Residential Real Estate Market Flourishes in Q1 2024, Sales Reach Rs 1.11 Lakh Crore
India's real estate market is booming in 2024, with record-breaking sales, skyrocketing demand for luxury homes, and thriving growth in key cities like Gurugram and Mumbai.
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The Real Estate in India started 2024 with a bang, recording a whopping increase in property sales to Rs 1.11 lakh crore in Q1 2024 from January to March. This represents a huge 68% increase compared to the same period last year. The amount of housing sold also saw a significant rise, jumping by 63% to 162 million square feet.
In the first quarter alone, 120,640 housing units were sold, marking a 41% increase from the previous year. Prices in key business areas went up by 15-20%, indicating a healthy and growing market. In Delhi-NCR, Residential market Sales increased more than threefold, reaching Rs 12,120 crore.
DLF Ltd, a leading real estate firm, sold all 1,113 units of its luxury project, DLF Privana South, in Gurugram, totaling Rs 7,200 crore in just 72 hours before the official launch in January. Aakash Ohri, Joint Managing Director & Chief Business Officer at DLF Ltd, highlighted Gurugram's appeal as a lucrative real estate destination, especially for luxury homes. Residential market trends in India highlight the city’s growing prominence.
Vivek Singhal, Smartworld Developers CEO, noted the rising demand for luxury housing in Gurugram, driven by improved connectivity and infrastructure. Areas like Golf Course Extension, Dwarka Expressway, and New Gurgaon have seen significant price appreciation.
Across India's top eight markets, there's a steady growth trajectory fueled by stable mortgage rates and a growing desire for homeownership. In the Mumbai Metropolitan Region (MMR), housing sales increased by 31%, reaching Rs 34,340 crore. booming residential real estate market in India reflects this upward trend.
Mohit Malhotra, CEO and Founder of NeoLiv, emphasized Mumbai's dynamic real estate market, driven by infrastructure developments like the Mumbai Trans Harbour Link. He highlighted the need for professional developers to meet the city's growing demand for high-quality options. The future of the Indian residential market looks promising with such infrastructure advancements and developments.
