Housing Sales Jump 14% in Q1; Average Prices See Uptick of 10-32%: Report

Housing sales experienced a notable 14 per cent increase, accompanied by average price hikes ranging between 10 per cent to 32 per cent across seven key cities during the January-March period of this year, showcasing sustained demand in the market, according to a report by the real estate consultant, Anarock released on Wednesday.  While residential property sales surged in Mumbai Metropolitan Region (MMR), Pune, Bengaluru, and Hyderabad, they witnessed a decline in Delhi-NCR, Chennai, and Kolkata.

The report is based on data from the top seven primary (first sale) residential markets in the country. According to the data, housing sales in the top seven cities increased by 14 per cent to reach 130,170 units during the January-March quarter of this year, compared to 113,775 units in the same period last year.

"The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket homes priced Rs 1.5 crore and above," Anarock Chairman Anuj Puri said.

In the Mumbai Metropolitan Region (MMR), housing sales surged by 24 per cent, reaching 42,920 units during January-March, up from 34,690 units in the same period last year. Pune witnessed a 15 per cent increase in housing sales, rising to 22,990 units from 19,920 units. Hyderabad experienced a significant 38 per cent rise in housing sales, reaching 19,660 units from 14,280 units. Bengaluru saw a 14 per cent uptick in housing sales, reaching 17,790 units compared to 15,660 units previously. 

However, Delhi-NCR recorded a 9 per cent decline in housing sales, dropping to 15,650 units from 17,160 units. Similarly, housing sales in Kolkata declined by 9 per cent to 5,650 units from 6,185 units. In Chennai, residential property sales decreased by 6 per cent, down to 5,510 units from 5,880 units in the corresponding period last year. Additionally, average residential property prices in the top 7 cities appreciated by 10-32 per cent annually during the first quarter of 2024.

Commenting on the findings of the report, Pradeep Aggarwal, Founder and Chairman of Signature Global India, said, “The real estate market is experiencing a surge across all sectors courtesy a strong demand from both first-time homebuyers as well as affluent buyers seeking luxury properties or second homes. Even Investor appetite is high, particularly for properties located at prime locations with the potential for high returns. Gurugram remains the top residential market in the NCR, and the completion of the Dwarka Expressway is expected to make it even more attractive.”

“Some of the most promising areas in Gurugram include Sector 37D, Sector 71, Dwarka Expressway, and Southern Peripheral Road. These areas offer a variety of housing options at different price points, making them appealing to a wide range of buyers and potentially outperforming other sectors in terms of buyer interest, “ he added.

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