Housing market continues to defy higher mortgage rates, property prices
mortgage rates and prices that are witnessing a steady uptrend.
Top seven property markets of the country have registered total sales of 74,486 apartments during the quarter, which marks the second consecutive quarter where sales have exceeded 74,000 units, following the record-breaking performance with 75,591 apartments in the December quarter, showed data from JLL India.
This sets a strong foundation for sustained growth in the residential market, surpassing the sales performance of 2023. Mumbai Metropolitan Region, Bengaluru, and Pune have driven the performance recording highest quarterly activity at 47,388 units or 64% of total sales.
“While Bengaluru and Pune recorded highest sales in the Rs 50 lakh-75 lakh price segment, Mumbai saw maximum sales in the Rs 1.5 crore-3 crore price segment. The strategic launch of right products by the developers taking into cognizance the demand and market dynamics has led to this new growth phase in the residential market,” said Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
Share of the luxury segment with apartments priced above Rs 3 crore has increased to 11% of sales from 5% in the first quarter of 2022. However, the overall sales in the top seven cities, the Rs 50 lakh-75 lakh segment retains its prominence and holds the largest share.
“Activity in the premium and mid-income housing is strong and continues to drive the overall performance to newer peaks. Higher home loan rates have been holding the growth in the affordable housing segment.
