Top Seven Metro Cities Set To Break Dual Records In Housing Sales: JLL Report

India’s real estate market is on track to achieve unprecedented milestones in 2024, with projections pointing to a record Rs 5.1 lakh crore in housing sales and 485 million square feet of residential space sold across the top seven cities. These cities—Delhi NCR, Mumbai, Pune, Kolkata, Chennai, Bengaluru, and Hyderabad—are expected to lead the charge, marking a significant achievement for the sector, as per a report by JLL.

According to the report, the first nine months of 2024 saw over 2.3 lakh homes sold in the top seven cities, worth an estimated Rs 3.8 lakh crore. This translates to 363.2 million square feet of residential space. With sales steadily rising, the forecast for the full year suggests a surge to around 3 lakh units sold, driving the total sales value up to Rs 5.1 lakh crore by the end of 2024.

"With capital values surging and being at an all-time high, close to Rs 3.8 lakh crore worth of homes have already been sold across the top seven cities in the first nine months of 2024, taking the average sale value of an apartment to Rs 1.64 crore," said Dr. Samantak Das, chief economist and head of research and REIS, India, JLL

The demand for residential real estate remains robust, with national-level developers meeting or exceeding their annual sales targets within the first three quarters of 2024. This momentum is expected to continue into the final quarter, spurred by the festive season and ongoing demand for housing, the JLL report said.

Siva Krishnan, senior managing director of residential services for JLL, noted that developers have been acquiring strategic land parcels for future residential projects, ensuring a continued supply of housing across metro cities into 2025. As demand for homes remains strong, housing prices and sales are expected to rise further.

Among the top seven cities, Delhi NCR has led the way in both sales value and area sold. In the first nine months of 2024, nearly 90 million square feet of residential space was sold in the region, valued at over Rs 1.2 lakh crore. This marks a significant year-on-year increase, with Delhi NCR surpassing its total sales for 2023.

Mumbai ranks second in sales value, while Bengaluru stands out in terms of area sold, offering more spacious homes compared to the premium-focused market in Mumbai.