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.
|Average price change across markets during Q1 2022|
|Market||YoY Change||QoQ Change|
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.
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|
A couple was hacked to death on the suspicion of illicit relations at a village at Abohar of Fazilka district. The accused was nabbed by Fazilka police on Wednesday late night. According to information, Purushottam Singh (50) and his wife Sukhdeep Kaur (48) were found lying dead with sharp injuries in their house at Jhurikhera village in Abohar on Wednesday night. Police apprehended another co-villager, Baldev Singh.
Taking a strict note of dumping of cow dung and other waste materials in Buddha Nullah, the Ludhiana municipal corporation has started issuing notices to over 500 dairy owners in Haibowal and Tajpur road dairy complexes. MC superintending engineer Rajinder Singh said the notices are being served to dairy owners on the directions of MC chief Shena Aggarwal, who had also conducted a meeting with dairy owners' association a few days ago.
An 85-year-old woman died while as many as 37 residents tested positive for Covid-19 in Ludhiana on Thursday. The deceased was a resident of Sector-32 of Chandigarh Road. She was admitted to Christian Medical College and Hospital following complaints of hypertension and diabetes. Currently, there are 226 active cases, of which 212 patients are in home isolation.
After an elderly businessman was shot dead here on Wednesday night and with no major breakthrough in the case, police on Thursday said efforts were on to nab the killers and ascertain motive behind this killing. Fuel pump owner Mohan Singh (80) owned two fuel stations--- one at the Gumtala Bypass and one at the Rattan Singh Chowk. Mohan was on his way from Rattan Singh Chowk to his house at around 10 pm when the attack took place.
Three rape cases were reported in Ludhiana on Wednesday. In all cases, the perpetrators of the crime were known to the victims. In the first case, a man was arrested for raping the six-year-old daughter of his tenant in Phullanwal village. The victim's mother stated that her daughter had gone missing on August 7. The accused has been identified as Gauravpal. A case of rape has been registered and hunt launched for the accused.