Over 300,000 Residences Valued at ₹5.1 Lakh Crore Projected for Sale in India in 2024
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Mumbai, Dec 6 (NationPress) More than 300,000 residences valued at ₹510,000 crore across 485 million square feet are anticipated to be sold by the conclusion of this year, according to a recent report.
Housing transactions remained strong, reaching a new peak over the last nine months (January-September) in 2024, with nearly 230,000 homes across the top seven cities worth ₹380,000 crore sold during this timeframe.
This equates to 363.2 million sq ft of space sold from January to September 2024, as per the JLL report.
The increase signifies a considerable economic influence and consumer trust in urban real estate. The top seven cities (Delhi-NCR, Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad) are leading the national trend, signaling concentrated growth in key metropolitan areas.
“With property values soaring to an all-time high, approximately ₹380,000 crore worth of residences have already been sold across the top seven cities in the first nine months of 2024, bringing the average sale price of an apartment to ₹1.64 crore,” stated Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
This growth was primarily fueled by premium housing projects experiencing strong sales throughout the year, particularly in Delhi-NCR, Das added.
The first three quarters of 2024 (January to September) recorded sales exceeding ₹11,000 crore each, with over 115 million sq ft sold in every quarter.
Throughout the year, real estate developers consistently acquired strategic land parcels in metropolitan areas for future residential projects, ensuring that the housing supply for 2025 across the top seven cities is expected to remain strong.
“Demand is projected to stay robust as well. With anticipated sales growth, property values will also rise, ultimately increasing both the area and overall worth of the residences to be sold,” remarked Siva Krishnan, Senior Managing Director (Chennai and Coimbatore), Head-Residential Services, India, JLL.
In terms of the value of homes sold, Mumbai trailed NCR, while Bengaluru ranked second in area sold. This clearly indicates that although apartments in Mumbai tend to be smaller, the per sq ft realization is significantly higher, whereas Bengaluru offers more spacious residences.
With the festive season aligning with the fourth quarter and housing demand expected to remain strong, we foresee sales for the October-December 2024 quarter potentially matching or surpassing the previous three-quarter average of over 75,000 units, bringing the total sales for the year to approximately 305,000 units, according to the report.
