Housing sales rose by 5 per cent year-on-year to 87,108 units across eight major cities during July-September, driven by strong demand for premium homes, according to Knight Frank India.
In a report titled 'India Real Estate' for the third quarter of 2024, released during a webinar on Thursday, real estate consultant Knight Frank India noted a modest increase in housing sales, in contrast to figures from Anarock and PropEquity, which reported a decline in sales during the same period across major cities.
"Residential market momentum has remained strong in 2024, with Q3 recording the highest quarterly sales this year at 87,108 units," the report stated.
Knight Frank India CMD Shishir Baijal, speaking at a virtual press conference, attributed the growth in sales to the rising demand for premium homes priced above Rs 1 crore. However, he expressed concerns about the affordable housing segment, where sales have declined due to challenges related to affordability and availability.
The report showed that housing sales increased across most markets, except for Delhi-NCR, where sales fell by 7 per cent year-on-year.
Mumbai recorded the highest sales, with 24,222 units sold, marking a 9 per cent increase year-on-year. Bengaluru saw the highest growth among larger markets, with sales rising 11 per cent to 14,604 units.
In Pune, sales increased by 1 per cent to 13,200 units, while Hyderabad saw a 9 per cent rise to 9,114 units. Ahmedabad experienced an 11 per cent growth to 4,578 units, and Kolkata saw a 14 per cent increase to 4,309 units.
Chennai recorded a 6 per cent rise in sales to 4,105 units.
However, Delhi-NCR saw a 7 per cent decline in housing sales, with 12,976 units sold during the July-September period, compared to the same period last year.
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