Potential homebuyers preferring houses above ₹1 crore; Over 10,000 units sold in Delhi -NCR in Q1 2024
- In Bengaluru and Mumbai, 7,401 and 6,075 housing units of above ₹1 crore were sold in the same period
- The share of sales of houses below ₹50 lakh declined by 10% year-on-year with only 23,026 units sold in Q1 2024
India's housing market has witnessed robust growth in the first quarter of 2024 across eight metro cities (Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Ahmedabad, Chennai, and Kolkata). Home sales surged by 9% year-on-year to 86,345 units in the first quarter of the current calendar year.
Besides, the demand for ' ₹1 crore segment' of residences has shot up in recent months among homebuyers, according to a report by global property consultancy firm Knight Frank. The share of the sales of ₹1 crore and above housing properties grew by 40% between January and March this year as compared to 29% in the same period in 2023.
Delhi-NCR witnessed the highest sales in the ₹1 crore segment in the current calendar year so far. With sales of 10,558 units, the segment constituted 68% of the total sales volume in the NCR region between January and March 2024. In Bengaluru and Mumbai, 7,401 and 6,075 housing units of above ₹1 crore were sold in the same period. Interestingly, the share of sales of houses below ₹50 lakh declined by 10% year-on-year with only 23,026 units sold.
"The residential segment particularly witnessed a significant surge, propelled by continued growth in sales in the higher price category of ₹1 crore and above. This not only demonstrates a strong demand trajectory but also reflects buyers' confidence in making long-term commitments," Shishir Baijal, Chairman and MD at Knight Frank India told Mint.
The consistent increase in demand has spurred a rapid pace of residential development as per the report. A total of 93,254 new residential units were launched between January-March 2024 registering a growth of 7% year-on-year. Among the eight cities, Kolkata observed an 89% increase in newly launched housing units at 6,021 in Q1 2024 as against 3,178 in Q1 2023.
The housing prices have also appreciated across all eight metro cities with Hyderabad witnessing the sharpest rise at 13% YoY as focus shifted towards the development of premium properties.
However, Mumbai continued to remain the most expensive housing market at ₹7,891 per square foot, followed by Bengaluru ( ₹6,145/ sq ft), Hyderabad ( ₹5,655/sq ft), and NCR ( ₹4,787/sq ft), respectively.
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Business NewsIndustryPotential homebuyers preferring houses above ₹1 crore; Over 10,000 units sold in Delhi -NCR in Q1 2024
First Published:4 Apr 2024, 03:19 PM IST
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