by THO
While sales of properties in the ₹3–5 crore category surged 86% in 2024, apartments in the ₹50 lakh price range, fell by 14% due to fewer launches of affordable housing projects and rising prices, according to a report by JLL India.
Overall, JLL India data showed that sales of apartments across seven major cities during 2024 witnessed sustained growth, reaching a record-high volume of 3,02,867 units, up 11% from 2,71,818 units in the preceding year.
It noted that Bengaluru, Mumbai, and Pune led the annual sales, collectively contributing around 62% of the 2024 sales.
The seven cities are Mumbai (including Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai), Delhi-NCR (including Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna), Bengaluru, Pune, Chennai, Hyderabad and Kolkata. The data includes only apartments. Rowhouses, villas, and plotted developments are excluded from the JLL India analysis.
The year 2024 witnessed a significant 86% Year-on-Year growth in demand for premium segment ( ₹3-5 crore) housing, while the luxury segment (above ₹5 crore) followed with 80% growth. Apartment sales in the price range of ₹1 crore and above recorded almost 30% Year-on-Year growth, indicating a rise in home purchase affordability, it noted.
Among different price categories, sales of apartments costing less than ₹50 lakh each fell to 38,626 units from 45,160 units.
In the ₹50 lakh–1 crore price category, apartment sales were almost flat at 1,02,886 units last year, compared to 1,02,685 units in the preceding year.
The demand for apartments priced ₹1 crore and above remained strong last year. In the ₹1–3 crore category, apartment sales rose 18% to 1,19,990 units from 1,01,451 units.
JLL data showed that sales in the ₹3–5 crore category surged 86% to 25,833 units from 13,881 units. In the above ₹5 crore category, the sales shot up 80% to 15,532 units during 2024 from 8,641 units in the preceding year.
While the continued expansion of the tech industry and favourable weather conditions in Bengaluru and Pune played a critical role in influencing housing demand in these cities, Mumbai’s housing sales have been driven by improved connectivity to suburban locations and sister cities and redevelopment in core city areas. Investors and end-users’ confidence in long-term prospects for the residential sector in these cities has positively impacted housing sales, it noted.
Delhi NCR recorded the highest price increase of around 20%
As for prices, Q4 2024 continued to witness residential price growth in the top seven cities (Delhi NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Pune, Kolkata) of India, with Y-o-Y price increases ranging from around 5% to 20%.
Delhi NCR recorded the highest price increase of around 20%, followed by Bengaluru, which experienced a significant hike of approximately 14%. Chennai, Hyderabad, and Kolkata, too, witnessed around 10% Y-o-Y growth in residential capital values. It said that amid soaring housing demand and quality launches, capital values have been on the rise and are expected to move northwards going forward.
On the outlook for the current year, JLL said the housing market is expected to exhibit a strong performance amid rising urbanisation levels, infrastructure developments, and rising demand for premium homes driven by changing consumer lifestyle preferences and higher disposable income levels.
“Amid higher willingness to pay for quality homes and rising property prices, for the first time ever, apartments priced above ₹1 crore accounted for more than 50% share in annual sales. There has also been a significant growth of ~86% in the premium ( ₹3-5 crore) segment sales and ~80% growth in luxury ( ₹5 crore and above) segment sales when compared to 2023, driven by rise in high-net-worth individuals, increasing disposable income levels and evolving buyer preference for bigger, tech-enabled, and future-ready homes,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL
New residential launches across the top 7 cities reached a record high in 2024. Bengaluru was the only city with historically high annual launches. Around 302,000 housing units were launched during 2024, the highest annual residential supply across the top 7 cities.
On a yearly basis, 2024 launches have risen marginally by around 3% Y-o-Y. Mumbai, Bengaluru and Hyderabad led annual launches with around 60% share. The tech cities of Bengaluru, Chennai, Hyderabad, and Pune, largely driven by continued expansion in their commercial office sector, contributed around 60% share in 2024 launches, the JLL report said.
