Sale of residential units up by 17 % YoY, significant growth in luxury housing sales: JLL report

New Delhi [India], October 14 (ANI): The sale of residential units in India surged by 17 per cent year-on-year (YoY) during the first nine months of 2024 (January to September), according to JLL, a real estate company.

It also highlighted that 85 per cent of the total residential sales projected for 2023 have already been achieved within the first nine months of this year, with a total of 229,908 units sold during this period.

“Housing sales have recorded sustained momentum during the nine-month period and were up by 17 per cent compared to the same period last year,” said JLL.

As per the data by JLL, the premium and luxury segments saw the highest growth in sales. Premium projects (Rs 3-5 crore) witnessed a 107 per cent Y-o-Y surge, while luxury projects (Rs 5 crore and above) experienced a 96 per cent increase.

“There has been a significant growth in the premium and luxury segment sales compared to the same period in 2023. With change in lifestyle preferences of buyers, there has been a noticeable increase in the demand for high-value projects, especially after the pandemic” added JLL.

It also added that during the nine-month period of 2024, around 39 per cent of the residential sales were in the mid segment (Rs 50 lakh1 crore), closely followed by upper-mid segment (Rs 1-3 crore) holding a 35 per cent share.

It noted that the cities of Bengaluru and Mumbai accounted for 44 per cent of the residential sales from January to September 2024. In Q3 2024 alone, a total of 74,987 units were sold, marking a moderate 8 per cent growth compared to the same period last year.

While Mumbai, Bengaluru, and Delhi NCR collectively represented 62 per cent of the quarterly sales, the demand for luxury homes continued to rise, with 15 per cent of the total homes sold during the quarter falling within the Rs 3 crore and above price range.

“Residential sales during the first nine months of 2024, achieving 85 per cent of the volume recorded during the entire year of 2023, speak largely about the robust sales traction across the top 7 cities. This indicates a strong revival of buyer confidence in projects, even in their early stages,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

With housing demand on the rise since Q2 2022, capital values have been steadily increasing, and prices are expected to remain on an upward trend due to high-quality launches.

The company also noted that the reputed developers are expected to continue driving demand through the announcement of new projects in prime locations and growth corridors in the near to medium term.