Housing Sales: Strong residential demand in India led to a 5 percent year-on-year rise in home sales in eight major cities in July-September to 87,108 units, a report revealed. Real estate consultant Knight Frank India on Thursday released its report 'India Real Estate' for the third quarter of the 2024 calendar year through a webinar. It reported a marginal increase in residential sales, in contrast to data provided by Anarock and PropEquity.

highest sales recorded

Anarock and PropEquity's report revealed a decline in total sales in July-September in major cities of the country. The report said, "The residential market remained in good momentum in 2024. The third quarter of 2024 recorded the highest sales of this year at 87,108 units."

Demand for premium housing on the rise

Knight Frank India Chairman and Managing Director (CMD) Shishir Baijal said the growth in residential sales was driven by demand for premium housing costing more than Rs 1 crore. "However, there are concerns about the affordable housing segment," Baijal said. He said sales in this category have declined due to availability and affordability challenges.

Residential sales increased in all markets.

According to the report, residential sales increased in all markets except the Delhi-National Capital Region (NCR). Delhi-NCR sales declined by seven percent year-on-year. Mumbai recorded the highest sales of 24,222 units, a new high for the market. Sales in Mumbai grew nine percent year-on-year.

Sales in Bengaluru grew 11 percent to 14,604 units. Housing sales in Pune rose one percent to 13,200 units, while demand in Hyderabad rose nine percent to 9,114 units.

Know the condition of other big cities.

Sales in Ahmedabad rose 11 percent to 4,578 units, while sales in Kolkata rose 14 percent to 4,309 units. Residential sales in Chennai rose six percent to 4,105 units. However, in Delhi-NCR, residential property sales declined seven percent year-on-year to 12,976 units in July-September.