Housing sales increase 5% in Q3 2024: Knight Frank

Housing sales across eight major cities rose 5% year-on-year during the July-September period, reaching 87,108 units, driven by strong demand for premium homes, according to Knight Frank India.

In a webinar, the real estate consultant released its 'India Real Estate' report for Q3 2024, highlighting a modest increase in housing sales compared to reports from Anarock and PropEquity, which indicated a decline in total sales during the same period.

""The residential market has shown positive momentum in 2024, with Q3 recording the highest quarterly sales this year at 87,108 units,"" the report noted.

During a virtual press conference, Knight Frank India CMD Shishir Baijal emphasized that the growth in housing sales is primarily fueled by demand for premium properties priced above ₹1 crore. However, he raised concerns about the affordable housing segment, noting a decline in sales due to issues with availability and affordability.

The report indicates that housing sales have increased in most markets, except in Delhi-NCR, where sales dipped by 7% year-on-year.

Mumbai led the sales with 24,222 units, marking a new high for the market and a 9% increase compared to last year. Bengaluru saw the largest growth among major markets, with sales rising 11% year-on-year to 14,604 units.

Pune's housing sales increased by 1% to 13,200 units, while Hyderabad experienced a 9% rise, reaching 9,114 units. Ahmedabad recorded an 11% growth in sales to 4,578 units, and Kolkata saw a 14% increase to 4,309 units. Chennai also reported a 6% increase, totaling 4,105 units.

In contrast, the Delhi-NCR region faced a decline, with residential sales falling 7% to 12,976 units compared to the same period last year.