Estimated to reach 2.9 lakh units this year
Possibility of crossing the 3 lakh mark in 2024
Predicts the JLL report
The residential real estate sector is booming in the country. Home loan interest rates and house prices have gone up, but sales have not gone down. House sales in seven major cities across the country this year are proof that home buying sentiment remains positive. Overall, 2.6 lakh units are expected to be sold in 2023. In fact, the residential real estate sector has continued to grow in our country since 2008. In the middle, it slowed down a bit during the COVID period, but then it gradually picked up again. The same trend will continue in 2024, and the sales will reach the 3 lakh mark, says the JLL report. It said residential sales in the first nine months of 2023 reached 1.96 lakh units, accounting for 91 percent of the total sales in 2022. In this context, it is estimated that the sales of houses in 2024 may range from 2.9 lakh units to 3 lakh units. In terms of launches too, 2023 saw significant progress, with a total of 2.23 lakh units launched, a growth of 21.5 percent, it said. It is expected to reach 2.8 lakh units by the end of 2023. Also, due to strong supply from leading developers, the launches will be more frequent in 2024. As many as 2.8 lakh to 2.9 lakh units are likely to be launched in the new year.
Samantak Das, Head of Research, JLL India, stated that the overall buying pattern of the domestic housing market remains positive as buyers continue to be upbeat about buying houses despite rising interest rates. He opined that depending on GDP growth and inflation patterns, the RBI policy rate is likely to be reduced. Also, there are ample opportunities for residential sales to reach the mark of around 3 lakh units in the primary market in 2023. Sales growth continued in the premium segment as well. In the first nine months of 2023, the Rs 50 lakh to Rs 75 lakh mid-segment category dominated, while the share of the premium segment (above Rs 1.50 crore) increased. House sales in this segment increased from 18 percent in 2022 to 22 percent now. In the luxury segment (more than Rs. 3 crore), Delhi and Mumbai have created a record. 14,627 units were sold in the first nine months of 2023, a growth of 83 percent. In the first nine months of 2022, the number was 8013. As home buyers want bigger houses, developers are also building them.
