According to JLL’s most recent report, India’s residential real estate market hit a historic milestone in 2024 with 302,867 unit sales, an 11% year-over-year growth. This surge represents a 63% increase in annual sales for the post-pandemic period (2022-2024) compared to the average of the previous decade (2010-2019), reflecting a strong post-COVID shift towards homeownership across price segments, despite rising property costs.
Bengaluru, Mumbai, and Pune emerged as major contributors, accounting for 62% of the total sales across the top seven cities, with the expanding tech sector and favourable weather driving demand in Bengaluru and Pune, while Mumbai’s growth is driven by redevelopment projects and improved connectivity. The report also highlights renewed investor confidence and positive long-term prospects for the residential market in these cities.
Apartments costing more than Rs 1 crore made up more than half of yearly sales for the first time, indicating a rising demand for high-end real estate. The premium category (Rs 3-5 crore) witnessed 86% growth in sales compared to 2023, while the luxury segment (Rs 5 crore and above) had an 80% increase. These trends were driven by a rise in high-net-worth individuals, changing preferences for larger, tech-enabled residences, and increased disposable incomes.
According to Dr. Samantak Das, Chief Economist and Head of Research and REIS at JLL India, there has been a noticeable shift towards high-value properties as buyers are becoming more willing to pay more for high-quality homes.
At 72,930 units, Q4 sales saw a tiny 3% decline, although demand for luxury homes remained high, accounting for 14% of quarterly sales. With a 30% year-over-year increase, new launches also gathered steam, highlighting rising consumer confidence. Due to developers’ ability to meet demand, the total number of residential units delivered in 2024 will surpass 300,000, representing a 47% increase in average annual launches over the preceding ten years.
According to Siva Krishnan, Senior Managing Director, Residential Services, JLL India, “the focus on premium and luxury projects has been evident, with launches in these segments rising by 101% and 68% respectively.”
2024 is a historic year for India’s residential real estate market, setting new standards for value-driven housing demand due to strong sales and strong supply growth.
Source: The Free Press Journal
