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According to Knight Frank India's latest report, housing sales in eight major cities increased by 5% year-on-year during July-September 2024, totalling 87,108 units. The growth is primarily attributed to strong demand for premium homes priced over INR1 crore. However, the affordable housing segment faces challenges, experiencing a decline in sales. Notably, Mumbai recorded the highest sales volume, while Delhi-NCR saw a drop.
Knight Frank India's recent report reveals a 5% year-on-year increase in housing sales across eight major cities during July-September 2024, amounting to 87,108 units. This growth marks the highest quarterly sales of the year, driven by robust demand for premium homes priced above INR1 crore. In contrast, data from Anarock and PropEquity indicated a drop in total sales during the same period. Advertisement
During a virtual press conference, Knight Frank India CMD Shishir Baijal noted that while the residential market is gaining momentum, challenges persist in the affordable housing segment, which has seen a decline due to issues of availability and affordability.
The report highlights that housing sales have risen across most markets, with the notable exception of Delhi-NCR, which experienced a 7% year-on-year decline. Mumbai led the sales volumes with a remarkable 24,222 units sold, reflecting a 9% growth compared to last year. Bengaluru also demonstrated strong performance, recording an 11% increase with 14,604 units sold.
Pune's housing sales saw a modest 1% rise, reaching 13,200 units, while Hyderabad experienced a 9% growth to 9,114 units. Ahmedabad and Kolkata reported significant increases of 11% and 14%, with sales reaching 4,578 and 4,309 units, respectively. Chennai also saw a 6% uptick in sales, totalling 4,105 units.
In conclusion, while the overall housing market shows a positive trend bolstered by demand for premium homes, the decline in the affordable housing segment signals a need for solutions to enhance availability and affordability. As the real estate sector evolves, stakeholders will need to address these challenges to sustain growth in all market segments.
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