In 2024, the Indian real estate market has witnessed an unprecedented surge in house sales across eight major cities, reaching a record high not seen in the last 12 years. With a remarkable 7% increase, a total of 350,613 units have been sold, marking a triumphant comeback for the residential sector. According to a report by real estate consultant Anarock, this growth reflects shifting consumer preferences and significant demand in the premium housing segment. Discover the key trends and statistics driving this remarkable growth in the Indian housing market.
Key Trends in Indian Real Estate in 2024
Record Sales Figures
The 2024 real estate landscape has been notably robust, as major cities like Hyderabad and Pune achieved all-time high sales figures. Mumbai also recorded its highest performance in 13 years. Shishir Baijal, Chairman and Managing Director of Knight Frank India, emphasized that the demand for premium homes priced between Rs 2-5 crores has surged significantly, contributing to an annual growth rate of 85% in this segment. Conversely, sales for homes priced below Rs 50 lakhs and between Rs 50 lakhs and Rs 1 crore have seen a decline.
Sales Distribution Across Price Segments
| Price Range (INR) | Sales Growth (%) |
|---|---|
| Below 50 Lakhs | Decline |
| 50 Lakhs – 1 Crore | Decline |
| 2 – 5 Crores | 85% Increase |
Impacts of Economic Trends on Housing Demand
According to Baijal, the trend of premiumization in housing is on the rise, as consumers gravitate towards high-value properties to meet their evolving lifestyle needs. This shift reflects broader market health indicators, including a stable economy and favorable interest rates. The overall growth trajectory of the market suggests positive outcomes for the next year.
Factors Contributing to the Boom
- Steady economic growth enhancing consumer purchasing power.
- Changing preferences towards larger and more luxurious homes.
- Low-interest rates attracting buyers to invest in real estate.
- Increased urbanization leading to a higher demand for residential properties.
Conclusion
The Indian real estate sector is at a pivotal moment, with remarkable sales figures indicating not only recovery but also a shift in consumer preferences toward premium housing. This trend is expected to continue, as economic factors remain favorable and the demand for quality residential properties rises. As we progress through 2024, stakeholders in the real estate market should remain vigilant and adapt to these evolving trends to harness the full potential of this burgeoning sector.