On the cusp of year-end, the real estate market outlook for 7 cities in India cites good news. According to the report by JLL, Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune, and Hyderabad witness high demand for residential properties. These cities are expected to touch the 3.05 lakh units mark soon.
The report estimates the cost of these values to be Rs. 5.10 lakh crore and covers a 485 million sq ft area.
During the first nine months (January-September) 2024, sales in the housing market of India were above good norm. Also, a record 2.30 lakh homes across the country were sold for Rs. 3.8 lakh crore during this tenure.
Citing the data, it covers 363.2 million sq ft of area sold from January to September 2024.
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Top 7 Cities in India to Witness Sturdy Buying Demand as Reputed Developers plan Mindful Expansion
The fourth and last quarter of 2024, gained momentum for sales in the property market in India as it was a festive season. The growth is expected to remain strong from October-December and is likely to pass by or be equal to the average of three quarters.
The average for the third quarter was 75,000 tallying total sales for the year at approximately 3.05 housing units.
According to the report, with touching the mark of 3.05 lakh units sale value in the housing market in India estimates Rs. 5.10 Crore for approximately 485 million sq ft.
“During the year, real estate developers continued to acquire strategic land parcels across the metro cities for proposed residential development, thus the housing apply for 2025 across the top seven cities is expected to remain strong too. With sales anticipated to go up, capital values too will rise, eventually pulling up the area and overall value of homes to be sold,” said Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head – Residential Services, India, JLL.
Delhi leads the property market in India by its high demand and sales considering sale cost and saleable area. Overall, it hints at ascend in demand for premium properties in Delhi, the national capital. Following the city is Mumbai, India’s financial capital for second highest saleable area in 2024.
Bengaluru also secured second position in the real estate market outlook for 7 cities in India. It indicates that Karnataka’s capital is a popular choice for the area, as Mumbai offers considerably smaller apartment sizes.
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The report by JLL also cites an increase in employment opportunities in the construction and allied industries. And the real estate forecast has a positive lookout towards urban infrastructure.
“With capital values surging and being at an all-time high, close to Rs.3.80 lakh crore worth of homes have already been sold across the top seven cities in the first nine months of 2024, taking the average sale value of an apartment to 1.64 crore. This was primarily driven by premium housing projects recording robust sales during the year, especially in Delhi NCR,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
In 2024, the majority of developers in the country attained their annual sales goal in the first nine months (January-September).
