Housing Sales Soar 7% in 2024, Reaching a 12-Year High of 3.5 Lakh Units: Knight Frank
According to Knight Frank, housing sales in 2024 rose by 7% annually to hit a 12-year high, with a total of 3,50,613 units sold across eight major Indian cities.
Housing SalesReal EstateKnight FrankPremium HomesMarket TrendsReal Estate PuneJan 07, 2025
This surge in sales can be attributed to the strong demand for premium homes, stable mortgage rates, and robust economic growth, as reported by Knight Frank, a leading real estate consultancy firm.
Last month, another real estate consultant, Anarock, reported a 4% decline in housing sales to nearly 4.6 lakh units across seven major cities.
Despite this discrepancy, the overall trend indicates a strong market.
In a recent virtual conference, Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted the strong demand for homes priced between ₹2-5 crore.
'The higher ticket size segments drove momentum despite concerns of overheating, with the ₹2-5 crore category witnessing an 85% annual growth,' he noted.
However, the sub-₹50 lakh and ₹50 lakh-1 crore segments saw declining or fatigued sales.
Hyderabad and Pune reached all-time highs, while Mumbai recorded a 13-year peak.
'The premiumisation trend has intensified as the market continues to shift toward higher ticket-sizes, with products much better suited to the increasing lifestyle needs of the demanding consumer,' Baijal added.
Baijal also emphasized that the residential market has seen a tremendous run since 2020, culminating in a 12-year high in 2024 sales volumes.
'The overall improvement in market health metrics, stable economic and interest rate scenarios, along with the strong momentum, hold enough tailwinds for the market as it steps into the new year,' he explained.
Knight Frank tracks the housing markets in Mumbai, the National Capital Region (NCR), Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad, and Kolkata, providing comprehensive insights into the real estate sector.
Frequently Asked Questions
What was the percentage increase in housing sales in 2024 according to Knight Frank?
Housing sales increased by 7% in 2024, according to Knight Frank.
Which price range of homes saw the highest growth in 2024?
The ₹2-5 crore category of homes saw an 85% annual growth in 2024.
Which cities recorded all-time highs in housing sales in 2024?
Hyderabad and Pune recorded all-time highs in housing sales in 2024.
Who is Shishir Baijal and what is his role in Knight Frank India?
Shishir Baijal is the Chairman and Managing Director of Knight Frank India.
What are the key factors driving the increase in housing sales in 2024?
The key factors driving the increase in housing sales in 2024 include strong demand for premium homes, stable mortgage rates, and robust economic growth.
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