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
RR Kabel Sees Record Q1 Revenue, Eyes Long-Term Growth in India's Thriving Real Estate Market
RR Kabel's Q1 revenue hits a record high of Rs 1808 crores, driven by strong growth in the wire and cable segment, despite challenges in the industry.
MahaRERA Issues Show Cause Notices to 11,000 Housing Projects in MMR
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued show cause notices to around 11,000 housing projects in the Mumbai Metropolitan Region (MMR). Developers are warned that a lack of response within 30 days could lead to the suspension
Revitalizing Dharavi: A Rs 3 Lakh Crore Investment for Asia’s Largest Slum
The Dharavi redevelopment project, a Rs 3 lakh crore investment, aims to transform Asia’s largest slum into a modern, sustainable urban community. The project, backed by the Maharashtra government, is set to revolutionize real estate in India.
Trade Associations Applaud Maharashtra Government's Decision to Dissolve LBT Department
In a significant move, the Maharashtra government has decided to shut down the LBT (Local Body Tax) Department, a decision that has been widely welcomed by trade associations. This move is expected to streamline tax collection processes and reduce adminis
Mumbai Commuters Thrash and Hand Over Molester at Dadar Station
A man from Jharkhand was caught in the act of molesting a woman at Mumbai’s Dadar station, leading to a swift and decisive reaction from the commuters who thrashed him before the police arrived.
Bombay High Court Upholds Mall Closure for Lack of Environmental Clearance
The Bombay High Court has upheld a closure order for a mall in Maharashtra that was operating without the necessary environmental clearance. This decision highlights the importance of adhering to environmental regulations and could set a precedent for fut