Top Indian Cities to Witness Record Home Sales Worth Rs 5.1 Trillion in 2024: JLL
JLL, a leading global real estate services firm, predicts a significant surge in housing sales across the top seven Indian cities in 2024, with an estimated total value of Rs 5.1 trillion and around 3 lakh homes expected to be sold.
Housing SalesReal EstateTop Indian CitiesJllHome MarketReal EstateDec 04, 2024
If these projections hold true, 2024 will mark the best year on record for housing sales in the top seven cities. Post-Covid, annual housing sales have shown a steady upward trend, reaching a peak of 2.7 lakh homes sold in 2023. The highest-ever nine-month sales were recorded during January-September 2024, 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. The cities included in this forecast are the Delhi National Capital Region (NCR), Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad.
According to Samantak Das, Chief Economist and Head of Research and REIS, India, at JLL, the average sale value of an apartment during the first three quarters of 2024 stood at Rs 1.64 crore. This significant value is primarily attributed to the robust sales of premium housing projects, especially in Delhi NCR.
City-wise, Delhi NCR has led in terms of both sales value and area sold. During January-September 2024, over 39,300 units valued at Rs 1.2 trillion were sold in NCR. This figure already surpasses the city’s annual sales for the previous year. Mumbai followed NCR in terms of the value of homes sold, while Bengaluru took the second spot in terms of the area sold. This highlights a trend where Mumbai offers smaller but higher-priced apartments, whereas Bengaluru provides more spacious homes.
Most prominent national-level developers have already met their expected annual sales guidance within the nine-month period, underscoring the strong housing demand. Siva Krishnan, Senior Managing Director (Chennai and Coimbatore) and Head of Residential Services, India, at JLL, anticipates that the housing supply and demand for 2025 across the top seven cities will remain robust. Real estate developers have continued to acquire strategic land parcels in metro cities for proposed residential developments. With sales expected to increase, capital values are also likely to rise, further boosting the area and overall value of homes to be sold.
In summary, the Indian real estate market is poised for a record-breaking year in 2024, driven by strong demand and strategic investments in premium housing projects.
Frequently Asked Questions
What is the estimated total value of homes to be sold in 2024 across the top seven Indian cities?
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.
Which cities are included in the forecast?
The cities included in the forecast are Delhi National Capital Region (NCR), Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad.
What is the average sale value of an apartment during the first three quarters of 2024?
The average sale value of an apartment during the first three quarters of 2024 was Rs 1.64 crore.
Which city led in terms of both sales value and area sold in the first nine months of 2024?
Delhi National Capital Region (NCR) led in terms of both sales value and area sold in the first nine months of 2024.
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