Indian Real Estate Boom: Rs 5.1 Trillion in Home Sales Expected in 2024
In 2024, the top seven Indian cities are projected to see robust home sales, with an estimated Rs 5.1 trillion worth of houses sold, according to JLL. This would mark the best year ever for housing sales in these cities.
Indian Real EstateHousing SalesJllTop CitiesReal Estate MarketReal Estate NewsDec 04, 2024
If the estimates hold true, 2024 will be the best year ever for housing sales in these cities. Post-Covid, the real estate market has seen a consistent rise in annual housing sales, with 2023 recording a peak of 2.7 lakh homes sold.
The first nine months of 2024 have already broken records, with 2.3 lakh homes worth Rs 3.8 trillion and spanning 363.2 msf sold. On average, each quarter saw sales worth Rs 1.1 trillion. This trend indicates a strong rebound in the market, driven by various factors such as improved economic conditions, government policies, and consumer confidence.
Samantak Das, Chief Economist and Head of Research and REIS, India at JLL, noted that during the first three quarters of 2024, the average sale value of an apartment stood at Rs 1.64 crore. This robust performance is primarily attributed to premium housing projects, which have seen significant sales, particularly in Delhi NCR.
City-wise, Delhi NCR has led the pack in terms of both sales value and area sold. Over 39,300 units valued at more than Rs 1.2 trillion were sold in NCR during this period, surpassing its annual sales for the previous year. Mumbai follows closely in terms of sales value, while Bengaluru leads in terms of the area sold. This indicates that while Mumbai offers smaller but more expensive apartments, Bengaluru provides larger, more affordable homes.
The report also highlights that most prominent national-level developers have already met their expected annual sales guidance within the nine-month period, underlining the strong housing demand. This trend is expected to continue into 2025, with Siva Krishnan, Senior Managing Director (Chennai and Coimbatore) and Head of Residential Services, India at JLL, estimating that housing supply and demand will remain robust. Real estate developers are actively acquiring strategic land parcels across metro cities for proposed residential developments, which will further boost the market.
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Frequently Asked Questions
Which cities are included in the top seven for housing sales in 2024?
The top seven cities for housing sales in 2024 are Delhi National Capital Region (NCR), Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad.
What is the estimated total value of homes to be sold in 2024?
The estimated total value of homes to be sold in 2024 across the top seven Indian cities is Rs 5.1 trillion.
How many homes are expected to be sold in 2024?
Approximately 3 lakh homes are expected to be sold in 2024 across the top seven Indian cities.
Which city led in terms of sales value and area sold in the first nine months of 2024?
Delhi NCR led in terms of both sales value and area sold in the first nine months of 2024, with over 39,300 units valued at more than Rs 1.2 trillion sold.
What factors are driving the robust sales in the Indian real estate market?
The robust sales in the Indian real estate market are driven by various factors such as improved economic conditions, government policies, and consumer confidence, with a particular focus on premium housing projects in cities like Delhi NCR.
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