Residential sales across the top eight Indian cities surged by 5% year-on-year in the third quarter of calendar year 2024, reaching a total of 87,108 units, according to Knight Frank India's latest report. This marks the highest quarterly sales recorded this year, contributing to total of 2,60,349 units sold in the first nine months, which is a 9% increase compared to the same period in 2023.
The report highlights a significant trend: homes priced at Rs 1 crore and above accounted for 46% of all sales, representing a robust 41% year-on-year growth in this segment. In contrast, the mid-range and affordable housing segments have experienced a decline, with sales of homes priced between Rs 50 lakh to Rs 1 crore falling by 13%, and units priced below Rs 50 lakh dropping by 14%.
Mumbai led the sales figures with 24,222 units sold, the best quarterly performance since 2018. Bengaluru and Pune also showed strong sales, with 14,604 and 13,200 units sold, respectively. Notably, the National Capital Region was the only area to see a decline in sales, down 7% from the previous year, attributed to low inventory in mid and affordable categories.
New residential launches increased as well, with 90,479 units introduced to the market—an increase of 6% from the previous year. Bengaluru experienced the most substantial price growth, with residential prices appreciating by 10% year-on-year, indicating a continued shift toward premium properties.
“The real estate market has experienced another exceptional period, characterised by robust performance in the residential sector. The Rs 1 crore and above segment continues to drive overall sales growth,” said Shishir Baijal, chairman and managing director of Knight Frank India.
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