Housing Sales Surge 7% in 2024, Reaching 12-Year High at 3.5 Lakh Units Across Top 8 Cities
Housing sales in India's top eight cities saw a 7% annual increase in 2024, reaching a 12-year high of 3,50,613 units. This growth was driven by a strong demand for premium homes priced between Rs 2-5 crore, according to property consultant Knight Frank.
Housing SalesPremium HomesReal EstateIndian MarketsEconomic GrowthReal Estate PuneJan 07, 2025
This robust growth can be attributed to better demand for premium homes, stable mortgage rates, and strong economic growth, as reported by property consultant Knight Frank.
Last month, another real estate consultant, Anarock, noted a 4% decline in housing sales to nearly 4.6 lakh units across seven major cities, but Knight Frank’s data provides a more optimistic outlook.
In a virtual conference, Shishir Baijal, Chairman and Managing Director of Knight Frank India, highlighted that the demand for homes priced between Rs 2-5 crore each has been particularly strong.
He noted that cities like Hyderabad and Pune have reached all-time highs, while Mumbai has recorded its highest sales in 13 years.
Frequently Asked Questions
What was the percentage increase in housing sales in 2024 across the top eight cities?
Housing sales increased by 7% annually in 2024 across the top eight cities in India.
Which price category of homes saw the highest growth in 2024?
Homes priced between Rs 2-5 crore saw the highest growth, with an 85% annual increase.
Which cities recorded all-time high housing sales in 2024?
Hyderabad and Pune reached all-time highs, while Mumbai recorded a 13-year peak in housing sales.
What factors contributed to the growth in housing sales in 2024?
The growth in housing sales was driven by strong demand for premium homes, stable mortgage rates, and strong economic growth.
What is the significance of the premiumization trend in the Indian housing market?
The premiumization trend indicates a shift towards higher ticket sizes, with products better suited to the increasing lifestyle needs of consumers.
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