Chennai: Knight Frank India has 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 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 per cent growth to 0.44 mn sqm in Q3 2020. Whereas new office completions during the same period, reported recovery of 126 per cent 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.
Chennai office transactions have reported recovery of 0.07 mn sqm in Q3 2020; while rentals increased by 0.5 per cent.
Chennai, Kolkata, NCR and Mumbai recorded relatively better recovery in transactions in Q3 2020 compared to the other markets.
Sales in Mumbai, NCR, Pune, Chennai and Kolkata, reached or exceeded 50 per cent of average quarterly volumes in 2019.