According to a survey released on Thursday, the percentage of homes priced above Rs 1 crore in total sales reached an all-time high of 40% during the quarter that concluded on March 31. However, units priced below Rs 50 lakh saw a decline in value.
In the preceding quarter, it was 39%. Real estate consulting firm Knight Frank reports that the percentage of these types of residences in overall sales has been rising every quarter. In the first quarter of the 2023 calendar year, the share was 29%. In Q2, it was 31%, and in Q3, it was 35%.
34,895 residences valued over Rs 1 crore were sold between January and March of this year, according to the "India Real Estate: Office and Residential Report," which is 51% more than the same period in 2023.
According to the data, house sales increase was led by the price category, which recorded its second-best quarter with 86,345 units. This was second only to 89,845 units in Q4 2023 and 9% more than 79,126 units in Q1 2023.
Knight Frank India chairman and managing director Shishir Baijal stated, "This not only demonstrates a strong demand trajectory but also reflects buyers' confidence in making long-term commitments."
The overall sales of homes priced below Rs 50 lakh and between Rs 50 lakh and Rs 1 crore decreased.
From 25,714 units in Q1 2023 to 23,026 units in Q1 2024, fewer residences under Rs 50 lakh were sold. These residences accounted for 27% of all transactions.
Compared to its peak of 41% in Q1 2022, it is far lower.
During the quarter, sales of residences priced between Rs 50 lakh and Rs 1 crore decreased by 6% to 28,424 units. They made up 33% of all sales, down from 38% the previous year.
The National Capital Region sold 10,558 units of properties costing more than Rs 1 crore, the most, followed by Hyderabad (6,112) and Mumbai (7,401).
These residences made for 68% of all sales volume in the NCR.
