2024-04-16 22:17:36
New Delhi:The Corona period has passed. Once again the offices have fully opened. House rent has increased rapidly due to the opening of offices. Not only in IT hubs like Bengaluru, Pune, Hyderabad, Noida, Gurgaon, but also in cities like Kolkata, Mumbai, Ahmedabad, Patna, Lucknow, rents are increasing rapidly. Because of this, people started buying houses in large numbers. That is why there has been a sharp increase of 68 percent in the sales of houses during the first three months of the year 2024. This year, between January and March alone, houses worth more than Rs 1 lakh crore have been sold.
The report has revealed
According to a report by PropTiger.com, India’s top eight primary residential markets witnessed strong demand during January-March this year (Q1 2024). If we look at the sale value of houses, this year the sale of houses increased by 68 percent to about Rs 1.11 lakh crore as compared to the same period last year.
Growth of 68 percent in terms of value
PropTiger.com, the country’s leading digital real estate brokerage firm, on Tuesday released its quarterly report titled ‘Real Insight Residential – January-March 2024’. It has been told that during January-March last year, houses or flats worth a total of Rs 66,155 were sold. It has increased to Rs 1,10,880 crore from January to March this year. This is an increase of 68 percent in value. The report states that the total sale of property in a city during the first quarter this year is considered as ‘gross transaction value’ or ‘selling value’.
City NameSales Value (in Crore INR)YOY%Ahmedabad9,090130%Bangalore11,31052%Chennai3,29022%Delhi NCR NCR12,120249%Hyderabad23,580143%Kolkata2,00059%Mumbai MMR34,34031%Pune15,15032%Total 8 Cities (Top 8 Cities)110,88068%
63 percent increase in area sales
If we look at the sales in the area in the first quarter of this year, there has been an increase of 63 percent. A total of 99 million square feet area was sold in the first quarter of 2023. It has increased to 162 square feet in the first quarter this year.
CitiesArea Sold (Mn. Sq ft)Ahmedabad 22Bangalore 16ChennaiS Delhi NCR 21Hyderabad 35Kolkata 4Mumbai 33Pune 25India 162
41 percent increase in unit sold
According to this report of PropTiger, there has been an increase of 41 percent in the number of units sold this year. A total of 1,20,640 houses were sold during the months of January to March this year whereas 85,840 houses were sold in the same period a year ago.
Seller CityUnits PurchasedQ1 2024Q1 2023YoY%Ahmedabad12,9207,26078%Bangalore10,3807,43040%Chennai4,4303,63022%Delhi NCR ( Delhi NCR10,0603,800164%Hyderabad14,29010,20040%Kolkata3,8602,23073%Mumbai41,59032,37028%Pune23,11018,92022%India (India)1,20,64085,84041%
Good sign for the economy
REA India Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com, says the growth in residential property sales, both in terms of volume and value, is a good sign for the overall economy. This has a positive impact on many sectors of the economy. There are more than 200 supporting industries including iron-steel, cement and hardware-faucet which are largely dependent on the growth of the real estate sector.