Record-Breaking Surge in Premium Apartment Sales Amid Urbanization

Apartment sales in seven major Indian cities reached a record high in 2024, driven by a spike in demand for premium homes. Sales of budget apartments under Rs 50 lakh saw a decline. The real estate market anticipates continued growth due to urbanization and lifestyle changes.

Sales of less than Rs 50 lakh apartments plunged by 14% to 38,626 units in major cities throughout 2024, mainly due to fewer launches and increasing prices, as per JLL India.

JLL India's data indicated robust growth in apartment sales across seven major cities, totaling a historic high of 3,02,867 units in 2024, marking an 11% increase from the previous year's 2,71,818 units.

Significantly, apartments priced above Rs 1 crore witnessed strong demand. Sales in the Rs 1–3 crore bracket increased by 18% to 1,19,990 units, while Rs 3–5 crore sales soared by 86%, and above Rs 5 crore sales surged by 80%, denoting shifting consumer preferences and higher disposable incomes.

(With inputs from agencies.)