Indian Housing Market Booms with Record Premium Home Sales in 2024

Housing sales in India reached a 12-year high in 2024, driven by robust demand for premium homes amid stable mortgage rates and strong economic growth. The market saw notable growth in units priced between Rs 2-5 crore, though sales under Rs 1 crore showed signs of fatigue.

In a landmark year for the Indian real estate market, housing sales surged by 7% in 2024 across eight major cities to reach a 12-year peak of 3,50,613 units. The upswing is attributed to the increasing demand for premium homes amid stable mortgage rates and sustained economic growth, as reported by Knight Frank.

Hyderabad and Pune saw unprecedented highs in sales, with Mumbai marking its highest in 13 years. The Rs 2-5 crore housing segment recorded an impressive 85% growth, while more affordable segments under Rs 50 lakh experienced a downturn.

Industry experts highlight a trend of 'premiumisation,' where consumer demand is shifting towards higher-value properties that better meet lifestyle demands. This shift, together with a strong economic backdrop, is expected to provide a solid foundation for sustained growth in the coming years.

(With inputs from agencies.)