Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ Industry / Potential homebuyers preferring houses above 1 crore; Over 10,000 units sold in Delhi -NCR in Q1 2024
BackBack

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
  • Home sales surged by 9% year-on-year to 86,345 units in Q1 2024 in IndiaPremium
    Home sales surged by 9% year-on-year to 86,345 units in Q1 2024 in India

    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.

    ‘Mumbai real estate market thrives amid end-user demand’

    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.

    ADIA, Kotak to invest 2,001 crore in Prestige Group’s four housing projects

    "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.

    Godrej Properties acquires 2nd land parcel in Hyderabad for 1,300 crore

    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.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    ABOUT THE AUTHOR
    Mansi Jaswal
    I write about gender-related issues, women's rights, women empowerment, gender equality, women's health topics, and their wealth management. Also, profiling women who have fought all odds to make their own identities in their own rights. Before Mint, I worked at Business Today and Business Standard. I studied journalism at IIMC, Delhi. Got a story idea? Email me at mansi.jaswal@htdigital.in
    Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 04 Apr 2024, 03:11 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App