Residential property market reaches record high!
The demand for houses in india is increasing rapidly. Especially in urban areas, people are buying houses in large numbers. A recent report by Knight Frank india claims that the sale of houses in the country is at a record high of 12 years. More than 3 lakh 50 thousand houses were sold in the year 2024 alone. In cities like mumbai, hyderabad and pune, houses have been sold like vegetables. In mumbai alone, 96,187 houses were sold in the last one year, which is a record high in the last 13 years.
What does the report say?
According to the new report of Knight Frank india, the year 2024 was the year of the real estate sector. This year was the best especially 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 houses were sold in a year (July-December 2024). According to the report, 3,50,613 residential units were sold in 8 major cities of the country in 2024, which is the highest in the last 12 years. This figure is 7 percent more than in 2023.
Houses sold in these cities
Cities like mumbai, hyderabad and pune performed record-breaking. Talking about mumbai alone, 96,187 houses were sold here, which is the highest in the last 13 years. mumbai contributed 27 percent to the total sales. The biggest thing is that in this record-breaking sale, the demand for premium and luxury homes was the highest. While there was an annual increase of 82 percent in the sale of houses priced between 2 to 5 crores. At the same time, there was a decline in the sale of houses in the segment of less than 50 lakhs and between 50 lakhs and 1 crore.
How many houses were sold where?
mumbai remained on top this year with the sale of 96,187 units. This city registered an annual growth of 11 percent. pune and hyderabad also performed well in terms of house sales, the sale of houses here increased by 6 percent and 12 percent. kolkata was at the top of this list with an annual growth of 16 percent. Whereas, the country's capital region i.e. delhi NCR saw a decline of 4%.
house prices also increased
Residential property prices saw a rise of 2 to 12 percent in the year 2024. Bengaluru recorded the highest annual increase of 12 percent, followed by hyderabad and chennai with 8 percent and 7 percent respectively. At the same time, the average price per square foot in mumbai reached 8,277, which is the highest level in the last 12 years.