India’s Housing Market Poised To Hit Record Rs 5.1 Trillion Sales in 2024

India’s housing market recorded sales of 2.3 lakh homes worth Rs 3.8 trillion in the first nine months of 2024, JLL reported. The average price per apartment stood at Rs 1.64 crore, driven by premium housing projects, especially in Delhi NCR.

Delhi NCR led in sales value and area sold during this period. Bengaluru ranked second in area sold, while Mumbai secured second place in sales value due to its high per sq. ft prices. JLL expects the housing market to achieve record sales of Rs 5.1 trillion by year-end, marking a historic milestone.

Delhi NCR Dominates Premium Housing Segment

Between January and September 2024, Delhi NCR sold 39,322 housing units spanning 90 million sq. ft, valued at over Rs 1.2 trillion. These figures already surpassed the city’s total annual sales in 2023.

Meanwhile, Mumbai followed NCR in terms of sales value due to its high per sq. ft realization, while Bengaluru ranked second in area sold due to larger housing units. The consistent demand for premium homes has been a major driver in these regions.

Housing Market on Track for a Record Year

JLL reported that each quarter in 2024 saw sales exceeding 115 million sq. ft, with over Rs 1.1 trillion generated per quarter. Prominent developers met their annual sales targets within nine months, highlighting strong demand.

Furthermore, with the festive season boosting Q4 sales, JLL expects the housing market to close 2024 with 305,000 units sold. This will translate to 485 million sq. ft of space and Rs 5.1 trillion in value.

Developers have acquired strategic land parcels across major cities to meet rising demand. JLL predicts strong sales and rising capital values will ensure robust growth in the housing market for 2025.

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