Housing sales rise 5% to 87,108 units across the top eight cities in Jul-Sep

• Housing sales reported a 5% growth in the July-September quarter across the top eight cities.
• The growth in housing sales is driven by demand for premium housing costing above ₹1 crore each.
• Housing sales have grown across all markets except for the Delhi-NCR region.

Housing sales rose 5% annually during July-September to 87,108 units in eight major cities as demand stayed strong for premium homes, according to Knight Frank India.

Real estate consultant Knight Frank India on Thursday released its report 'India Real Estate' for the third quarter of the 2024 calendar year through a webinar, showing a modest increase in housing sales in contrast to data provided by Anarock and PropEquity which reported a drop in total sales during July-September across major cities.

"Momentum in the residential market has trended up well in 2024 with Q3, 2024 recording the highest quarterly sales this year at 87,108 units," the report said.

Addressing a virtual press conference, Knight Frank India CMD Shishir Baijal said, the growth in housing sales is driven by demand for premium housing costing above ₹1 crore each.

"There are concerns in the affordable housing segment," Baijal said, adding that sales in this category have declined due to availability and affordability challenges.

As per the report, housing sales have grown across all markets except for the Delhi-NCR where sales have dipped by 7% YoY (year-on-year).

The highest sales volumes were recorded in Mumbai at 24,222 units, which is a new high for the market. Sales in Mumbai grew 9% year-on-year.

Among the larger markets, sales grew the most in Bengaluru at 11% YoY with 14,604 units

Housing sales in Pune were up 1% to 13,200 units, while demand in Hyderabad grew 9% to 9,114 units. Ahmedabad saw an 11% growth in sales to 4,578 units, while Kolkata witnessed a 14% growth in sales to 4,309 units.

Housing sales in Chennai increased 6% to 4,105 units. However, sales of residential properties in Delhi-NCR declined 7% to 12,976 units during July-September as compared to the year-ago period.

SEE ALSO:

BMW CE 02 electric scooter launched in India at ₹4.50 lakh

Upcoming cars launching in India in October 2024

Upcoming smartphones launching in India in October 2024