Continuing its upward trajectory, India’s top eight primary residential markets witnessed a strong demand during January-March (Q1 2024) this year with sales rising by 68 per cent in value terms to nearly Rs 1.11 lakh crore, according to a report by PropTiger.com.
In its quarterly report titled ‘Real Insight Residential – January–March 2024’, digital real estate brokerage firm PropTiger.com reported that housing sales in value terms rose to Rs.1,10,880 crore in January-March 2024 from Rs 66,155 crore in the year-ago period.
The report claims, “Gross Transaction Value or Sales Value pertains to the total value of properties sold within a city during the first quarter of 2024. This value is derived from multiplying the total number of units sold by the weighted average price and further by the weighted average size of the properties. Essentially, it encapsulates the monetary worth of all sales transactions in that city within the specified period.”
In terms of area, housing sales surged 63 per cent to 162 million square feet from 99 million square feet.
PropTiger.com data showed that housing sales grew by 41 per cent to 1,20,640 units in the first quarter of this calendar year from 85,840 units in the corresponding period of the previous year.
Sharing his insights, Vikas Wadhawan, Group CFO, REA India and Business Head of PropTiger.com, said, “Growth in housing sales both in volume and value terms augurs well for the overall economy as more than 200 ancillary industries, including cement and steel, are dependent on the real estate sector.”
“India’s housing market is having a dream run. Sales of residential properties in the top eight primary markets have been growing at a rapid pace, buoyed by robust growth, steadfast mortgage rates, and an escalating desire for homeownership. As investor confidence gradually resurfaces, coupled with a robust demand from Non-Resident Indians, the trajectory of housing demand appears poised for solid growth, barring any unforeseen spikes in prices,” he added.
Ankita Sood, Head of Research, PropTiger.com & Housing.com, stated, “The first quarter saw an extraordinary 68% surge in property sales’ Gross Transaction Value compared to last year’s Q1. Notably, major cities like Mumbai, Hyderabad, Delhi NCR, and Pune collectively accounted for 76% of the total transaction value of Rs 1.11 lakh crore. This surge not only signifies heightened demand but also reflects a remarkable 15–20% uptick in property prices within key business districts. We expect the momentum to continue in the coming two quarters, driven by economic growth and strong demand.”
Housing markets covered in the report includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.
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