In 2024, the growth trajectory is likely to continue and the residential sales is expected to be around 300,000-315,000 units, registering a 10-15% on-year growth with the assumption that Indias current GDP growth would sustain with a range bound inflation in the economy and a decrease in home loan interest rate by 40-50 bps during the year, said a JLL India analysis.
The 26 per cent housing sales growth in 2023 has made it the best year for the residential market as it surpassed the previous peak of 2010 by 25 per cent, Housing Units See Record-Breaking Sales in 2023, Up 26% YoY; Nearly 2.72 Lakh Houses Sold
Delhi NCR and Mumbai recorded maximum sales in the first nine months of 2023 in the over ₹1.5 crore housing segment; 3 lakh units expected to be sold in 2024
Residential sales in the first nine months of 2023 reached 196,227 units, which is 91% of the total sales in 2022. Interestingly, residential sales broke all records with average quarterly sales of over 65,000 units till the third quarter of 2023.
Residential sales in India expected to touch 260k units by end of 2023, highest since 2008: report thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
While Kolkata remains the most affordable residential market in India among the top seven cities, it is likely to maintain its top billing through 2023 and 2024.
Home Purchase Affordability to rise to a 3-year high in 2024: JLL financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Home purchase affordability is expected to improve in 2024 due to a 60-80 basis point repo rate cut, according to a JLL India report on the Home Purchase Affordability Index (HPAI). This is expected to keep buyers affordability within a comfortable range and sustain market momentum over the next year. India s economic growth and domestic inflation levels have provided headroom for the central bank to maintain the status quo.
The affordability levels for home purchase in India saw a decline in 2022 for the first time in a decade having hit peak affordability levels in the previous year. Global recessionary winds and rising interest rates saw India s central bank raising the repo rate by 225 bps from May till December 2022. And a further 25 bps hike was implemented in February 2023.