2024 Set to Break Records: Housing Sales Surge Across Top Indian Cities

The year 2024 is on track to become a landmark year for the Indian housing market. According to global real estate services firm JLL, homes worth a staggering Rs 5.1 trillion are expected to be sold across the top seven Indian cities by the end of the year. This unprecedented surge signifies a flourishing post-pandemic recovery in the real estate sector, with premium housing projects leading the charge.

A Year of Milestones

Between January and September 2024, housing sales reached record-breaking levels. During this period, 2.3 lakh homes spanning 363.2 million square feet (msf) were sold, generating sales worth Rs 3.8 trillion. On average, each quarter saw sales valued at approximately Rs 1.1 trillion, setting a new benchmark for nine-month sales.

These figures highlight a consistent upward trend in annual housing sales. The market peaked in 2023 with 2.7 lakh homes sold, but 2024 is poised to exceed this with a projected sale of 3 lakh homes covering an impressive 485 msf.

Delhi NCR Leading the Pack

Among the top seven cities, Delhi NCR emerged as the leader in terms of both sales value and area sold. During the first three quarters, over 39,300 units worth Rs 1.2 trillion were sold in the region, surpassing its total sales for 2023. The remarkable demand for premium housing in Delhi NCR significantly contributed to these figures.

Click here to explore more about Delhi NCR's real estate growth.

The Role of Premium Housing

Samantak Das, Chief Economist and Head of Research and REIS, India, at JLL, attributes this remarkable growth to the robust performance of premium housing projects. The average sale value of an apartment during January-September stood at Rs 1.64 crore, with cities like Delhi NCR driving this trend.

City-Wise Insights

Mumbai: Following Delhi NCR in terms of sales value, Mumbai demonstrated higher per square foot realisation despite offering smaller apartment sizes.

Bengaluru: Ranking second in terms of area sold, Bengaluru stood out for its spacious housing offerings, catering to a different segment of homebuyers.

A Bright Future

If the estimates hold true, 2024 will cement itself as the best year ever for housing sales across India's major cities. The market’s growth is a testament to the resilience and dynamism of the real estate sector post-pandemic.