India's housing market is at an all-time high in 2023, and the growth pace is likely to be sustained in 2024.
In 2023, there was a remarkable surge in the demand for residential properties across the top 8 cities in India, reaching an unprecedented peak. This upswing was primarily driven by increased activity in the mid-income, premium, and luxury segments despite facing challenges such as elevated mortgage rates and property prices.
The positive momentum in these housing markets is anticipated to continue steadily in 2024, as a potential reduction in interest rates may enhance the performance of the rate-sensitive affordable housing sector, which has hitherto experienced subdued growth.
Data from Knight Frank India reveals that India's top 8 property markets witnessed a 5% growth in annual sales, with over 3.29 lakh apartments sold in 2023. The Mumbai region recorded the highest sales, amounting to 86,871 units, showcasing a 2% growth. Kolkata exhibited the highest growth in home sales, with a remarkable 16% increase, followed by Ahmedabad at 15% and Pune at 13%. This data underscores the robust performance of the real estate market in these key cities.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.