There was a decline in sales in the less than Rs 50 lakh and Rs 50 lakh-Rs 1 crore segments.
Last year i.e. in the year 2024, good growth was seen in the sales of houses. According to Knight Frank, due to better demand for premium homes amid stable mortgage rates and strong economic growth, India’s eight major cities – Mumbai, National Capital Region (NCR), Bengaluru, Hyderabad, Chennai, Pune, Ahmedabad and Kolkata – are expected to witness the rise in housing demand in 2024. Home sales in India increased by 7 percent year-on-year to 3,50,613 units. Knight Frank gave this information on Tuesday. According to PTI news, last month real estate consultant Anarock had said that home sales in seven major cities will decline by 4 percent to about 4.6 lakh units in the year 2024.
Strong demand for homes priced between ₹2-5 crore
According to the news, Shishir Baijal, Chairman and Managing Director of property consultant Knight Frank India, said that the Indian housing market saw strong demand for homes priced at Rs 2-5 crore. Hyderabad and Pune touched all-time highs and Mumbai recorded a 13-year peak.
The consultant said the higher ticket size segment gained momentum despite overheating concerns, with the Rs 2-5 crore category seeing 85 per cent annual growth, although sales in the sub-Rs 50 lakh and Rs 50 lakh-Rs 1 crore segments fell. Decline or exhaustion was observed.
Housing market performed tremendously since 2020
Baijal said the housing market has performed tremendously since 2020, with 2024 sales volume reaching a 12-year high. He said the market is moving towards higher ticket-sizes with better products to meet the growing lifestyle needs of the demanding consumer. Baijal said the overall improvement in market health metrics, stable economic and interest rate outlook as well as still strong momentum are favorable enough for the market as it moves into the new year.
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