Average Apartment Sale Price In India Hits Rs 1.64 Crore In 2024: Report

India's housing market is on track to reach an all-time high in 2024, with an estimated Rs 5.1 trillion worth of homes expected to be sold across the top seven cities, according to JLL

India saw the sale of 2.3 lakh homes valued at Rs 3.8 trillion in the first nine months of 2024, with an average sale price of Rs 1.64 crore per apartment, driven mainly by premium projects, particularly in Delhi NCR, according to global real estate consultancy firm JLL.

Among the top cities, Delhi NCR led in sales value, while Bengaluru ranked second in terms of area sold. While Mumbai’s high per square foot prices contributed to its sales value, Bengaluru’s larger homes boosted its higher volume of space sold.

India's housing market is on track to reach an all-time high in 2024, with an estimated Rs 5.1 trillion worth of homes expected to be sold across the top seven cities, according to JLL. This would set a new record, with 3 lakh homes totalling 485 million square feet slated for sale. The ongoing post-Covid recovery has fueled consistent sales growth, with 2.7 lakh homes sold in 2023.

“With capital values surging and being at an all-time high, close to Rs 380,000 crore worth of homes have already been sold across the top seven cities in the first 9 months of 2024, taking the average sale value of an apartment to Rs 1.64 crore. This was primarily driven by premium housing projects recording robust sales during the year, especially in Delhi NCR,” said Dr Samantak Das, chief economist and head of research and REIS, India, JLL.

In the first three quarters of 2024 (January to September), sales exceeded Rs 1,10,000 crore, with over 115 million square feet sold each quarter. Many leading national developers have already achieved their expected annual sales targets within these nine months, underscoring the robust demand for housing.

In the first nine months of 2024 (January to September), Delhi NCR led both in sales value and area sold, reflecting a strong demand for larger and premium homes in the region. During this period, nearly 90 million square feet, valued at over Rs 120,000 crore, were sold across 39,322 housing units in Delhi NCR. Notably, the region’s housing sales for the January–September 2024 period have already surpassed its total sales for the previous year.

In terms of value, Mumbai followed Delhi NCR, while Bengaluru ranked second in area sold. This highlights that, while Mumbai has smaller apartments with significantly higher per-square-foot prices, Bengaluru offers more spacious homes, contributing to its higher volume of area sold.

 “During the year, real estate developers continued to acquire strategic land parcels across the metro cities for proposed residential development; thus, the housing supply for 2025 across the top seven cities is expected to remain robust. Demand 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 and Coimbatore), head of residential services, India, JLL.

As the festive season aligns with the fourth quarter and housing demand is anticipated to remain strong, JLL expects sales for the October-December 2024 quarter to potentially match or surpass the average of over 75,000 units sold in the previous three quarters. This would bring total sales for the year to approximately 305,000 units. Consequently, the total sales realisation value is projected to reach Rs 510,000 crore, with around 485 million square feet of area likely to be sold by the end of 2024.