Sales of expensive houses at 12-year high, 3.51 lakh units sold in 2024 due to stable interest rates
Report: According to the report, sales in Hyderabad and Pune have reached an all-time high. Sales in Mumbai have been at a 13-year high. There was an 85 percent increase in the category of two to five crores. Sales of houses priced below Rs 1 crore declined.
Sales of expensive houses have risen 7% to a 12-year high in 2024 with stable interest rates and strong economic growth. In all, 3.51 lakh units were sold during this period. Strong demand was witnessed for houses priced between Rs 2 and Rs 5 crore, according to a Knight Frank report.
According to the report released on Tuesday, sales in Hyderabad and Pune have reached an all-time high. Sales in Mumbai have been at a 13-year high. There was an 85% increase in the category of two to five crores. Sales of houses priced below Rs 1 crore declined. Chairman of Knight Frank, Shishir Baijal has gone on to state that the sale of expensive houses is high simply because people now want a better lifestyle, hence the demand compels developers to make expensive luxury houses.
Amongst the eight cities, Delhi-NCR was the only city to reflect a drop in sales during 2024 over 2023. Last year 57,654 houses were sold here with a fall of four percent. While sales increased by 11% to 96,187 units in Mumbai. House sales in Bangalore grew two percent in 2024, Pune by six percent, while Hyderabad went a full 12 percent and Ahmedabad 15 percent. Kolkata grew by 16 percent.
