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Potential homebuyers preferring houses above ₹1 crore; Over 10,000 units sold in Delhi -NCR in Q1 2024

India’s housing market has witnessed robust growth in the first quarter of 2024 across eight metro cities (Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Ahmedabad, Chennai, and Kolkata).  Home sales surged by 9% year-on-year to 86,345 units in the first quarter of the current calendar year.

Besides, the demand for ‘ 1 crore segment’ of residences has shot up in recent months among homebuyers, according to a report by global property consultancy firm Knight Frank. The share of the sales of 1 crore and above housing properties grew by 40% between January and March this year as compared to 29% in the same period in 2023.

‘Mumbai real estate market thrives amid end-user demand’

Delhi-NCR witnessed the highest sales in the 1 crore segment in the current calendar year so far. With sales of 10,558 units, the segment constituted 68% of the total sales volume in the NCR region between January and March 2024. In Bengaluru and Mumbai, 7,401 and 6,075 housing units of above 1 crore were sold in the same period. Interestingly, the share of sales of houses below 50 lakh declined by 10% year-on-year with only 23,026 units sold.

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“The residential segment particularly witnessed a significant surge, propelled by continued growth in sales in the higher price category of 1 crore and above. This not only demonstrates a strong demand trajectory but also reflects buyers’ confidence in making long-term commitments,” Shishir Baijal, Chairman and MD at Knight Frank India told Mint.

The consistent increase in demand has spurred a rapid pace of residential development as per the report. A total of 93,254 new residential units were launched between January-March 2024 registering a growth of 7% year-on-year. Among the eight cities, Kolkata observed an 89% increase in newly launched housing units at 6,021 in Q1 2024 as against 3,178 in Q1 2023.

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The housing prices have also appreciated across all eight metro cities with Hyderabad witnessing the sharpest rise at 13% YoY as focus shifted towards the development of premium properties.

However, Mumbai continued to remain the most expensive housing market at 7,891 per square foot, followed by Bengaluru ( 6,145/ sq ft), Hyderabad ( 5,655/sq ft), and NCR ( 4,787/sq ft), respectively.

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Published: 04 Apr 2024, 03:11 PM IST

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