Mumbai, Dec 6 More than 3 lakh homes worth Rs 510,000 crore across 485 million square feet are expected to be sold by the end of this year, according to a new report.
Housing sales remained healthy and hit a new nine months (January-September) peak in 2024, with close to 230,000 homes across the top 7 cities worth Rs 380,000 crore sold during this period.
This translates into 363.2 million sq ft of space sold during January-September 2024, according to the JLL report.
The surge represents significant economic impact and consumer confidence in urban real estate. Top seven cities (Delhi-NCR, Mumbai, Pune, Kolkata, Chennai, Bengaluru and Hyderabad) cities lead nationwide trend, indicating concentrated development in key metros.
“With capital values surging and being at an all-time high, close to Rs 380,000 crore worth of homes have already been sold across the top seven cities in the first 9 months of 2024, taking the average sale value of an apartment to Rs 1.64 crore,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
This was primarily driven by premium housing projects recording robust sales during the year, especially in Delhi-NCR, Das added.
The first three quarters of 2024 (January to September) saw sales of over Rs 11,000 crore each with over 115 million sq ft sold in every quarter.
During the year, real estate developers continued to acquire strategic land parcels across the metro cities for proposed residential development, thus the housing supply for 2025 across the top seven cities is expected to remain robust.
“Demand is expected to remain strong too. With sales anticipated to go up, capital values too will rise, eventually pulling up the area and overall value of homes to be sold,” said Siva Krishnan, Senior Managing Director (Chennai and Coimbatore), Head-Residential Services, India, JLL.
In terms of value of homes sold, Mumbai followed NCR while in terms of area sold Bengaluru stood second. This clearly indicates that while apartments are on smaller size in Mumbai, the per sq ft realisation is significantly higher, while Bengaluru offers more spacious homes.
With the festive season coinciding with the fourth quarter and housing demand expected to remain strong, we expect sales for the October-December 2024 quarter to potentially match or exceed the trailing three-quarter average of over 75,000 units, taking the full year sales to approx. 305,000 units, said the report.
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