Housing sales experienced a 5 per cent annual increase during the July-September period, reaching 87,108 units across eight major cities, driven by strong demand for premium homes, according to a report by Knight Frank India. The real estate consultant released its 'India Real Estate' report for the third quarter of the 2024 calendar year during a webinar, highlighting a moderate rise in housing sales, which contrasted with data from Anarock and PropEquity that indicated a decline in total sales across major cities during the same period.

The report mentioned that the residential market had shown positive momentum in 2024, with the third quarter recording the highest quarterly sales of the year at 87,108 units.

In a virtual press conference, Shishir Baijal, Chairman and Managing Director of Knight Frank India, explained that the increase in housing sales was primarily driven by demand for premium housing priced above Rs 10 million. He also expressed concerns about the affordable housing segment, noting that sales in this category had decreased due to issues related to availability and affordability.

The report further indicated that housing sales had risen in all markets except for Delhi-NCR, where sales had dropped by 7 per cent year-on-year.

Mumbai recorded the highest sales volume with 24,222 units, setting a new benchmark for the market, and a 9 per cent year-on-year growth. Among larger markets, Bengaluru saw the highest growth, with an 11 per cent increase in sales to 14,604 units.

In other cities, Pune saw a 1 per cent rise in housing sales, reaching 13,200 units, while Hyderabad experienced a 9 per cent increase to 9,114 units. Sales in Ahmedabad grew by 11 per cent to 4,578 units, while Kolkata recorded a 14 per cent increase with 4,309 units. Chennai’s housing market also saw growth, with a 6 per cent rise to 4,105 units.

However, residential property sales in Delhi-NCR dropped by 7 per cent, with 12,976 units sold during the July-September period compared to the previous year.