India’s Residential Sales Surge in 2024
In the first nine months of 2024, residential sales in India increased by 17% compared to the previous year, according to JLL, a real estate company. A total of 229,908 units were sold, achieving 85% of the projected sales for the entire year. The premium and luxury segments saw the most significant growth, with sales in the premium range (Rs 3-5 crore) rising by 107% and luxury homes (Rs 5 crore and above) by 96%.
Changing Buyer Preferences
JLL noted a shift in lifestyle preferences, leading to increased demand for high-value projects, especially post-pandemic. The mid-segment (Rs 50 lakh-1 crore) accounted for 39% of sales, while the upper-mid segment (Rs 1-3 crore) held a 35% share. Bengaluru and Mumbai were key markets, contributing 44% of sales from January to September 2024.
Quarterly Sales and Market Trends
In Q3 2024, 74,987 units were sold, marking an 8% growth from the previous year. Mumbai, Bengaluru, and Delhi NCR represented 62% of these sales, with luxury homes making up 15% of the total. Samantak Das, Chief Economist at JLL, highlighted the strong buyer confidence and the expected continuation of demand driven by new projects in prime locations.
Doubts Revealed
Residential Sales -: This refers to the number of homes or apartments that are sold to people to live in. It’s like when families buy new houses to live in.
Premium and Luxury Homes -: These are expensive and high-quality homes that have special features like big spaces, fancy designs, and are often located in nice areas.
Bengaluru and Mumbai -: These are two big cities in India. Bengaluru is known as the tech city, and Mumbai is the financial capital of India.
Q3 2024 -: Q3 stands for the third quarter of the year, which means the months of July, August, and September in 2024.
Buyer Confidence -: This means that people feel good and sure about buying homes. They believe it’s a good time to invest in property.