Wednesday, July 24, 2024

Residential Property Prices Soar: 10-32% Increase Accompanies 14% Rise in Q1 2024 Housing Sales

Anarock Property Consultants’ latest report unveils a significant surge in housing sales across India’s top seven cities during the initial quarter of the year. The data illustrates a remarkable 14% uptick in housing transactions from January to March, accompanied by a substantial 10.32% increase in average property prices within these urban centers.

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd, said, “The real estate market is experiencing a surge across all segments due to a strong demand from first time home buyers and affluent home buyers who are looking for a second home. Even Investors are also very keen for properties located at prime locations having the potential for high returns Gurugram remains the top residential market in the NCR, and the completion of the Dwarka Expressway has changed the entire dynamics of the city. Some of the most promising areas in Gurugram include Sector 37 D, Sector 71, Dwarka Expressway, sector 84 and Southern Peripheral Road. In these micro markets a variety of housing options are available and a wide range of project launches are expected in current and next fiscal at different price points, making them appealing to a wide range of end users and investors both.”

Pune witnessed a notable 15% surge in housing sales, with units sold escalating from 19,920 to 22,990. Meanwhile, Hyderabad experienced a remarkable 38% spike, with housing sales soaring from 14,280 to 19,660 units. Bengaluru also contributed to the positive trend, registering a 14% rise from 15,660 to 17,790 units. However, Delhi-NCR faced a setback, with a 9% decline in housing transactions, dropping from 17,160 to 15,650 units.

Mr. Pankaj Pal, Managing Director, Whiteland Corporation said “The trend for purchasing luxury homes in Delhi-NCR has become more prevalent due to excellent connectivity via the metro and infrastructural growth along Sohna Road, SPR Road, and Dwarka Expressway. Coupled with a surge in job opportunities, this region has become a lucrative investment. This strategic enhancement is good for appreciating property values. Furthermore, recent findings from Anarock highlight a noteworthy 14% uptick in housing sales across 7 key cities in Q1 2024. This upward trend underscores the growing demand for a luxurious lifestyle amidst dynamic infrastructural and economic development”.

Similarly, Kolkata saw a 9% decrease, with housing sales declining from 6,185 to 5,650 units. In Chennai, there was a 6% dip, with residential property sales declining from 5,880 to 5,510 units during the same period compared to the previous year.

This surge in both housing sales and prices signals a favorable trajectory for India’s real estate sector, underscoring heightened consumer confidence and increased demand for residential properties nationwide. It paints a promising picture for the real estate market, with potential implications for developers and homebuyers alike. 

Vipin Sharma, Founder & Chairman, Aarize Group, said “In the dynamic realm of real estate, the ANAROCK report illuminates a beacon of hope with a resounding 14 percent surge in housing sales across seven pivotal cities in Q1 2024. This data isn’t merely statistical; it’s a testament to resilience, reflecting the unwavering trust of homebuyers and the industry’s adaptability to changing landscapes. The impact is profound – it signifies not just numerical growth but the revival of dreams, aspirations, and the transformation of spaces into cherished homes. We stand at the forefront of this resurgence, committed to shaping communities that resonate with the pulse of progress and promise.”

Parvinder singh, CEO, Trident Realty, said “The surge in housing prices is a clear reflection of the strong growth and development of the real estate industry in Delhi NCR. This trend is primarily driven by urbanization, infrastructure development, and rising disposable incomes, pointing towards a promising future for the real estate sector in the region. According to market reports, With housing prices continuing to rise due to strong market momentum, Delhi NCR’s real estate market is expected to expand further, providing abundant investment and development opportunities. The positive economic outlook and increasing demand for properties in the mid and luxury segments are key factors driving this growth, positioning Delhi NCR as a thriving hub for real estate development in the years ahead.”

The sector’s resilience and adaptability are evident in this growth. Going forward, stakeholders must prioritize innovation and customer-centric approaches to sustain this momentum and navigate uncertainties, ensuring a bright future for Indian real estate.

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