by THO
Homes worth ₹1.11 lakh crore were sold in the January to March 2024 period with housing sales increasing by 68% in value terms, according to a report by PropTiger.com
In its quarterly report titled Real Insight Residential – January–March 2024, the report said that housing sales in value terms rose to ₹1.11 lakh crore in January-March 2024 from ₹66,155 crore in the year-ago period. Cities such as Mumbai, Hyderabad, Delhi NCR, and Pune collectively accounted for 76% of the total transaction value of ₹1.11 lakh crore.
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Maximum number of homes were bought in Mumbai amounting to ₹34,340 crore followed by Hyderabad for 23,580 crore, Pune for ₹15,150 crore and Delhi-NCR for 12,120 crore in Q1 2024.
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PropTiger.com data showed that housing sales grew by 41% to 1.20 lakh units in the first quarter of this calendar year from 85,840 units in the corresponding period of the previous year. The maximum number of units were sold in Mumbai (41,590) followed by Pune (23,110) and Hyderabad (14,290). As many as 10,060 units were sold in Delhi.
In terms of area, housing sales surged 63 per cent to 162 million square feet from 99 million square feet. As much as 35 mn sq ft was sold in Hyderabad, 33 mn sq ft was sold in Mumbai, 25 mn sq ft was sold in Pune, 22 mn sq ft was sold in Ahmedabad.
“Growth in housing sales both in volume and value terms augurs well for the overall economy as more than 200 ancillary industries, including cement and steel, are dependent on the real estate sector,” said Vikas Wadhawan, Group CFO, REA India and Business Head of PropTiger.com
“India’s housing market is having a dream run. Sales of residential properties in the top eight primary markets have been growing at a rapid pace, buoyed by robust growth, steadfast mortgage rates, and an escalating desire for homeownership. As investor confidence gradually resurfaces, coupled with a robust demand from non-resident Indians, the trajectory of housing demand appears poised for solid growth, barring any unforeseen spikes in prices,” he said.
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Ankita Sood, Head of Research, PropTiger.com and Housing.com, said that “The first quarter saw a 68% surge in property sales’ gross transaction value compared to last year’s Q1. Notably, major cities like Mumbai, Hyderabad, Delhi NCR, and Pune collectively accounted for 76% of the total transaction value of ₹1.11 lakh crore. This surge not only signifies heightened demand but also reflects a remarkable 15–20% uptick in property prices within key business districts. We expect the momentum to continue in the coming two quarters, driven by economic growth and strong demand.”
Housing markets covered in the report include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai and Thane) and Pune.
“The housing sector has maintained its upward trajectory in 2024 especially in the luxury and ultra-luxury segments, building upon the success of the previous years. This continued growth can be attributed to stability in Interest rates, a favorable economic environment, and the rapid expansion of Infrastructure, particularly in major urban centers like the National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR),” said Aman Sarin, director and chief executive officer, Anant Raj Limited.
