Mumbai Dominates Q3 2024 Residential Sales Surge

The residential market in India experienced significant growth in Q3 2024, with Mumbai leading the way. A total of 87,108 units were sold across major markets, marking a 5% YoY increase. High-end properties were the primary drivers of this surge, reflecting rising demand for luxury residences.

The Indian residential real estate market showcased impressive growth in the third quarter of 2024, with a total of 87,108 units sold across the nation's top eight residential hubs, according to a report by Knight Frank India. This 5% year-on-year uptick represents the highest quarterly sales figures for the year.

Mumbai emerged as the frontrunner, selling 24,222 units—the best quarterly performance since 2018. High-end properties, priced above INR 1 crore, constituted 46% of the total sales, with a 41% YoY increase, resulting in 40,328 units sold in Q3 2024. The mid-segment and affordable housing also contributed significantly, albeit with lower growth rates.

Notable strides were also made in new residential launches, with 90,479 units hitting the market—a 6% YoY growth. Pune led in new launches, accounting for a 42% surge. Bengaluru reported the highest YoY price growth at 10%, driven by a burgeoning demand for premium properties.