India’s housing market has seen strong growth in 2024, with 2.3 lakh homes sold for US$ 44.85 billion (Rs. 3,80,000 crore) in the first nine months, driven by premium housing projects, especially in Delhi NCR. As demand for larger, more expensive homes surged, the average sale price reached US$ 193,578.85 (Rs. 1.64 crore) per apartment. Delhi NCR led in sales value, while Bengaluru topped the charts regarding area sold. Despite Mumbai’s higher per-square-foot price, Bengaluru’s larger homes contributed to the higher volume of space sold. The overall housing market is set to hit a record US$ 60.20 billion (Rs. 5,10,000 crore) in sales by the end of FY24, with 3 lakh homes, totalling 485 million square feet, expected to be sold across the top seven cities.
In the first three-quarters of FY24, over US$ 11.80 billion (Rs. 1,00,000 crore) worth of homes were sold each quarter, with more than 115 million square feet sold each period. Delhi NCR saw the highest sales, with 39,322 units valued at over US$ 14.16 billion (Rs. 1,20,000 crore), surpassing last year’s full-year sales. Mumbai followed in sales value, while Bengaluru ranked second in area sold. With the festive season expected to drive continued demand, the fourth quarter could match or exceed the 75,000 units sold in each previous quarter, bringing total sales for FY24 to approximately 305,000 units. The strong sales growth is expected to keep capital values high, further bolstering the housing market heading into FY25.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.