Residential Sales Surge in Q3 2024
The residential sector in India experienced a strong performance in the third quarter of 2024, with 87,108 units sold across eight major markets, according to Knight Frank India’s report. This represents a 5% year-on-year growth, marking the highest quarterly sales of the year. Total sales for the first nine months reached 2,60,349 units, a 9% increase from 2023.
Mumbai Takes the Lead
Mumbai led the sales with 24,222 units, achieving the best quarterly sales volume since 2018. High-end homes priced above Rs 10 million dominated the market, making up 46% of all sales. This segment saw a 41% YoY growth with 40,328 units sold.
Market Segments
The mid-segment (Rs 5-10 million) accounted for 30% of sales with 26,011 units, while the affordable segment (under Rs 5 million) captured 24% with 20,769 units. New launches also increased by 6% YoY, with 90,479 units introduced.
Regional Highlights
Bengaluru saw the highest YoY price growth at 10%, boosting demand for premium properties. Pune led in new launches with a 42% YoY increase. However, the National Capital Region (NCR) experienced a 7% decline in sales due to low inventory in mid and affordable segments.
Expert Insights
Shishir Baijal, Chairman and Managing Director of Knight Frank India, noted the strong performance of the high-end segment, attributing it to the demand for larger living spaces and luxury homes. He expressed optimism about sustaining the current momentum due to a steady economic outlook and potential rate cuts.
Doubts Revealed
Q3 2024 -: Q3 2024 refers to the third quarter of the year 2024, which includes the months of July, August, and September.
YoY growth -: YoY growth stands for Year-over-Year growth, which means comparing the performance of a certain period with the same period in the previous year.
Mumbai -: Mumbai is a large city in India, known as the financial capital of the country. It is famous for its bustling lifestyle and is home to Bollywood, the Indian film industry.
High-end homes -: High-end homes are luxury houses that are usually more expensive and have better features and amenities compared to regular homes.
Rs 10 million -: Rs 10 million is equal to 1 crore in Indian currency, which is a large amount of money, often used to describe the price of expensive items like luxury homes.
Bengaluru -: Bengaluru, also known as Bangalore, is a major city in India, known for its technology industry and pleasant climate.
NCR -: NCR stands for National Capital Region, which includes Delhi and surrounding areas like Gurgaon and Noida.
Knight Frank India -: Knight Frank India is a real estate consultancy company that provides advice and services related to buying, selling, and managing properties.
Shishir Baijal -: Shishir Baijal is a person who works at Knight Frank India and is an expert in the real estate market.