Indian Property Markets Grow Despite Rising Prices: Mumbai, Bengaluru, and Pune Accounted for Over 70 pc Sales- Check Details

There has been a notable shift in the distribution of sales across different segments of the residential market. The luxury segment, comprising apartments priced above Rs 3 crore, has seen its share increase from 5 per cent to 11 per cent compared to the first quarter of 2022.
Real Estate Boom, Indian Residential Property Market, Residential Property Sales, Mumbai Metropolitan Region, Bengaluru, Pune, Hyderabad, Delhi NCR

Indian Residential Property Market Booms Despite Challenges: These Seven Cities Accounted for Over 74,000 Apartment Sales (image source: Canva)

Real Estate Boom: Despite challenges such as higher mortgage rates and increasing prices, the Indian residential property market has seen remarkable growth in the first quarter of the year. Data from JLL India reveals that the top seven property markets in the country have collectively recorded total sales of 74,486 apartments during the quarter, marking the second consecutive quarter of surpassing 74,000 units. This follows a record-breaking performance in the December quarter with 75,591 apartments sold.
Key markets such as the Mumbai Metropolitan Region, Bengaluru, and Pune have been instrumental in driving this performance, accounting for 64 per cent of total sales. Bengaluru and Pune led in the Rs 50 lakh-75 lakh price segment, while Mumbai saw maximum sales in the Rs 1.5 crore-3 crore range.
According to Abhishek Raj, Founder & CEO, Jenika Ventures, "people are feeling positive about buying homes, especially because there are plenty of good options available from well-known builders. Government rules have also changed now by making developers pay for land upfront, which affects prices. This means buyers have to trust not just the property but also the reputation of the builder, which is why famous names like Godrej, Tata, and L&T are preferred. Trust in these brands is high because they consistently deliver on their promises. Even though the market goes up and down, the residential sector remains a beacon of stability, accounting for 70-80% of total activity in the most recent quarter. Looking ahead, we expect this trend to continue into the new financial year, confirming that buying residential properties is a reliable investment."

Shifts in Sales Distribution

There has been a notable shift in the distribution of sales across different segments of the residential market. The luxury segment, comprising apartments priced above Rs 3 crore, has seen its share increase from 5 per cent to 11 per cent compared to the first quarter of 2022. However, the Rs 50 lakh-75 lakh segment continues to dominate overall sales.

Outlook and Predictions

Despite the current challenges, industry experts anticipate a positive outlook for the residential market. believes that while higher home loan rates have impacted affordable housing growth, a likely reduction in rates later this year will drive segment performance upward. JLL India expects residential sales to reach around 300,000-315,000 units in 2024, buoyed by the current growth momentum.

Price Trends and Inventory Analysis

Residential prices in the top seven cities have seen a steady increase, ranging from 3-15 per cent compared to the previous year. Bengaluru and Delhi NCR witnessed the highest price hikes at around 15 per cent. As quality launches are rapidly sold, there's limited inventory availability, leading to price surges. As of March, unsold inventory across the seven cities increased marginally, with Mumbai, Bengaluru, and Hyderabad accounting for the majority. However, the expected time to liquidate the stock remains stable at 2.1 years.
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