India's Housing Market Sees 5% Surge in Sales: Which City Leads the Demand?
The latest report by Knight Frank India reveals a positive trend in the residential market for the third quarter of 2024, with a 5% year-on-year increase in housing sales across eight major cities.
Housing MarketResidential SalesKnight Frank IndiaReal EstateIndia Property MarketReal Estate NewsOct 03, 2024
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.
Except for Delhi-NCR, all major cities saw an increase in home sales. Delhi-NCR saw a 7% drop in residential property sales during the July-September period, with sales totaling 12,976 units compared to the same period last year. Knight Frank India is a leading real estate consultant that provides comprehensive property solutions to individuals, businesses, and governments. With its expertise and extensive network, Knight Frank India has established itself as a trusted name in the Indian real estate market.
Frequently Asked Questions
What is the current trend in India's housing market?
The current trend in India's housing market is a positive one, with a 5% year-on-year increase in sales across eight major cities.
Which city leads the demand in housing sales?
Mumbai leads the demand in housing sales, with 24,222 units sold, marking a new high for the market and a 9% year-on-year increase.
What is driving the increase in housing sales?
The increase in housing sales is being driven by the demand for premium housing priced over Rs 1 crore.
Which city saw the fastest growth in sales?
Bengaluru saw the fastest growth in sales, with a year-on-year increase of 11%, reaching 14,604 units.
What is the outlook for the affordable housing segment?
The outlook for the affordable housing segment is concerning, with sales dropping due to challenges related to availability and affordability.
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