India's Residential Market Soars to New Heights in H1 2024
According to a JLL report, the number of residential units launched in the first half of 2024 reached a record high, with premium and luxury segments showing significant growth.
Real EstateResidential MarketIndiaJllPremiumLuxuryProperty PricesHousing InventoryReal Estate MumbaiJul 12, 2024
The majority of new launches were in the upper-mid segments (Rs 1-3 crore), but there has been a significant growth in the share of premium and luxury segments compared to the same period in 2023. Bangalore, Mumbai, and Delhi NCR emerged as the top cities in terms of new project launches, accounting for around 60% share. Delhi NCR stood out with a significant 64% share in Q2 high-end launches (homes priced Rs 3 crore and above).
The residential prices continue to move upwards, with Q2 2024 witnessing residential price growth in the top seven cities of India, with Y-O-Y price increase ranging from 5% to 20%. The highest price increase was observed in Delhi-NCR, with a significant jump of approximately 20%, while Bangalore followed closely with around 15% increase.
Half-yearly sales reached around 57% of total annual sales in 2023, with a remarkable 22% increase compared to the same period in 2023, totalling 154,921 units. Most of the cities witnessed robust y-o-y growth in sales volume with the markets of Bangalore, Mumbai, Pune, and NCR accounting for around 80% share in half-yearly sales.\n\nThe months to liquidate the housing inventory declined by 20% YoY, with unsold inventory across the seven cities increasing marginally on a Y-o-Y basis as launches outpaced sales. The outlook for residential sales in 2024 remains positive, with an expected range of 315,000 to 320,000 units.
Frequently Asked Questions
What is the number of residential units launched in H1 2024?
According to a JLL report, the number of residential units launched in the first half of 2024 reached a record high of 159,455.
What is the share of premium and luxury segments in new launches?
Premium projects accounted for around 12% of new launches while luxury projects accounted for around 6%.
Which cities witnessed the highest growth in residential prices?
Delhi-NCR witnessed the highest price increase of approximately 20%, while Bangalore followed closely with around 15% increase.
What is the expected range of residential sales in 2024?
The outlook for residential sales in 2024 remains positive, with an expected range of 315,000 to 320,000 units.
What is the decline in months to liquidate the housing inventory?
The months to liquidate the housing inventory declined by 20% YoY, with unsold inventory across the seven cities increasing marginally on a Y-o-Y basis as launches outpaced sales.
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