Residential sales in the first nine months of 2024—January to September—reached a record high with 229,908 units sold, according to a statement by JLL Research released Sunday.
This is approximately 85% of the total units sold throughout the entire year of 2023, the report stated. Out of these, most units were sold in Mumbai and Bengaluru, contributing around 44% of the overall sales.
During the period under review, 39% sales were from mid-segment (Rs 50 lakh to Rs 1 crore), and 35% from upper mid-segment (Rs 1 crore to Rs 3 crore). Meanwhile, premium (Rs 3 crore to Rs 5 crore) and luxury (Rs 5 crore and above) residential sales grew 107% and 96% sequentially, respectively.
The report attributed the increasing demand for premium and luxury projects to change in lifestyle preferences of buyers especially after the pandemic.
Residential Sales In September Quarter
In the third quarter of 2024, a total of 74,987 units were sold, clocking a moderate growth of 8% on a year-on-year basis.
Mumbai, Bengaluru, and Delhi NCR accounted for around 62% share in quarterly sales, the release stated.
It was noticed that 15% of the total projects sold during the quarter were from the luxury segment valued at Rs 3 crore and above, indicating the rising demand for opulent homes.
Out of Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune, the last was the only city to see a 9% decline in the total residential sales on an annual basis.
On the other hand, Delhi NCR, Chennai and Hyderabad reported the highest sales on a sequential basis, at 41%, 40% and 14%, respectively.
As of September quarter, unsold inventory across the seven cities decreased marginally than the year-ago period as launches outpaced sales, JLL said.
Future Of Residential Sales
JLL Research quoted a 'healthy' outlook for residential sales in 2024, especially given that the first nine months of 2024 achieved around 85% of entire 2023 sales.
The real estate and investment company estimates 2024 to close with sales about 12–15% higher than 2023 sales, based on strengthening of buying over the upcoming festive season.
They expect the inflow of quality supply by reputed developers will drive the demand further, pushing the year to end at yet another historic milestone.
Moreover, announcement of projects by reputed national and local developers in prime locations and growth corridors in the near to medium term will sustain an upward growth in sales volume, according to the release.
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