Homes Worth Rs 5.1 Trillion Expected to Be Sold in Top Indian Cities in 2024
Between January and September 2024, homes worth Rs 3.8 trillion were sold across the top seven Indian cities, setting a new record for housing sales.
Indian Real EstateHousing MarketJllTop Cities2024 SalesReal Estate MumbaiDec 04, 2024
Post-pandemic, the housing market has shown a consistent upward trend, with a peak of 2.7 lakh homes sold in 2023. The first nine months of 2024 saw the highest-ever sales, with 2.3 lakh homes worth Rs 3.8 trillion and spanning 363.2 msf being sold. On average, each quarter recorded sales worth Rs 1.1 trillion. The top seven cities included in this analysis are Delhi National Capital Region (NCR), Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad.
Samantak Das, Chief Economist and Head of Research and REIS, India, at JLL, noted that during the first three quarters of 2024, the average sale value of an apartment was Rs 1.64 crore. This trend is primarily driven by premium housing projects, which have seen robust sales, especially in Delhi NCR.
City-wise, Delhi NCR led in terms of both sales value and area sold. Over 39,300 units valued at more than Rs 1.2 trillion were sold in NCR during the first nine months of 2024, surpassing its annual sales for the previous year. Mumbai followed closely in terms of sales value, while Bengaluru stood second in terms of area sold. This highlights that while Mumbai offers smaller but more expensive apartments, Bengaluru provides larger and more affordable homes.
JLL's report also points out that most prominent national-level developers have already met their expected annual sales guidance within the nine-month period, indicating strong housing demand. Siva Krishnan, Senior Managing Director (Chennai and Coimbatore) and Head of Residential Services, India, at JLL, estimates that the housing supply and demand for 2025 across the top seven cities will remain robust. In 2024, real estate developers continued to acquire strategic land parcels across metro cities for proposed residential developments.
Krishnan added, “With sales anticipated to go up, capital values will also rise, eventually pulling up the area and overall value of homes to be sold.” This suggests that the real estate market is poised for continued growth in the coming years.
Frequently Asked Questions
What is the estimated total value of homes to be sold in 2024 across the top seven Indian cities?
Homes worth Rs 5.1 trillion are expected to be sold in 2024 across the top seven Indian cities.
Which cities are included in the top seven Indian cities for this housing sales report?
The top seven cities included in the report are Delhi National Capital Region (NCR), Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad.
What was the average sale value of an apartment during the first three quarters of 2024?
The average sale value of an apartment during the first three quarters of 2024 was Rs 1.64 crore.
Which city led in terms of sales value and area sold in the first nine months of 2024?
Delhi NCR led in terms of both sales value and area sold in the first nine months of 2024.
What does JLL predict for the housing market in 2025?
JLL predicts that the housing supply and demand for 2025 across the top seven cities will remain robust, with continued growth in sales and capital values.
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