Houses worth Rs 1.11 lakh crore were sold during Jan-Mar(Q1 2024), up by 68% in value terms as India’s top eight primary residential markets witnessed a strong demand according to a report by PropTiger.com.
In terms of area, housing sales surged 63% to 162 million square feet from 99 million square feet.
“Growth in housing sales both in volume and value terms augurs well for the overall economy as more than 200 ancillary industries, including cement and steel, are dependent on the real estate sector,” said Vikas Wadhawan, Group CFO, REA India.
PropTiger.com data showed that housing sales grew by 41 per cent to 1,20,640 units in the first quarter of this calendar year from 85,840 units in the corresponding period of the previous year.
“This surge not only signifies heightened demand but also reflects a remarkable 15–20% uptick in property prices within key business districts. We expect the momentum to continue in the coming two quarters, driven by economic growth and strong demand,” said Ankita Sood, Head of Research, PropTiger.com & Housing.com.
Sales of residential properties in the top eight primary markets have been growing at a rapid pace, buoyed by robust growth, steadfast mortgage rates, and an escalating desire for homeownership.
“This continued growth can be attributed to several key factors, including the stability of Interest rates, a favorable economic environment, and the rapid expansion of Infrastructure, particularly in major urban centers like the National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR),” said Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited.
Anantraj has also seen presales in its high end township located in Sector-63A, Golf Course Extension Road, Gurugram including in our recent launch of ultra-luxury High Rise Group Housing project called “The Estate Residences”.
It plans to launch multiple projects in this category over next 12-18 months.
“The robust sales growth observed in the housing sector, particularly in the high-end and luxury segments, underscores the enduring demand for quality residences that provide desired amenities and prime locations for homebuyers,” said Mohit Jain, Managing Director, Krisumi Corporation.
