Home sales in Ahmedabad increases to 1,176 units; records launch of 1,451 units in Q3 2020: Knight Frank India

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Knight Frank India, leading international property consultancy, today launched its quarterly report – India Real Estate Update – Q3 2020 – which presents an analysis of the residential and office market performance across top eight cities[1] for the July-September 2020 (Q3 2020) period. In comparison with Q2 2020, the report observed gross office leasing across these cities witnessed a strong recovery, registering 80% growth to 0.44 mn sqm in Q3 2020.Whereas new office completions during the same period, reported recovery of126% to 0.33 mn sqm, compared to Q2 2020.

As Q2 2020 was marred by lockdown, the report cited the need to evaluate commercial market recovery compared to pre-COVID levels. Thus, besides looking at a single period, i.e. Quarter on Quarter analysis, Knight Frank Indiaestablished a comparative matrix of Q3 2020 recovery against the quarterly average number of transactions in the year 2019.

The total office transactions of the eight markets in Q3 2020 have improved and reached 33% of the 2019 quarterly average level. Chennai, National Capital Region (NCR), and Mumbai recorded higher recovery in Q3 2020 with transactions reaching the level of 57%, 43%, and 42% respectively of the quarterly average of the year 2019. New completions also improved to 29% of the 2019 quarterly average. In terms of new completions in Q3 2020, Ahmedabad was the only market to report higher new office completions, 125% of quarterly average levels of the year 2019.

In terms of rental values, the recovery in office transactions and new completions helped rental values remain stablein Bengaluru (4%) followed by Hyderabad (2%), Chennai (0.5%), and Pune with 0% Year-on-Year growth(YoY).


Market2019 quarterly averageQ1 2020Q2 2020Q3 2020Q3 2020 as % of 2019 Quarter average

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