Bengaluru undeterred by Omicron wave, residential unit sales rise 34% | See list
- With high vaccination rates and ‘back to office’ plans in place, the co-working sector bounced back to dominate the transacted space during the period.
The Bengaluru residential real estate market remained undeterred by the Omicron wave of Covid-19 with a 34 per cent year-on-year increase in sales in the first quarter of 2022, a report by global consultants Knight Frank said. Residential real estate prices were, in fact, highest in Bengaluru - a 7 per cent YoY increase, followed by a 5 per cent increase in Pune and a 4 per cent increase in Mumbai.
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| Average price change across markets during Q1 2022 | ||
| Market | YoY Change | QoQ Change |
| Bengaluru | 7% | 2% |
| Pune | 5% | 5% |
| Mumbai | 4% | 2% |
| Kolkata | 4% | 4% |
| NCR | 3% | 5% |
| Ahmedabad | 3% | 3% |
| Hyderabad | 1% | 1% |
| Chennai | 1% | 2% |
Co-working sector dominates office real estate market
The city’s office market, which was especially sensitive to the economic upheavals caused by the pandemic, also saw a significant increase in transaction volumes. During the January-June period, the city accounted for office transactions of 3.5 million square feet, a year-on-year increase of 5 per cent as per the realty advisory and management firm.
ALSO READ | Bengaluru in top APAC cities for sustainable commercial real estate: Report
With high vaccination rates and ‘back to office’ plans in place, the co-working sector bounced back to dominate the transacted space during the period. Bengaluru accounted for a substantial 43 per cent of the total space transacted by the co-working sector.
While transaction volumes have grown, rental levels have also stabilised or grown in sequential terms over the past two quarters. Even in YoY terms, rents have stayed stable or grown in five of the eight markets under our coverage. Bengaluru, the largest office market in India, saw rental levels grow by 4 per cent YoY.
| Average rent growth across markets during Q1 2022 | ||
| Market | YoY Change | QoQ Change |
| Bengaluru | 4% | 3% |
| Pune | 1% | 8% |
| Chennai | 0% | 0% |
| Hyderabad | 0% | 0% |
| Ahmedabad | 0% | 0% |
| NCR | -1% | 0% |
| Kolkata | -3% | 0% |
| Mumbai | -3% | 0% |
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