Housing Sales Reach Record Highs
In the first nine months of 2024, India saw a record sale of 229,908 homes, marking a 17% increase compared to the same period last year. This figure represents 85% of the total sales for the entire year of 2023. According to a report by JLL Research, most of these sales were concentrated in Mumbai and Bengaluru, which together accounted for 44% of total sales.
Market Trends
The report indicates a growing demand for premium and luxury housing projects. Following the COVID-19 pandemic, people’s lifestyles and priorities regarding home purchases have shifted significantly, leading to this increased demand.
Sales by Segment
Sales growth varied across different price segments:
Mid Segment (₹50 lakh to ₹1 crore): 39%
Upper Mid Segment (₹1 crore to ₹3 crore): 35%
Premium Segment (₹3 crore to ₹5 crore): 107%
Luxury Segment (over ₹5 crore): 96%
In the third quarter of 2024, a total of 74,987 units were sold, reflecting a modest 8% year-on-year growth. Mumbai, Bengaluru, and Delhi-NCR accounted for about 62% of these sales, with 15% coming from luxury segment properties valued at ₹3 crore and above, indicating a rising interest in upscale homes.
City Performance
Among major cities, Pune was the only one to experience a 9% decline in housing sales on an annual basis. In contrast, Delhi-NCR, Chennai, and Hyderabad recorded the highest sales growth, with increases of 41%, 40%, and 14%, respectively.
Future Outlook for Housing Sales
Looking ahead, JLL Research forecasts a “healthy” outlook for housing sales in 2024, especially considering that the first nine months of this year already accounted for a significant portion of 2023’s total sales. With strong purchasing trends expected during the festive season, real estate and investment companies predict that 2024 sales will surpass those of 2023 by about 12-15%. They anticipate that developers will focus on high-quality projects, further driving demand. This year is expected to end on a historic high note, with announcements of new projects from national and local developers in prime locations and growth corridors.
