Housing sales rose by 9 per cent annually while office demand increased 43 per cent during the January-March period across eight major cities on better demand for luxury homes and premium workspace, according to property consultant Knight Frank India. Releasing its 'India Real Estate: Office and Residential Report (January- March 2024)' through a webinar on Thursday, Knight Frank India said housing prices rose in the range of 2-13 per cent annually during January- March across these eight cities -- Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru, Pune and Ahmedabad. Office rent grew by 1-9 per cent.

As per the data, the housing sales increased to 86,345 units across eight major cities in January-March compared with 79,126 units in the year-ago period. The gross leasing of office space went up 43 per cent to 16.2 million square feet in January-March this year from 11.3 million square feet in the corresponding period of the previous year. Commenting on the report, Knight Frank India Chairman and Managing Director Shishir Baijal said, "The real estate market experienced another exceptional period characterised by robust performances in both the office and residential sectors. The housing segment particularly witnessed a significant surge, propelled by continued growth in sales in the higher price category of Rs 1 crore and above, he said.

Furthermore, technological advancements and evolving consumer preferences are reshaping the real estate landscape, with digital platforms revolutionising property transactions and enhancing market transparency. From virtual property tours to online auctions, technology is empowering both buyers and sellers, facilitating smoother transactions and fostering greater trust in the market.

However, amidst this robust growth, challenges such as regulatory reforms, land acquisition issues, and infrastructure bottlenecks loom large, necessitating concerted efforts from stakeholders to address and overcome these hurdles. Additionally, sustainability and environmental considerations are increasingly becoming focal points in real estate development, with green buildings and eco-friendly practices gaining traction in response to growing environmental concerns.

In conclusion, the Indian real estate market is on an upward trajectory, poised to reach a staggering worth of $1.5 trillion by 2034. With demand soaring across residential, commercial, and industrial segments, coupled with technological advancements and supportive government policies, the future of the Indian real estate sector appears promising, offering vast opportunities for investors, developers, and homebuyers alike.