Premium Housing Demand Boosts Sales in Major Indian Cities

Housing sales in eight major Indian cities increased by 5% during July-September 2024, driven largely by demand for premium homes above Rs 1 crore. While cities like Mumbai, Bengaluru, and Kolkata saw significant growth, sales in Delhi-NCR experienced a 7% decline.

Housing sales in eight major Indian cities rose by 5% in the third quarter of 2024, signaling a renewed interest in premium homes, according to Knight Frank India. The real estate consultant highlighted a strong demand for homes priced above Rs 1 crore.

While Mumbai led with 24,222 units sold, marking a 9% increase year-on-year, Delhi-NCR witnessed a 7% decline in sales to 12,976 units. Bengaluru recorded the highest year-on-year growth among larger markets, with an 11% increase.

Contrasting data from Anarock and PropEquity suggested a drop in total sales across major cities for the same period. Challenges continue in the affordable housing segment due to availability and affordability issues.

(With inputs from agencies.)