Indians purchased approximately 3 lakh homes worth ₹4.26 lakh crore during the January-September period of 2024 across the top six cities in India, according to a report released by real estate data analytics platform CRE Matrix.
In the September quarter alone, India recorded sales of 92,208 home units worth ₹1.38 lakh crore across Mumbai, Thane, Delhi-NCR, Pune, Hyderabad, Kolkata and Bengaluru. Meanwhile the number of units launched during the three-month period stood at 73,974, per the report.
Overall, the number of homes sold across the top six cities declined 5% year-on-year during the third quarter of 2024, however, the value of homes sold during the three-month period jumped by 23%, reflecting a rise in the value of residential units across the country.
Delhi-NCR led the pack with homes worth ₹41,219 crore sold during the September quarter, while Pune sold the highest number of units at 18,749, bagging a 20% share in the overall sales pie.
{{/usCountry}}Delhi-NCR led the pack with homes worth ₹41,219 crore sold during the September quarter, while Pune sold the highest number of units at 18,749, bagging a 20% share in the overall sales pie.
{{/usCountry}}In the nine months leading to September 2024, Delhi-NCR sold homes costing a total of ₹1.2 lakh crore, breaching the overall value clocked in the full calendar year of 2023. In the third quarter of 2024, the National Capital Region contributed a 15% share to the number of homes registered across all major cities with double the sales volume observed in Q3 2023.
The value of homes sold in Mumbai and Delhi-NCR collectively accounted for 49% of the total sales during Q3 2024 at ₹68,000 crore, the report stated. It added that the average price per unit of homes sold so far in the ongoing calendar stood at ₹1.4 crore.
Upward trend in Mumbai
India’s financial capital Mumbai recorded registration of 12,101 homes during the third quarter of 2024, involving a value of ₹26,824. Meanwhile the city saw lunches to the tune of 8,089 units during the three-month period.
Furthermore, approximately 86% of the total value of units sold in CY23 was achieved by the end of Q3 CY24, reaching ₹73,000 crore, the report underscored. This suggests a strong upward trend in the market, it said.
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In Bengaluru, the number of units registered during the July-September period declined 15% year-on-year to 13,589, while the value of the homes sold during the quarter fell approximately 7% to ₹18,005 crore. A total of 10,954 units were launched during the three-month period, per the report.
The report further highlighted that the value of units sold till Q3 CY24 increased by 72% compared to CY21, reaching a total value of ₹62,000 crore in the IT capital.
Hyderabad on the other hand sold a total of 15,620 units worth ₹26,633 crore during the September quarter, accounting for the second-highest share in the total sales tally at 17%.
According to the report, approximately 72% of the value of units sold across Hyderabad in CY23 had been achieved in the first 9 months of 2024 at ₹83,000 crore. The city recorded the launch of 11,265 home units during the third quarter.
In Pune, the number of homes registered in the September quarter declined approximately 13% year-on-year to 18,749, while the value of the units sold during the period fell 8% to ₹13,788 crore. The city saw a total of 11,795 units launched during the quarter.
Lastly, Kolkata recorded a 35% annual jump in the value of homes sold in Q3 2024 ( ₹3,836 crore) and a 22% growth in the number of units registered during the period (5,323). The value of units sold in the January-September period increased by 78% compared to CY21, reaching a total value of ₹11,500 crore.