Indian Residential Property Market Surges to New Heights in Q1 2024, Sets Record Sales Figures
The Indian residential property market is experiencing a significant upturn, driven by stable economic conditions and positive buyer sentiments. Despite higher mortgage rates and steadily rising prices, the first quarter of the year saw record-breaking residential sales, totaling 74,486 apartments across the top seven property markets of the country. This marks the second consecutive quarter where sales have surpassed 74,000 units, following the previous quarter's remarkable performance of 75,591 apartments, as per data from JLL India. Mumbai Metropolitan Region, Bengaluru, and Pune led the charge, accounting for 64% of total sales with 47,388 units sold.
Chief Economist and Head of Research at JLL India noted that Bengaluru and Pune recorded the highest sales in the Rs 50 lakh-75 lakh price segment, while Mumbai saw maximum sales in the Rs 1.5 crore-3 crore price range. The luxury segment, with apartments priced above Rs 3 crore, witnessed an increase in sales share from 5% to 11% compared to the first quarter of 2022. Despite strong activity in premium and mid-income housing, higher home loan rates have impacted growth in the affordable housing segment. However, industry experts anticipate a potential reduction in rates later in the year, which could boost performance in this segment. JLL India forecasts residential sales to reach approximately 300,000-315,000 units in 2024, reflecting sustained growth momentum. The market is witnessing shifting trends, with buyers showing heightened interest in the luxury segment, prompting developers to adapt their offerings accordingly to cater to evolving preferences.
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