Sales of apartments, costing less than Rs 50 lakh each, fell 14% to 38,626 units in 2024 across seven major cities on lesser launches of affordable housing projects and rising prices, according to JLL India.
Real estate consultant JLL India data showed that sales of apartments across seven major cities during 2024 witnessed sustained growth, reaching a record-high volume of 3,02,867 units, up 11% from 2,71,818 units in the preceding year.
The seven cities are Mumbai (including Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai), NCR (including Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna), Bengaluru, Pune, Chennai, Hyderabad and Kolkata.
The data includes only apartments. Rowhouses, villas, and plotted developments are excluded from the JLL India analysis.
Among different price categories, sales of apartments costing less than Rs 50 lakh each fell to 38,626 units from 45,160 units.
In the Rs 50 lakh–1 crore price category, the sales of apartments were almost flat at 1,02,886 units last year against 1,02,685 units in the preceding year.
The demand for apartments priced Rs 1 crore and above remained strong last year.
In the Rs 1–3 crore category, the sales of apartments rose 18% to 1,19,990 units from 1,01,451 units.
JLL data showed that sales in the Rs 3–5 crore category surged 86% to 25,833 units from 13,881 units.
In the above Rs 5 crore category, the sales shot up 80% to 15,532 units during 2024 from 8,641 units in the preceding year.
On the outlook for the current year, JLL said the housing market is expected to exhibit a strong performance amid rising urbanisation levels, infrastructure developments and rising demand for premium homes driven by changing lifestyle preferences of consumers and higher disposable income levels.
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