Housing Sales Soar 68 Per Cent To Touch Rs 1.11 Lakh Crore, Backed By High Volume And Prices

The report, 'Real Insight Residential - January-March 2024’, said that housing sales in value terms rose to Rs 1,10,880 crore in Jan-March period in 2024, up from Rs 66,155 crore a year earlier

Housing sales climbed 68 per cent in terms of value to touch nearly Rs 1.11 lakh crore during the January to March period in 2024 across major cities. The data, revealed by PropTiger, attributed the growth in sales to surging volumes along with price appreciation. 

The real estate firm revealed in its quarterly report titled, ‘Real Insight Residential - January-March 2024’, that housing sales according to value increased to Rs 1,10,880 crore in the first three months of the current calendar year, against from Rs 66,155 crore in the same period a year earlier, reported PTI. 

Commenting on the data, Vikas Wadhawan, Group CFO, REA India and Business Head, PropTiger.com, noted, “Growth in housing sales both in volume and value terms augurs well for the overall economy as more than 200 ancillary industries, including cement and steel, are dependent on the real estate sector. In terms of area, housing sales surged 63 per cent to 162 million square feet in the first quarter of this calendar year from 99 million square feet in the corresponding period of the previous year.”

The units sold in the period under review stood at 1,20,640 units, up by 41 per cent from 85,840 units in the same quarter a year earlier. Wadhawan added, “India’s housing market is having a dream run. Sales of residential properties in the top eight primary markets have been growing at a rapid pace, buoyed by robust growth, steadfast mortgage rates, and an escalating desire for homeownership.”

Housing sales in Ahmedabad rose over double to Rs 9,090 crore in Jan-March 2024, against 3,954 in the corresponding months a year earlier. Bengaluru clocked a growth of 52 per cent in sales to Rs 11,310 crore in the quarter under review, up from Rs 7,428 crore, while Chennai logged an increase of 52 per cent in sales to Rs 3,290 crore from Rs 2,697 crore, both on a year-on-year (YoY) basis.

Residential property sales in Delhi-NCR surged over three times to Rs 12,120 crore from Rs 3,476 crore, while Hyderabad reported sales of Rs 23,580 crore, rising over double to Rs 9,711 crore from a year earlier.  

The growth of housing sales stood at 59 per cent in Kolkata to Rs 2,000 crore from Rs 1,260 crore, while Mumbai Metropolitan Region (MMR) witnessed a rise of 31 per cent to Rs 34,340 crore from Rs 26,167 crore, both on a YoY basis. 

Ankita Sood, Head of Research, PropTiger.com and Housing.com, noted, “Notably, major cities like Mumbai, Hyderabad, Delhi NCR, and Pune collectively accounted for 76 per cent of the total transaction value of Rs 1.11 lakh crore. This surge not only signifies heightened demand but also reflects a remarkable 15–20 per cent uptick in property prices within key business districts.” The analyst said that the momentum is expected to continue in the coming quarters, owing to economic growth and robust demand.