Housing sales hit record high in Jan-March quarter, top 7 cities register 14% jump YoY

Riding on the bull run that the local market is witnessing, sales of residential homes surged to a record high in January-March (Q1, 2024) quarter. During the period, nearly 130,170 housing units were sold across the top 7 cities of India, which was 14% higher than the 113,775 units that were sold during the same period last year, latest data from Anarock Research shows.

Among the key markets, Mumbai Metro Region (MMR) continued to lead the pack with 42,920 units absorbed during Q1, 2024 - which was 24% higher than 34,690 units in the corresponding quarter previous year. 

While Pune, with 22990 units sold during the period, stood second with 15% year-on-year growth. Delhi-NCR that has traditionally been the second-largest market, slipped to the fifth spot - behind MMR, Pune, Hyderabad and Bengaluru as home sales declined in the region by 9% over last year. 

Hyderabad and Bengaluru reported 38% and 14% year-on-year growth, respectively.

“The real estate market is experiencing a surge across all sectors courtesy a strong demand from both first-time homebuyers as well as affluent buyers seeking luxury properties or second homes. Even Investor appetite is high particularly for properties located at prime locations with the potential for high returns,” says Pradeep Aggarwal, Chairman, Signature Global (India) Ltd.

"The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced INR 1.5 Cr and above. MMR and Pune accounted for over 51% of the total sales in the top 7 cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise,” observes Anuj Puri, Chairman, Anarock Group.

According to Dhaval Ajmera, Director, Ajmera Realty & Infra India,  “the real estate sector recorded historic highs when it came to home sales in MMR during FY2024, indicating the buoyancy in housing demand across segments, particularly in mid and luxury segments. The y-o-y performance for March is a precursor to a potential landmark growth in the coming financial year. Strongly backed by the infrastructural growth and a major redevelopment boom across the city, this demand trend is expected to further strengthen in the near future.

The factors fuelling this growth will continue to be the homebuyers’ need to upgrade to a better living supported by strengthened purchasing power, pause in rate hikes, and the connectivity boost. With a prevailing positive sentiment among consumers and a pronounced inclination towards real estate as a favoured asset class among investors, the Mumbai housing sector is poised to experience exponential growth in the ensuing years.”