Residential Property Sales: The demand for homes is growing quickly in India. Especially in city areas, people are buying homes in giant numbers. A latest Knight Frank India report has claimed that house gross sales within the nation are at a record excessive in 12 years. More than 3 lakh 50 thousand homes have been offered within the 12 months 2024 alone. In cities like Mumbai, Hyderabad and Pune, homes are offered like vegetables. In Mumbai alone, 96,187 homes have been offered within the final one 12 months, which is a record excessive within the final 13 years.
what does the report say
According to the brand new report of Knight Frank India, the 12 months 2024 was the 12 months of the actual property sector. This 12 months was one of the best particularly for the residential market. According to this report, India’s residential market broke the record of 12 years in 2024. More than 3.5 lakh homes have been offered in a single 12 months (July-December 2024). According to the report, 3,50,613 residential models have been offered in 8 massive cities of the nation in 2024, which is the best within the final 12 years. This determine is 7 p.c greater than that of 2023.
Houses offered closely in these cities
Cities like Mumbai, Hyderabad and Pune demonstrated record breaking efficiency. Talking about Mumbai alone, gross sales of 96,187 homes have been recorded right here, which is the best within the final 13 years. Mumbai contributed 27 p.c to the entire gross sales. The largest factor is that on this record breaking sale, the demand for premium and luxurious properties was highest. There was an annual improve of 82 p.c within the gross sales of homes priced between Rs 2 to five crore. At the identical time, there was a decline within the gross sales of homes within the phase of lower than Rs 50 lakh and between Rs 50 lakh and Rs 1 crore.
the place what number of homes have been offered
Mumbai remained on prime this 12 months with gross sales of 96,187 models. This metropolis recorded an annual development of 11 p.c. Pune and Hyderabad additionally carried out nicely by way of house gross sales, the place house gross sales elevated by 6 p.c and 12 p.c. Kolkata remained on the forefront on this listing with an annual development of 16 p.c. Whereas, a decline of 4% was seen within the nation’s capital area i.e. Delhi NCR.
House costs additionally elevated
An improve of two to 12 p.c was seen within the costs of residential property within the 12 months 2024. The highest annual improve of 12 p.c was recorded in Bengaluru, adopted by 8 p.c and seven p.c in Hyderabad and Chennai. At the identical time, the typical worth per sq. foot in Mumbai reached Rs 8,277, which is the best stage within the final 12 years.
People need premium homes
The demand for premium and luxurious properties has elevated since 2020. Sales of properties priced above Rs 1 crore are anticipated to extend from 45,000 models in 2019 to 1,53,000 models in 2024, representing a three-fold improve. In explicit, properties priced between Rs 2 and 5 crore carried out strongly with an annual development of 82 per cent in 2024.
Decline in gross sales of low cost properties
According to a brand new report by Knight Frank India, the entire gross sales of homes priced beneath Rs 50 lakh noticed a decline of 9 p.c in comparison with 2023. 41,464 models have been offered on this phase in Mumbai, which is on the prime among the many prime 8 cities. Whereas in 2024, a complete of 1,08,363 models of homes priced between Rs 50 lakh to Rs 1 crore have been offered, which is 31 p.c of the entire gross sales. A decline of 10 p.c was additionally seen on this class.
Also learn: Goldiam International: A information and a storm, this multibagger inventory misplaced 18 p.c in a day.
Check out this related article: Demanded from the government to increase corporate-wealth tax in the budget, asked to impose Inheritance Tax
Source link