Ahmedabad records 0.3 mn sq ft in office transactions;
Residential sales in INR 10+ mn segment saw 64% annual growth in Q3 2024: Knight Frank India
Ahmedabad Knight Frank India, in their latest report – India Real Estate: Residential and Office Q3 2024 (July – September 2024) cited that Ahmedabad observed office space transactions of 0.3 mn sq ft during Q3 2024 witnessing a substantial 69% YoY growth, which is the second highest amongst the top eight cities in terms of annual percentage change. Incidentally, office completions also amounted to 0.3 mn sq ft during the period.
The average transacted rent of the city grew by 2% YoY to INR 42/ sq ft/month during the quarter.
Source: Knight Frank Research
During Q3 2024, the major occupancy/leasing activity was driven by India facing business attributing about 83% of office transactions in the city. Flex office spaces accounted for 18 % of the office transactions in the city.
| End-User Licensee/Buyer | India-Facing Business | Flex | GCC | Third Party IT Services | Total |
| Area transacted in mn sq ft | 0.3 | 0.06 | – | – | 0.36 |
Source: Knight Frank Research
The residential market of Ahmedabad witnessed a total of residential sales volume of 4,578 units with a YoY growth of 11%. The city witnessed 5,702 units being launched in the quarter, 5% lower than the year before. The average weighted residential price witnessed an increase of 1% YoY during Q3 2024 with a value of INR 3,044 sq ft.
Source: Knight Frank Research
Sales in the ticket size category between 5mn to 10mn constituted 44% of total sales witnessing a growth of 35% YoY during Q3 2024. Residential sales in the ticket size of 10mn and above saw an annual growth of 64% with 998 units being sold in the category. The city ranked second only after Bengaluru in terms of annual percentage growth in this category. 35% of the residential sales were in the ticket size category below 5mn.
Ticket-size split of sales
| Ticket Size Categories | <5 mn | 5-10 mn | 10 mn> | Total |
| Q3 2024 | 1,585 | 1,995 | 998 | 4,578 |
| YoY % change | -22% | 35% | 64% | 11% |
Source: Knight Frank Research
Rumit Parikh, Branch Head (Ahmedabad) & Senior Director- Occupier Strategy and Solutions, Industrial & Logistics and Retail said, “The Ahmedabad real estate market is showing healthy traction in 2024 as residential and office demand has sustained momentum. Consistent backing from both state and central governments has significantly contributed to the healthy growth of this market. Additionally, the development of higher-quality office spaces and improved infrastructure has increasingly drawn occupiers’ attention in recent times.”
