Housing Sales Soar in Q3 2024; Delhi-NCR Experiences Decline
New Delhi – According to the latest report from Knight Frank India, housing sales in eight major cities rose by 5% year-on-year during the July-September 2024 period, totaling 87,108 units. This uptick in sales highlights the ongoing demand for premium residential properties, particularly those priced above ₹1 crore.
The report, titled India Real Estate, was unveiled during a webinar on Thursday. While Knight Frank India noted a modest increase in housing sales, it contrasts with findings from other real estate consultants like Anarock and PropEquity, which reported a decline in sales during the same quarter.
Shishir Baijal, CMD of Knight Frank India, emphasized that the residential market has shown robust momentum in 2024, with Q3 recording the highest quarterly sales this year. He stated that the increase in housing sales is mainly fueled by the demand for premium properties.
However, challenges remain in the affordable housing segment. Baijal pointed out that sales in this category have seen a decline due to issues related to availability and affordability.
The report detailed housing sales growth across various markets, except for the Delhi-NCR region, which experienced a 7% year-on-year decline in sales. Significantly, Mumbai topped the market with sales of 24,222 units, reflecting a 9% rise compared to the previous year. Bengaluru also saw significant growth, with sales rising by 11% to 14,604 units.
Other cities reported the following sales performance:
- Pune: 1% increase to 13,200 units
- Hyderabad: 9% increase to 9,114 units
- Ahmedabad: 11% increase to 4,578 units
- Kolkata: 14% increase to 4,309 units
- Chennai: 6% increase to 4,105 units
In contrast, sales in the Delhi-NCR region dropped to 12,976 units, reflecting a decline compared to the same period last year.
This latest data from Knight Frank India underscores the evolving landscape of the Indian real estate market, with a clear shift towards premium housing as buyers seek quality and luxury in their home purchases.
Read more: Office Space Absorption in India Rises 19% in 2024 Q3
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