Housing sales in India's eight major cities saw a 5 per cent year-on-year increase, reaching 87,108 units during the July-September quarter, according to the latest report by real estate consultant Knight Frank India. Released on Thursday, the report highlighted a positive trend in the residential market for the third quarter of 2024. It also showed a slight rise in sales compared to data provided by Anarock and PropEquity, which showed a decline in overall sales across major cities during the same period.
Highest quarterly sales in 2024
According to the report, the residential market has gained good momentum this year, with the July-September quarter recording the highest quarterly sales in 2024. Shishir Baijal, CMD of Knight Frank India, stated that the increase in sales has been driven by the demand for premium housing priced over Rs 1 crore. However, Baijal noted concerns in the affordable housing segment, where sales have dropped due to challenges related to availability and affordability. "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.
Mumbai tops sales, Bengaluru sees fastest growth
The report reveals that except for Delhi-NCR, all major cities saw an increase in home sales. Mumbai led the pack with 24,222 units sold, marking a new high for the market and a 9 per cent year-on-year increase. Meanwhile, Bengaluru witnessed the fastest growth in sales, with a year-on-year increase of 11 per cent, reaching 14,604 units. Pune saw a 1 per cent rise in housing sales to 13,200 units, while Hyderabad's demand grew by 9 per cent to 9,114 units.
Delhi-NCR registers 7% decline
Sales in Ahmedabad rose by 11 per cent to 4,578 units, while Kolkata saw a 14 per cent increase to 4,309 units. Chennai recorded a 6 per cent rise in home sales, reaching 4,105 units. However, Delhi-NCR saw a 7 per cent drop in residential property sales during the July-September period, with sales totalling 12,976 units compared to the same period last year.
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