Mumbai (Maharashtra) [India], October 3 : The residential sector has recorded a robust performance for July-September 2024 (Q3 2024) with 87,108 units sold across the leading eight residential markets, according to Knight Frank India's report.
This marks a 5 per cent year-on-year (YoY) growth, the highest quarterly sales in the current year, bringing the total residential sales for the first nine months of 2024 to 2,60,349 units, 9 per cent higher than the same period in 2023.
Mumbai led the way with 24,222 units sold, recording the best quarterly sales volume since 2018. High-end homes priced above Rs 10 million (Rs 1 crore) continue to dominate the market, contributing to 46 per cent of all sales.
Sales in this segment grew by 41 per cent YoY, with 40,328 units sold in Q3 2024. Meanwhile, the mid-segment (Rs 5-10 million) accounted for 30 per cent of total sales, with 26,011 units sold, and the affordable segment (under Rs 5 million) captured 24 per cent of the market with 20,769 units sold.
New launches in the residential market also showed strength, with 90,479 units introduced in Q3 2024, reflecting a 6 per cent YoY increase.
Bengaluru witnessed the highest YoY price growth at 10 per cent, further fuelling demand for premium properties, the report said.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said, "The INR 1cr. and above segment continues to fire on all cylinders and remains the primary driver of overall sales growth."
He added, "Given the steady economic outlook and the likelihood of rate cuts, we believe that demand has enough tailwinds to sustain current momentum as the market approaches the end of the year."
Mumbai led the market with the highest sales volume, recording 24,222 units in Q3 2024, up 9 per cent YoY. Bengaluru and Pune followed with 14,604 and 13,200 units sold, respectively.
However, the National Capital Region (NCR) was the only residential market to witness a decline, with a 7 per cent YoY drop in sales, attributed to low inventory in the mid and affordable segments.
A total of 90,479 new residential units were launched in Q3 2024, marking a 6 per cent YoY growth. Pune led in new launches, with a 42 per cent YoY increase, followed by Mumbai and Pune collectively contributing 43 per cent of all new units launched during the quarter.
The high-end segment (Rs 10 million and above) saw remarkable growth, with 46 per cent of total sales in Q3 2024, up from 35 per cent a year ago. This growth is attributed to the rising demand for larger living spaces and luxury homes, a trend accelerated by the pandemic.
The mid-segment (INR 5-10 million) witnessed a decline in sales, dropping by 13 per cent YoY, with 26,011 units sold. The affordable segment (below Rs 5 million) also saw a dip in demand, with a 14 per cent YoY drop, recording 20,769 units sold.
Mumbai led in the high-end segment, with 8,153 units sold, followed by NCR (11,065 units) and Bengaluru (9,316 units). In the affordable segment, Mumbai accounted for half of the total sales in this category, followed by Pune and Kolkata.