Residential properties worth ₹1.11 lakh crore sold during Q1: PropTiger.com report
India’s top eight primary residential markets witnessed a robust surge in demand during January-March 2024, with property sales reaching nearly Rs 1.11 lakh crore, according to a report by PropTiger.com.
In its quarterly report titled ‘Real Insight Residential – January–March 2024’, PropTiger.com highlighted that housing sales in value terms increased to Rs.1,10,880 crore in Q1 2024 from Rs 66,155 crore in the previous year.
The report explained that ‘Gross Transaction Value’ or ‘Sales Value’ represents the total value of properties sold within a city during the first quarter of 2024. This value is calculated by multiplying the total number of units sold by the weighted average price and size of the properties, reflecting the monetary worth of all sales transactions in that city within the specified period.
City-wise Sales Value and Growth
| City | Sales Value (Rs crore) | YoY % Increase |
|---|---|---|
| Ahmedabad | 9,090 | 130% |
| Bangalore | 11,310 | 52% |
| Chennai | 3,290 | 22% |
| Delhi NCR | 12,120 | 249% |
| Hyderabad | 23,580 | 143% |
| Kolkata | 2,000 | 59% |
| Mumbai MMR | 34,340 | 31% |
| Pune | 15,150 | 32% |
| Top 8 Cities | 110,880 | 68% |
Area Sold:
- Q1 2024: 162 million square feet (63% increase from Q1 2023)
- Top cities like Mumbai, Hyderabad, Delhi NCR, and Pune collectively accounted for 76% of the total transaction value.
Unit Sales:
- Q1 2024: 1,20,640 units (41% increase from Q1 2023)
- Major cities like Mumbai, Hyderabad, Delhi NCR, and Pune contributed significantly to the surge in property sales.
Vikas Wadhawan, Group CFO of REA India and Business Head of PropTiger.com, highlighted the positive impact of housing sales growth on the economy, as numerous ancillary industries rely on the real estate sector.
Ankita Sood, Head of Research at PropTiger.com & Housing.com, emphasized the remarkable surge in property sales and anticipated continued momentum driven by economic growth and strong demand in the coming quarters.
Also read : Driving Economic Growth: The Role of Infrastructure and Real Estate in India