Apartment sale trends in India throws surprise in Rs 5 crore segment

By
Ziraat Times
-

New Delhi: For the first time ever, apartments priced above Rs 1 crore accounted for more than 50% of annual residential sales, signaling a significant change in the preferences of India’s homebuyers, said the 2024 report by real estate consultancy firm JLL.

According to Dr. Samantak Das, Chief Economist and Head of Research and REIS, India at JLL, there has been an exceptional growth of 86% in the premium segment (Rs 3-5 crore) and 80% in the luxury segment (Rs 5 crore and above) when compared to 2023. This surge is driven by a combination of factors, including the rise in high-net-worth individuals (HNWI), increased disposable incomes, and an evolving buyer preference for larger, tech-enabled, and future-ready homes.

Rs 3-5 crore segment: Sales grew 86%, contributing to 9% of the total sales in 2024, compared to just 5% in 2023.

Above Rs 5 crore segment: The luxury market saw an 80% growth, with 5% of total sales in 2024, compared to 3% in 2023.

Around 302,000 housing units got launched during 2024, the highest ever annual residential supply across top 7 cities.

On a yearly basis, 2024 launches have risen marginally by around 3% Y-o-Y. Mumbai, Bengaluru and Hyderabad led annual launches with 60% share. The tech cities of Bengaluru, Chennai, Hyderabad, and Pune, largely driven by continued expansion in their commercial office sector together contributed around 60% share in 2024 launches.

Driven by this all-time high sales in 2024, average annual sales during the post pandemic years (2022-2024) has surpassed the average annual sales during the last decade, (2010-2019*), by around 63%.

A total of 72,930 units were sold during Q4 2024, a marginal dip of around 3% when compared to the same period last year. Bengaluru, Mumbai, and Pune accounted for around 64% share in quarterly sales. Demand for high value (Rs 3 crore and above) homes witnessed sustained growth accounting for 14% share in quarterly sales volume.

“Residential supply during 2024 kept pace with sales, surpassing the 300,000-unit mark. A steady rise in the residential supply during the post pandemic years shows around 47% growth in average annual launches when compared to the average launches during 2010-2019. Driven by rising demand for high-end housing, developers have been focusing on launch of premium and luxury segment projects, as evident from a 101% and 68% Y-o-Y surge in their launches respectively,” said Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head – Residential Services, India, JLL.

Delhi NCR recorded highest Y-o-Y growth in annual launches; Bengaluru saw historical high launch.

Q4 2024 continued to witness residential price growth in the top seven cities (Delhi NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Pune, Kolkata) of India, with Y-o-Y price increase ranging from around 5% to 20%. Delhi NCR recorded the highest price increase of around 20% followed by Bengaluru with a significant hike of approximately 14%. Chennai, Hyderabad, and Kolkata too witnessed around 10% Y-o-Y growth in residential capital values. Amid soaring housing demand and quality launches, capital values have been on the rise and are expected to move northwards going forward, noted the report.

Driven by this all-time high sales in 2024, average annual sales during the post pandemic years (2022-2024) has surpassed the average annual sales during the last decade, (2010-2019*), by around 63%.

A total of 72,930 units were sold during Q4 2024, a marginal dip of around 3% when compared to the same period last year. Bengaluru, Mumbai, and Pune accounted for around 64% share in quarterly sales. Demand for high value (Rs 3 crore and above) homes witnessed sustained growth accounting for 14% share in quarterly sales volume.

“Residential supply during 2024 kept pace with sales, surpassing the 300,000-unit mark. A steady rise in the residential supply during the post pandemic years shows around 47% growth in average annual launches when compared to the average launches during 2010-2019*. Driven by rising demand for high-end housing, developers have been focusing on launch of premium and luxury segment projects, as evident from a 101% and 68% Y-o-Y surge in their launches respectively,” said Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head – Residential Services, India, JLL.

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