Hyderabad has achieved a significant milestone by recording the highest office space completion in the country, with 5.3 million square feet of office space becoming ready for occupancy during the third quarter (July-September) of 2023. This data comes from the latest report released by Knight Frank India, titled "India Real Estate Q3 2023," which covers office and residential space transactions during the specified period.
During this quarter, Hyderabad also witnessed 2.9 million square feet of office space transactions, marking a substantial increase in quarterly transacted volumes, reaching a nearly three-year high.
In the residential sector, Hyderabad once again led the way by recording an impressive 11% year-on-year residential price appreciation, with an average price level of ?5,518 per square foot. A total of 8,325 residential units were sold during this period, while 11,034 units were launched. This robust performance was part of a broader trend in the eight leading residential markets in India, which collectively experienced a commendable 12% year-on-year growth, with 82,612 units sold.
The report also highlights that the top eight markets in India collectively saw a substantial year-on-year growth of 17% in office transactions, reaching a total of 16.1 million square feet during the quarter.