According to JLL India, sales of flats across seven major cities are expected to grow by 20% to roughly 2.6 lakh units, the biggest since 2008. In the previous fiscal year, sales in Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru, and Pune totaled 2,15,621 units.
JLL India said on December 21 that sales in the first nine months of 2023 were 1,96,227 units, up from 1,61,575 units in the same time last year. The research only covers flats, leaving out row homes, villas, and planned projects. Mumbai consists of the city of Mumbai, its suburbs, Thane, and Navi Mumbai.
The consultant anticipates that residential sales would be about 2,90,000 to 3,00,000 units in 2024, due to strong demand and excellent launches. Despite increasing home loan interest rates and rising house prices, the general mood in the domestic housing market remains favorable, with homebuyers remaining optimistic about owning a home.
“In 2023, residential sales are expected to exceed 2,60,000 units, with launches reaching a post-2008 high of 2,80,000 units,” said Samantak Das, Chief Economist and Head of Research, India at JLL. Akhil Saraf, founder of HDFC Capital-backed Reloy, commented on the findings, saying that the real estate business has seen a full transition in recent years, covering legal reforms as well as a shift in the thinking of both providers and customers.
Reloy assists builders in increasing referral sales. “Developers are increasingly taking a customer-centric approach, focusing on meeting homebuyers’ specific needs and demands. This newfound emphasis has boosted buyer confidence, reinforcing real estate as a viable asset class,” Saraf remarked.
The real estate business has seen excellent growth this year across major cities, including Delhi-NCR, according to Pradeep Aggarwal, Chairman of real estate company Signature Global. “In areas like Dwarka Expressway, New Gurugram, South of Gurugram (Sohna) and SPR (Southern Peripheral Road), residential demand has seen a significant upswing, driven by a keen interest from buyers towards mid-housing and massive infrastructure development in these locations,” Aggarwal said in a statement.
BCD Group MD Angad Bedi said that the real estate market has shown exceptional resilience in 2023 despite challenges associated with the global crisis and increasing interest rates.
