Housing Sales Rise 5% in Top 8 Cities (Jul-Sep): Knight Frank
By Rediff Money Desk, New Delhi Oct 03, 2024 12:06
Housing sales in India's top 8 cities increased 5% YoY in July-September, driven by strong demand for premium homes, according to Knight Frank India. Sales in Mumbai reached a new high, while Delhi-NCR saw a decline.
New Delhi, Oct 3 (PTI) Housing sales rose 5 per cent annually during July-September to 87,108 units in eight major cities as demand stayed strong for premium homes, according to Knight Frank India.
Real estate consultant Knight Frank India on Thursday released its report 'India Real Estate' for the third quarter of 2024 calendar year through a webinar, showing a modest increase in housing sales in contrast to data provided by Anarock and PropEquity which reported drop in total sales during July-September across major cities.
"Momentum in the residential market has trended up well in 2024 with Q3, 2024 recording the highest quarterly sales this year at 87,108 units," the report said.
Addressing a virtual press conference, Knight Frank India CMD Shishir Baijal said, the growth in housing sales is driven by demand for premium housing costing above Rs 1 crore each.
"There are concern in affordbale housing segment," Baijal said, adding that sales in this category have declined due to availability and affordability challenges.
As per the report, housing sales have grown across all markets except for the Delhi-NCR where sales have dipped by 7 per cent YoY (year-on-year).
The highest sales volumes were recorded in Mumbai at 24,222 units, which is a new high for the market. Sales in Mumbai grew 9 per cent year-on-year.
Among the larger markets, sales grew the most in Bengaluru at 11 per cent YoY with 14,604 units
Housing sales in Pune were up 1 per cent to 13,200 units, while demand in Hyderabad grew 9 per cent to 9,114 units.
Ahmedabad saw an 11 per cent growth in sales to 4,578 units, while Kolkata witnessed a 14 per cent growth in sales to 4,309 units.
Housing sales in Chennai increased 6 per cent to 4,105 units.
However, sales of residential properties in Delhi-NCR declined 7 per cent to 12,976 units during July-September as compared to the year-ago period.
Real estate consultant Knight Frank India on Thursday released its report 'India Real Estate' for the third quarter of 2024 calendar year through a webinar, showing a modest increase in housing sales in contrast to data provided by Anarock and PropEquity which reported drop in total sales during July-September across major cities.
"Momentum in the residential market has trended up well in 2024 with Q3, 2024 recording the highest quarterly sales this year at 87,108 units," the report said.
Addressing a virtual press conference, Knight Frank India CMD Shishir Baijal said, the growth in housing sales is driven by demand for premium housing costing above Rs 1 crore each.
"There are concern in affordbale housing segment," Baijal said, adding that sales in this category have declined due to availability and affordability challenges.
As per the report, housing sales have grown across all markets except for the Delhi-NCR where sales have dipped by 7 per cent YoY (year-on-year).
The highest sales volumes were recorded in Mumbai at 24,222 units, which is a new high for the market. Sales in Mumbai grew 9 per cent year-on-year.
Among the larger markets, sales grew the most in Bengaluru at 11 per cent YoY with 14,604 units
Housing sales in Pune were up 1 per cent to 13,200 units, while demand in Hyderabad grew 9 per cent to 9,114 units.
Ahmedabad saw an 11 per cent growth in sales to 4,578 units, while Kolkata witnessed a 14 per cent growth in sales to 4,309 units.
Housing sales in Chennai increased 6 per cent to 4,105 units.
However, sales of residential properties in Delhi-NCR declined 7 per cent to 12,976 units during July-September as compared to the year-ago period.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Jaiprakash Power Ven
- 20.12 (+ 4.96)
- 60298865
- Vodafone Idea L
- 9.87 ( -3.05)
- 51345961
- RattanIndia Power
- 16.90 (+ 4.90)
- 35505535
- Evexia Lifecare
- 3.98 (+ 0.76)
- 34274666
- Spicejet Ltd.
- 65.58 ( -3.74)
- 29076648
MORE NEWS
ZEVO Secures USD 2 Million in Pre-Series A...
Electric mobility platform ZEVO raises USD 2 million in Pre-Series A funding to deploy...
Kia India to Launch Mass Market EV in 2024
Kia India plans to introduce its first mass market electric vehicle in 2024, aiming for...
Pritika Auto Secures Rs 30 Cr Tractor Parts Order
Pritika Auto Industries, a leading tractor components maker, has secured an order worth...