A new report by real estate consultancy Knight Frank titled "India Real Estate: Residential and Office (January - June 2024)", says that luxury residential sales increased in the first half of 2024.
Home sales above Rs 1 million accounted for 41 per cent of total sales in the first half of 2024.
This figure was 30 percent in the same period in 2023.
In the first half of 2024, residential sales in the country's eight major cities, including Mumbai, Delhi-NCR, Bengaluru, Pune and Hyderabad, saw an increase of 11 per cent compared to the same period last year.
In the first half of 2024, a total of 1,73,241 homes were sold, the highest sales figure in 11 years.
According to the report, 27 percent of total residential sales in the first six months of 2024 were affordable homes, while the figure was 32 percent in the same period of 2023.
Mumbai is the largest residential market in the country and 47,259 houses were sold in the first half of 2024.
Demand for houses costing more than Rs 1 million in the country's financial capital has increased by 117 per cent compared to last year.
During this period, there was a 16 percent annual increase in sales.
While 28,998 units were sold in Delhi-NCR, 27,404 units were sold in Bengaluru.
These three cities account for 59 percent of total residential sales.
Gulam Zia, senior executive director, research, advisory, infrastructure and valuation, Knight Frank India, said: “Strong performance in the residential market resulted in the sale of over 1,73,000 units in the first half of 2024, marking a decade - high record. This growth is firmly anchored in the premium category, which saw a significant increase, rising from 15 percent in the first half of 2018 to 34 percent in the first half of 2024."
"Looking ahead, we understand that economic conditions will remain stable and the Indian economy will continue to grow; we expect sales momentum to remain strong for the rest of the year," he added.
Home sales above Rs 1 million accounted for 41 per cent of total sales in the first half of 2024.
This figure was 30 percent in the same period in 2023.
In the first half of 2024, residential sales in the country's eight major cities, including Mumbai, Delhi-NCR, Bengaluru, Pune and Hyderabad, saw an increase of 11 per cent compared to the same period last year.
In the first half of 2024, a total of 1,73,241 homes were sold, the highest sales figure in 11 years.
According to the report, 27 percent of total residential sales in the first six months of 2024 were affordable homes, while the figure was 32 percent in the same period of 2023.
Mumbai is the largest residential market in the country and 47,259 houses were sold in the first half of 2024.
Demand for houses costing more than Rs 1 million in the country's financial capital has increased by 117 per cent compared to last year.
During this period, there was a 16 percent annual increase in sales.
While 28,998 units were sold in Delhi-NCR, 27,404 units were sold in Bengaluru.
These three cities account for 59 percent of total residential sales.
Gulam Zia, senior executive director, research, advisory, infrastructure and valuation, Knight Frank India, said: “Strong performance in the residential market resulted in the sale of over 1,73,000 units in the first half of 2024, marking a decade - high record. This growth is firmly anchored in the premium category, which saw a significant increase, rising from 15 percent in the first half of 2018 to 34 percent in the first half of 2024."
"Looking ahead, we understand that economic conditions will remain stable and the Indian economy will continue to grow; we expect sales momentum to remain strong for the rest of the year," he added.