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Home sales in the country’s eight major cities rose 5 percent year-on-year to 87,108 units during the July-September quarter, real estate consultant Knight Frank India said in its latest report on Thursday. According to PTI news, the report for the third quarter of the 2024 calendar year showed a marginal increase in home sales in contrast to data provided by Anarock and PropEquity, which reported a decline in overall sales during July-September in major cities.
Highest quarterly sales of the year
According to the news, the report said that the residential market has seen good growth in the year 2024. This quarter recorded the highest quarterly sales of the year. Knight Frank India CMD Shishir Baijal said that the increase in home sales is driven by the demand for premium housing costing more than Rs 1 crore. Baijal said that there is concern in the affordable housing segment. He said that sales in this category have declined due to challenges of availability and affordability of the house.
Highest sales in Mumbai
According to the report, home sales rose in all major cities except Delhi-NCR, where sales declined 7 percent year-on-year. The highest sales were recorded in Mumbai at 24,222 units, a new high for the market. Sales in Mumbai grew 9 percent year-on-year. Among the major cities, the highest jump in sales was seen in Bengaluru, which grew 11 percent year-on-year with 14,604 units. Similarly, housing sales in Pune rose 1 percent to 13,200 units, while demand in Hyderabad grew 9 percent to 9,114 units.
7 percent decrease in Delhi-NCR
Ahmedabad saw sales rise 11 percent to 4,578 units, while Kolkata saw sales rise 14 percent to 4,309 units. Home sales in Chennai rose 6 percent to 4,105 units. However, residential property sales in Delhi-NCR during July-September declined 7 percent to 12,976 units compared to the same period a year ago.
