Hyderabad records 261% surge in office-space transactions in Q1 2024: report

The city accounts for 19% of the cumulative office transactions across India’s top eight cities

April 04, 2024 06:30 pm | Updated 06:31 pm IST - HYDERABAD

The first quarter also sees the completion of 3.7 million square feet of office space in Hyderabad.

The first quarter also sees the completion of 3.7 million square feet of office space in Hyderabad. | Photo Credit: Representational photo

Hyderabad has emerged as a standout performer, experiencing a 261% year-on-year (YoY) surge in office-space transactions, according to the latest report by Knight Frank India titled ‘India Real Estate: Residential and Office Q1 2024’.

During the period of January to March 2024, Hyderabad witnessed office-space transactions totalling three million square feet, a significant increase from 0.8 million square feet in Q1 2023. That translates to 19% of the cumulative office transactions across the country’s top eight cities.

The quarter saw 3.7 million square feet of office completions in Hyderabad whereas office rent remained stable, experiencing a marginal 1% YoY change at ? 65.9 a square feet a month.

In the residential market, Hyderabad recorded the sharpest residential price appreciation among Indian cities, soaring by 13% YoY during Q1 2024, with an average price level of ? 5,655 a square feet. The quarter witnessed the sale of 9,550 residential units, marking a 15% YoY growth whereas 11,140 units were launched, showing a 1% YoY increase.

A significant portion of the residential sales in Q1 2024, constituting 64%, were in the bracket of ?1 crore and above, registering a 65% YoY growth. Sales in the ?50 lakh to ?1 crore bracket and below ?50 lakh bracket accounted for 28% and 8% respectively of the overall residential sales in the market.

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