Housing sales rise 5% across top 8 cities in July-Sept: Knight Frank

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.