Housing sales up 68% in Jan-Mar on higher volumes
NEW DELHI: Housing sales rose 68% in value terms to nearly ₹1.11 lakh crore during the JanuaryMarch period across major cities on higher volumes as well as price appreciation, according to PropTiger.
In its quarterly report ‘Real Insight Residential– January– March 2024’, real estate brokerage firm PropTiger.com said that housing sales in value terms rose to ₹1,10,880 crore in the JanuaryMarch period of this calendar year from ₹66,155 crore in the year-ago period.
Vikas Wadhawan, Group CFO of REA India and Business Head of PropTiger.com, said, “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% 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.
Housing sales grew by 41% to 1,20,640 units during JanuaryMarch 2024 from 85,840 units in the corresponding period of the previous year. “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,” Wadhawan said.
As investor confidence gradually resurfaces, coupled with robust demand from Non-Resident Indians, he said the trajectory of housing demand appears poised for solid growth, barring any unforeseen spikes in prices.
PropTiger said the sales value has been derived from multiplying the total number of units sold by the weighted average price and further by the weighted average size of the properties.
Housing sales in Ahmedabad more than doubled to ₹9,090 crore in January-March 2024 from ₹3,954 crore in the yearago period.
Bengaluru saw a 52% growth in housing sales to ₹11,310 crore from ₹7,428 crore, while Chennai witnessed a 52% increase in sales to ₹3,290 crore from ₹2,697 crore.
Sales of residential properties in Delhi-NCR jumped more than three times to ₹12,120 crore from ₹3,476 crore. In Hyderabad, the housing sales more than doubled to ₹23,580 crore from ₹9,711 crore.
Housing sales in Kolkata grew 59% to ₹2,000 crore from ₹1,260 crore.
Mumbai Metropolitan Region (MMR) saw a 31% growth in housing sales to ₹34,340 crore from ₹26,167 crore. Housing sales in Pune increased to ₹15,150 crore in January-March this year from ₹11,462 crore in the year-ago period.
Ankita Sood, Head of Research, PropTiger.com and Housing.com, said, “This surge not only signifies heightened demand but also reflects a remarkable 15–20% uptick in property prices within key business districts.”