Housing Sales in Q1-Q3 2024 Reach 2.29 Lakh Units, Marking 17% YoY Growth
Over 2.29 lakh housing units were sold during the first nine months of 2024, witnessing a 17% increase compared to the same period in 2023. Bengaluru and Mumbai led the market, contributing 44% of the total sales, with a significant rise in premium and lu
Housing SalesReal EstateLuxury HousingJllMarket TrendsReal EstateOct 13, 2024
Interestingly, around 2.28 lakh housing units were launched during the January-September period, which is the highest ever residential supply recorded in the first nine months of any year. Launches achieved 78% of the total annual launches in 2023, indicating a strong and consistent supply inflow. Mumbai, Bengaluru, and Hyderabad together accounted for about 60% of the overall launches during this period.
Segment Breakdown\nThe report showed that the demand for the premium segment (priced between ₹3-5 crore) grew by around 107% YoY, while the luxury segment (priced above ₹5 crore) witnessed a 96% growth. In the nine-month period, 39% of the residential sales were in the mid-segment (₹50 lakh-1 crore), closely followed by the upper-mid segment (₹1-3 crore) with a 35% share. The significant growth in the premium and luxury segments can be attributed to changing lifestyle preferences and increased disposable income among buyers.
Market Outlook\nDespite a slight slowdown in sales during the third quarter, the overall outlook for the residential market in 2024 remains positive. The first nine months of 2024 achieved around 85% of the entire 2023 sales. The report predicts that 2024 will close with sales reaching a historic milestone, 12-15% higher than the 2.94 lakh units sold in 2023. This growth is expected to be driven by the festive season and the continuous inflow of quality projects by reputed developers.
City-Specific Insights\nBengaluru and Mumbai continued to dominate the housing market, jointly accounting for 44% of the sales in the first nine months. In the third quarter of 2024, a total of 74,987 units were sold, marking a moderate 8% growth compared to the same period in 2023. Mumbai, Bengaluru, and Delhi NCR represented about 62% of the quarterly sales, with a notable 15% of the units sold being in the ₹3 crore and above range.
Price Trends\nQ3 2024 saw residential price growth in the top seven cities, with year-on-year (YoY) price increases ranging from around 3% to 20%. Delhi NCR experienced the highest price hike at approximately 19%, followed by Bengaluru with a 14% increase. The increasing demand for high-value projects has been a key driver of this price growth since Q2 2022, post-pandemic.
Supply and Inventory\nResidential launches kept pace with sales, reaching around 78% of the total annual launches in 2023. On a yearly basis, nine-month launches across the top seven cities rose marginally by 2%. However, quarterly launches saw a 14% quarter-on-quarter (q-o-q) decline, with 68,874 housing units getting launched during Q3. The premium and luxury segments saw significant growth, with launches increasing by 112% and 128% respectively compared to the same period in 2023.
Overall, the Indian real estate market is showing strong resilience and growth, driven by robust demand, quality launches, and changing buyer preferences.
Frequently Asked Questions
What is the percentage growth in housing sales in Q1-Q3 2024 compared to the same period in 2023?
Housing sales in the first nine months of 2024 saw a 17% increase compared to the same period in 2023.
Which cities contributed the most to the housing sales in Q1-Q3 2024?
Bengaluru and Mumbai contributed the most to the housing sales, accounting for 44% of the total sales.
How many housing units were launched in Q1-Q3 2024?
Around 2.28 lakh housing units were launched in the first nine months of 2024.
What is the expected growth in housing sales by the end of 2024?
The report predicts that 2024 will close with sales reaching a historic milestone, 12-15% higher than the 2.94 lakh units sold in 2023.
Which segment of the housing market saw the highest growth in Q1-Q3 2024?
The premium segment (priced between ₹3-5 crore) saw the highest growth at 107% YoY, followed by the luxury segment (priced above ₹5 crore) with a 96% growth.
Related News Articles
Aadhar Housing Finance Eyes Sustained Growth of Over 20% in Disbursements and Asset Base
Aadhar Housing Finance projects disbursements and assets under management to grow at over 20% this year
No Reversal on Real Estate LTCG Tweaks: Government Stands Firm
Government sources have confirmed that there will be no reevaluation of the changes made to Long Term Capital Gains tax (LTCG) in the Union Budget, despite concerns over the removal of Indexation benefit on property sales.
Navigating the Industrial REIT Landscape: A SWOT Analysis of EastGroup Properties
EastGroup Properties, a real estate investment trust (REIT) specializing in industrial properties, is at a crossroads in the ever-evolving industrial REIT landscape.
Godrej Group Makes Major Move in Mumbai Real Estate by Acquiring Land for Rs 81 Crore
In a strategic move, Godrej Group, through its real estate subsidiary Anamudi Real Estates, has acquired a significant plot of land in the bustling city of Mumbai for Rs 81 crore. This acquisition marks a major step in the company's expansion plans in one
Why Pattaya is the Next Big Thing for Indian Property Investors
A luxury sea-view condo in Pattaya costs as much as a mid-range apartment in Mumbai. Discover why Pattaya is quickly becoming a hot spot for Indian property investors, offering exceptional value and potential returns.
Akshaya Tritiya: Can It Spark a Surge in Real Estate Demand?
With reduced EMIs making home loans more affordable, Akshaya Tritiya could be the catalyst for a surge in real estate demand, especially in the luxury and high-end market segments.