The residential property market of India has witnessed a rise of 11% in 2024. The total sales under this reached 3,02,867, as reported by JLL. This has shown the highest annual sale volume on annual basis in the region.

The average sales recorded during the post-pandemic era has crossed the average recorded during 2010-2019 by 63%. This shows the inclination toward home ownership.

According to the report, there is a 30% year-on-year rise in the sales of apartments whose cost is above Rs 1 crore. This shows the affordability in this home buying sector.

The three cities-Bengaluru, Mumbai and Pune have contributed 62% of the total housing sales among the top seven cities in 2024. This shows an 8% rise from 2023. The housing demand in Pune and the IT hub Bengaluru are driven by the rise of the technology sector. On the other end, Mumbai has seen a rise in sales due to enhanced connectivity and redevelopment projects in the region. Many cities, including Mumbai, Bengaluru, Pune and Kolkata have shown the highest residential sales during the year annually.

In the fourth quarter, a total of 72,930 units were sold. This shows a 3% decline as compared to 2023 for the same period. In 2024, the share of new launches within the annual housing sales saw more than 30% year-on-year growth. In the top seven cities around 3,02,000 units got introduced.

The residential rates in the top seven cities (Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Kolkata and Pune) of the country rose by 5-20% year-on-year. Among these, Delhi-NCR witnessed the highest rise of 20%. After Delhi-NCR comes Bengaluru with 14%.

As per the report, there was a fall of 0.1% year-on-year in unsold inventory levels by the close of 2024. Apart from this the average time needed to clear unsold inventory was reduced from 26 months in the fourth quarter of 2023 to 22 months in the year 2024, driven by the demand for the properties under construction. The rise in the capital values showed the housing demand.

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