,987 residential units and launch of 9,256 residential units during this period.
Rajani Sinha, Chief Economist & National Director - Research, Knight Frank India, said: "Hyderabad has seen a significant YoY growth in the residential sales in Q3 2021 as most end users viewed this to be a good time to enter the proprty market with low home loan rates as well as improvement in overall affordability."