Indian real estate’s bull run continues as top Indian eight cities witness 7% rise in 2024. According to the Knight Frank India report, the figure marks 12-year high based on key major features. Including demand for luxury homes in India, stable interest rates, and economic growth.
The housing units sale figure rose from 329,097 in 2023 to 350, 613 in 2024 in top eight Indian cities.
Mumbai topped the list with highest sale volume of 96,470 housing units that is 4 percent high than 96,187 units in 2023. Followed by Bengaluru with a steep growth of 2% YoY (55,362 housing unit sale) at 10-year high.
Hyderabad and Pune marked highest of all time sale at 36,974 and 57,346 housing units respectively.
Also Read: Hyderabad Property Market Insight for 2024
Although, Delhi-NCR witnessed a dip of 4 percent with sold housing unit figure at 57,654.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said the premiumisation trend has intensified as the market continues to shift towards higher ticket sizes with products much better suited to the increasing lifestyle needs of the demanding consumer.
Next stands Kolkata with a highest sale growth of 18,462 housing units followed by Ahmedabad witnessing 15% YoY growth (17,389 housing units).
“Two years ago, Rs. 40-50 lakh product was a burden for consumers, and now Rs. 1-1.5 Crore worth of houses are also burdened in markets like NCR where a lot of inventory has moved beyond this price range. Particularly up to the Rs. 1.5 Crore segment, we saw a decline in sales,” said Vivek Rathi, Head of Research, Knight Frank India.
Housing Sale between Rs. 2-5 Crore witness 62% YoY Growth Share
Knight Frank India’s recent report show 27% housing sale from the inventory ranging between Rs. 1-2 Crore. It is a bearish figure at 15 percent Year-on-Year rise with Rs. 2- 5 Crore housing sale witnessing 62 percent rise.
Also Read: Luxuriousness lure Homebuyers to Invest upto Rs.2 Crore in Mumbai Real Estate
The report further added, “However, the price rise has been strongly mitigated by the stability in home loan rates, rising household incomes in urban areas and rising economic fundamentals of the country, which is pursuing homebuyers to make their purchase. Another significant aspect contributing to the rise in average prices in cities is the premiumisation trend, which is why more units are launched in higher price categories, automatically boosting the price threshold of the city.”
