India's Housing Market Sees 5% Surge in Sales: Mumbai Leads the Way
The latest report by Knight Frank India reveals a 5% year-on-year increase in housing sales in India's eight major cities, with Mumbai leading the pack and Bengaluru witnessing the fastest growth.
Real EstateHousing MarketIndiaKnight Frank IndiaMumbaiBengaluruReal Estate MumbaiOct 03, 2024
The report highlights that the increase in sales has been driven by the demand for premium housing priced over Rs 1 crore. However, concerns have been noted in the affordable housing segment, where sales have dropped due to challenges related to availability and affordability.
Mumbai led the pack with 24,222 units sold, marking a new high for the market and a 9% year-on-year increase. Bengaluru witnessed the fastest growth in sales, with a year-on-year increase of 11%, reaching 14,604 units. Pune saw a 1% rise in housing sales to 13,200 units, while Hyderabad's demand grew by 9% to 9,114 units.
Delhi-NCR was the only city to register a decline in sales, with a 7% drop in residential property sales during the July-September period, with sales totalling 12,976 units compared to the same period last year.
The report also reveals that except for Delhi-NCR, all major cities saw an increase in home sales. Ahmedabad saw an 11% rise in sales to 4,578 units, while Kolkata saw a 14% increase to 4,309 units. Chennai recorded a 6% rise in home sales, reaching 4,105 units.
Frequently Asked Questions
What was the percentage increase in housing sales in India's eight major cities during the July-September quarter?
5%
Which city led the pack in terms of housing sales?
Mumbai
Which city witnessed the fastest growth in sales?
Bengaluru
What was the reason behind the increase in sales?
The demand for premium housing priced over Rs 1 crore
Which city registered a decline in sales?
Delhi-NCR
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