Indian Housing Market Sees 5% Increase in Sales Across Top 8 Cities
The Indian housing market has witnessed a 5% increase in sales across the top 8 cities, driven by demand for premium homes. According to a report by Knight Frank India, the highest sales volumes were recorded in Mumbai, with a 9% year-on-year growth.
Real EstateHousing MarketIndiaKnight Frank IndiaPremium HomesReal Estate MumbaiOct 03, 2024
The report, titled 'India Real Estate', was released through a webinar and shows a contrast to data provided by Anarock and PropEquity, which reported a drop in total sales during July-September across major cities.
Knight Frank India CMD Shishir Baijal said that the growth in housing sales is driven by demand for premium housing, while there are concerns in the affordable housing segment. Sales in this category have declined due to availability and affordability challenges.
The highest sales volumes were recorded in Mumbai, with a 9% year-on-year growth to 24,222 units. Among the larger markets, sales grew the most in Bengaluru at 11% year-on-year with 14,604 units. Housing sales in Pune were up 1% to 13,200 units, while demand in Hyderabad grew 9% to 9,114 units.
Ahmedabad saw an 11% growth in sales to 4,578 units, while Kolkata witnessed a 14% growth in sales to 4,309 units. Housing sales in Chennai increased 6% to 4,105 units. However, sales of residential properties in Delhi-NCR declined 7% to 12,976 units during July-September as compared to the year-ago period.
Frequently Asked Questions
What is the percentage increase in housing sales across the top 8 cities in India?
5%
Which city recorded the highest sales volumes in the third quarter of 2024?
Mumbai
What is the growth rate of housing sales in Bengaluru?
11% year-on-year
What is the reason for the decline in sales in the affordable housing segment?
Availability and affordability challenges
Which company released the report 'India Real Estate'?
Knight Frank India
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.