Between July and September, sales of homes in the top eight cities increased by 5%, reaching 87,108 units. Mumbai led the way with 9% growth in sales to 24,222 units, possibly the highest quarterly sales volumes since 2018, according to a new research released on October 3 by real estate consulting firm Knight Frank India.
All markets have seen an increase in house sales, according to the research, with the exception of Delhi-NCR, where sales have decreased by 7% YoY. Sales in Bengaluru rose at 11% YoY with 14,604 units.
During the three months, office space transactions increased by 18% year over year to reach 19 million square feet, the biggest quarterly absorption since Q1 2018.
Bengaluru led the way, accounting for 28% of all office volume sales in Q3 2024 among the chosen eight locations, with 5.3 million square feet, according to the research.
According to the research, the office category has registered lease of 53.7 million square feet, while the residential segment has sold 2.6 lakh units overall thus far in 2024.
According to the research, houses costing ₹1 crore and more accounted for 46% of all sales, increasing 41% year over year to 40,328 units sold in Q3 2024. In Q3 2024, 26,011 units priced between ₹50 lakh and ₹1 crore accounted for 30% of overall sales, while units under ₹50 lakh accounted for 24% of the market share with 20,769 units sold.
The proportion of affordable housing fell by 14% on a yearly basis during the quarter that ended in September, with Mumbai and Kolkata standing out as the only markets where sales of this segment increased year over year. "Demand was suppressed by the persistent combination of rising prices, higher home loan rates, and the generally negative effects of the pandemic on this sector," the research stated.
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