Homes worth Rs 5.1 trn be sold across top Indian cities in 2024: JLL

Between January and September 2024, homes worth Rs 3.8 trillion were sold across the top seven Indian cities

Homes worth Rs 5.1 trillion across the top seven Indian cities are estimated to be sold in 2024, according to global real estate services firm JLL. About 3 lakh homes spanning an area of 485 million square feet (msf) are expected to be sold.

 

If the estimates turn out to be accurate, 2024 will end as the best year ever in terms of housing sales across the top seven cities. Post-Covid, annual housing sales have shown a consistent rise, recording a peak of 2.7 lakh homes sold in 2023.

 

Earlier, the highest-ever nine-month sales were recorded during January-September 2024. During this period, 2.3 lakh homes worth Rs 3.8 trillion and spanning an area of 363.2 msf were sold. On average, each quarter saw sales worth Rs 1.1 trillion. The top seven cities are Delhi National Capital Region (NCR), Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad.

   

As per Samantak Das, chief economist and head of research and REIS, India, JLL, during the first three quarters of the year, the average sale value of an apartment stood at Rs 1.64 crore. Das stated that this was primarily driven by premium housing projects, which recorded robust sales during the year, especially in Delhi NCR.

 

City-wise, during January-September 2024, Delhi NCR led in terms of sales value and area sold. Over 39,300 units valued at over Rs 1.2 trillion were sold in NCR during this period. The city’s sales between January and September 2024 have already surpassed its annual sales for the previous year.

 

In terms of the value of homes sold, Mumbai followed NCR, while in terms of the area sold, Bengaluru stood second. “This clearly indicates that while apartments are smaller in size in Mumbai, the per sq. ft. realisation is significantly higher, whereas Bengaluru offers more spacious homes,” the report added.

 

Additionally, as per JLL, most prominent national-level developers have already met their expected annual sales guidance within the nine-month period, highlighting strong housing demand.

 

Siva Krishnan, senior managing director (Chennai and Coimbatore) and head of residential services, India, JLL, estimates that housing supply and demand for 2025 across the top seven cities will remain robust. In 2024, real estate developers continued to acquire strategic land parcels across metro cities for proposed residential developments. “With sales anticipated to go up, capital values too will rise, eventually pulling up the area and overall value of homes to be sold,” he added.