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India's seven major primary housing markets, which include cities like Delhi-NCR, Mumbai, and Bengaluru, are expected to witness the sale of 305,000 apartments worth INR 5.10 lakh crore by the end of 2024. Housing sales have remained robust, reaching a new nine-month peak in 2024, with almost 230,000 homes sold. JLL India expects that the festive season, along with ongoing demand, will result in sales for the October-December quarter potentially matching or exceeding the average of previous quarters, thus bringing the total sales for the year to 305,000 units, valued at INR 510,000 crore.
India's primary housing markets, spanning seven key cities which include cities like Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune, and Hyderabad are expected to see significant activity in 2024, with JLL India projecting that approximately 305,000 apartments will be sold by the end of the year. The total value of these sales is anticipated to reach INR 5.10 lakh crore, covering a total area of around 485 million square feet. This marks a notable performance across these major markets, which are critical to India's real estate sector. Advertisement
According to JLL India's statement earlier this week, housing sales have displayed notable resilience, with the first three quarters of 2024 setting new records. By the end of September 2024, approximately 230,000 homes, worth INR 380,000 crore, were sold across the top seven cities. This growth highlights a strong market demand despite challenges faced by the sector, such as inflationary pressures, rising interest rates, and potential geopolitical instability. However, the real estate market has proved its strength, driven by factors like growing urbanisation, steady job creation, and an increasing need for modern housing solutions.
The period from October to December is expected to see heightened sales due to the festive season, which traditionally boosts real estate demand. Given the strong fundamentals, JLL India forecasts that sales for the final quarter of 2024 could potentially meet or exceed the average quarterly sales of over 75,000 units, further driving the overall sales figure to approximately 305,000 homes. This is a positive outlook, considering that the festive season typically results in a surge of buyer interest, particularly in the luxury and mid-range housing segments.
JLL India's expectations reflect not only the high volume of sales but also the corresponding sales realisation value, which is projected to touch INR 510,000 crore for the year. The sales will span a massive 485 million square feet of real estate, underscoring the significant demand for housing in these key metropolitan areas. The expected strong sales in the last quarter are also expected to help meet the anticipated sales target for the year, contributing to a well-rounded performance across the calendar year.
The real estate sector's strength is reflected in both the volume and the value of the properties sold, and despite challenges like fluctuating market conditions, it appears to be on track to deliver robust growth through the end of the year. This performance is a clear indicator that demand for housing, particularly in the primary markets of India, remains firm and continues to grow.
The housing market in India's major cities has shown strong performance throughout 2024, with sales expected to reach impressive figures by the end of the year. Despite challenges, the demand for housing remains high, supported by favourable market conditions and the festive season. With JLL India forecasting that sales for the final quarter could exceed past averages, the overall sales for the year are set to exceed 300,000 units, amounting to INR 5.10 lakh crore in value. This robust performance reflects the sector's continued resilience and growth potential.
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