Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
India's residential real estate market is undergoing a significant shift, with a decline in the supply of affordable apartments and a surge in the launch of premium homes. According to a report by real estate consultant JLL India, the supply of affordable flats costing below INR 50 lakh fell by 21% in the April-June 2024 period across seven major cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Meanwhile, the launches of apartments priced between INR 3-5 crore more than doubled, and the supply of homes above INR 5 crore also jumped over two-fold. Developers are responding to the growing demand for high-value homes among their target clientele. The report also noted a 22% rise in apartment sales across these seven cities during the same period.
According to real estate consultant JLL India, the supply of affordable apartments costing below INR 50 lakh declined by 21% in the April-June period across seven major Indian cities. This comes as builders are launching more premium flats. Advertisement
These seven cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. The MMR includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai; Delhi-NCR includes Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad, and Sohna.
JLL India's data shows a 5% increase in the overall fresh supply of apartments to 1,59,455 units during April-June 2024, up from 151,207 units in the same period last year. The data excludes rowhouses, villas, and plotted developments.
Of the total new supply in the June quarter, the launches of affordable flats stood at 13,277 units, a fall of 21% from 16,728 units in the same period last year. The launches of flats priced between INR 50 lakh to INR 1 crore also declined by 14% to 47,930 units.
In contrast, the new supply of apartments priced between INR 1-3 crore grew by 3% to 69,312 units. The launches of apartments priced INR 3-5 crore more than doubled to 19,202 units, while the new supply of homes above INR 5 crore also jumped more than two-fold to 9,734 units.
Siva Krishnan, Senior Managing Director (Chennai and Coimbatore), Head-Residential Services, India, JLL, said this trend reflects developers' active response to the surge in demand for high-value homes among their target clientele.
The report also noted that sales of apartments across the seven major cities rose by 22% to 154,921 units during April-June 2024, compared to 126,587 units in the year-ago period. Samantak Das, Chief Economist and Head of Research, India, JLL, said the sales momentum has successfully complemented the new launches, with around 30% of the H1 2024 sales being contributed by projects launched in the last six months.
The shift in India's residential real estate market reflects the changing preferences and purchasing power of homebuyers. As developers focus on catering to the surge in demand for premium properties, the availability of affordable housing options remains a concern. Policymakers and industry stakeholders must work together to ensure a balanced supply of homes across various price segments, addressing the housing needs of a diverse range of buyers.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
