Housing sales across the top seven cities- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune and Hyderabad – are expected to touch 3.05 lakh on the back of increase in demand. The estimated value of these homes is worth ₹5.10 lakh crore and are spread across an area of 485 million sq. ft, an analysis by JLL has shown.
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Housing sales have remained healthy and hit a new nine month (January-September) peak in 2024 with close to 2.30 lakh homes across the top seven cities worth ₹3.8 lakh crore sold during this period. This translates into 363.2 million sq. ft of space sold during January-September 2024.
With the festive season coinciding with the fourth quarter and housing demand expected to remain strong, housing sales for the Oct-Dec 2024 quarter is expected to potentially match or exceed the trailing three-quarter average of over 75,000 units, taking the full year sales to approximately 3.05 lakh units. With this the sales realization value is expected to touch around ₹5.10 lakh crore for around 485 million sq. ft of area likely to be sold for the full year 2024, it showed.
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Delhi-NCR leads in terms of sales value and area sold followed by Mumbai
During the first nine months 2024 (January – September), Delhi- NCR led in terms of sales value and area sold, this indicates a higher demand for larger and premium homes in the region.
Close to 90 million sq ft valued at over ₹1.20 lakh crore across 39,322 housing units were sold in NCR during Jan-Sep 2024 period. Delhi NCR’s housing sales in the nine months (January – September) 2024 period have already surpassed the city’s last year’s annual sales.
In terms of value of homes sold, Mumbai followed NCR while in terms of area sold.
Bengaluru stood second. This clearly indicates that while apartments are of smaller size in Mumbai, the per sq. ft realization is significantly higher, while Bengaluru offers more spacious homes, the analysis showed.
Data suggests potential for increased job creation in construction and allied sectors. Record sales may influence government policies and private sector investments in urban infrastructure, it said.
“With capital values surging and being at an all-time high, close to ₹3.80 lakh crore worth of homes have already been sold across the top seven cities in the first nine months of 2024, taking the average sale value of an apartment to ₹1.64 crore. This was primarily driven by premium housing projects recording robust sales during the year, especially in Delhi NCR,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
The first three quarters of 2024 (January to September) saw sales of over ₹1.10 lakh crore each with over 115 million sq. ft sold in every quarter. Most of the prominent national level developers have already met their expected annual sales guidance within the nine-month period, highlighting strong housing demand.
“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 & Coimbatore), Head – Residential Services, India, JLL.
