Blitz Bureau
NEW DELHI: Residential property sales during 2024 witnessed sustained growth reaching a record-high volume of 3,02,867 units, which represents an 11 per cent growth year-on-year and the momentum is expected to continue into 2025, according to a JLL report released on January 16.
Driven by the all-time high sales in 2024, average annual sales during the post-pandemic years (2022-2024) have surpassed the average annual sales during the last decade, (2010-2019), by around 63 per cent. This speaks about the rising preference for home ownership among buyers across price segments particularly after the pandemic, despite a steady rise in property prices, the report points out.
Apartment sales in the ticket size range of Rs 1 crore and above recorded a 30 per cent year-on-year growth, indicating a rise in home purchase affordability, the report states.
engaluru, Mumbai, and Pune continue to lead annual sales across the top seven cities with a share of around 62 per cent. Steadily increasing demand for housing in these cities backed by healthy launches has resulted in 8 per cent growth in their total contribution to annual sales, when compared to 2023.
While the continued expansion of the tech industry and favourable weather conditions in Bengaluru and Pune play a critical role in influencing housing demand in these cities, Mumbai’s housing sales have been largely driven by improved connectivity to suburban locations and sister cities and redevelopment in core city areas. Investors and end-users confidence in long-term prospects for the residential sector in these cities has had a positive impact on housing sales, the report observes.
It further states that the residential asset class has also witnessed a record year in 2024 with the majority of the top seven cities registering their highest-ever sales including Bengaluru, Mumbai, Hyderabad, Pune, and Kolkata.
A total of 72,930 units were sold during Q4 2024, a marginal dip of around 3 per cent when compared to the same period last year. Bengaluru, Mumbai, and Pune accounted for around 64 per cent share in quarterly sales. Demand for high-value (Rs 3 crore and above) homes witnessed sustained growth accounting for around 14 per cent share in quarterly sales volume.
With the increased number of launches by reputed developers, ensuring timely delivery and steady price appreciation, new launches over the last couple of years have been witnessing healthy sales traction. 2024 saw more than 30 per cent Y-o-Y growth in contribution by new launches in annual sales, indicating strengthening buyer confidence and acting as a catalyst for higher sales momentum, the report states.
