Driven by economic growth and robust demand, residential real estate continues its onward march, registering high growth with housing sales touching Rs 1,11 lakh crore in Q1 2024.
According to the PropTiger report for the first quarter of 2024, housing sales rose by 68 percent in value to nearly 110880 lakh crore in January-March 2024 period, up from Rs 66155 crore in the year ago period.
In terms of area, housing surged 63 per cent to 162 million square feet from 99 million square feet.
PropTiger.com data showed that housing sales grew by 41 per cent to 120640 units in the first quarter of this calendar year from 85,840 units in the corresponding period of the previous year.
According to Vikas Wadhawan , Group CFO, REA and Business Head, PropTiger.com,as investor confidence gradually resurfaces, coupled with a robust demand from NRIs, the trajectory of housing demand appears poised for solid growth, barring any unforeseen spikes in prices.Ms.Ankita Sood , Head of Research, PropTiger.com & Housing.com,the surge in housing not only signifies heightened demand but also reflects a remarkable 15-20 percent uptick in property prices within key business districts and this momentum is expected to continue in the coming two quarters.
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