Houses worth Rs 1.11 lakh crore sold during Jan-Mar(Q1 2024), Up by 68% in value terms: PropTiger.com Report

NATIONAL, 9th APRIL, 2024 (TGN):  Continuing its upward trajectory, India’s top eight primary residential markets  witnessed a strong demand during January-March (Q1 2024) this year with sales rising by 68 per cent in value terms to nearly Rs 1.11 lakh crore, according to a report by PropTiger.com.

In its quarterly report titled ‘Real Insight Residential – January–March 2024’, the country’s leading digital real estate brokerage firm PropTiger.com reported that housing sales in value terms rose to Rs.1,10,880 crore in January-March 2024 from Rs 66,155 crore in the year-ago period.

The report stated, “ ‘Gross Transaction Value’ or ‘Sales Value’ pertains to the total value of properties sold within a city during the first quarter of 2024. This value is derived from multiplying the total number of units sold by the weighted average price and further by the weighted average size of the properties. Essentially, it encapsulates the monetary worth of all sales transactions in that city within the specified period.”

In terms of area, housing sales 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 1,20,640 units in the first quarter of this calendar year from 85,840 units in the corresponding period of the previous year.

Sharing his insights, Mr Vikas Wadhawan,  Group CFO, REA India and Business Head of PropTiger.com, said, “Growth in housing sales both in volume and value terms augurs well for the overall economy as more than 200 ancillary industries, including cement and steel, are dependent on the real estate sector.”

He further added, “India’s housing market is having a dream run. Sales of residential properties in the top eight primary markets have been growing at a rapid pace, buoyed by robust growth, steadfast mortgage rates, and an escalating desire for homeownership. As investor confidence gradually resurfaces, coupled with a robust demand from Non-Resident Indians, 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, stated, “The first quarter saw an extraordinary 68% surge in property sales’ Gross Transaction Value compared to last year’s Q1. Notably, major cities like Mumbai, Hyderabad, Delhi NCR, and Pune collectively accounted for 76% of the total transaction value of Rs 1.11 lakh crore. This surge not only signifies heightened demand but also reflects a remarkable 15–20% uptick in property prices within key business districts. We expect the momentum to continue in the coming two quarters, driven by economic growth and strong demand.”

NOTE:

Housing markets covered in the report includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.

About REA India Pte. Ltd.

REA India (previously known as Elara Technologies Pte. Ltd.) is a part of REA Group Ltd. of Australia (ASX: REA) (‘REA Group’) which is part of Newscorp, US. It is the country’s leading full stack real estate technology platform that owns Housing.com, Makaan.com and PropTiger.com.

In December 2020, REA Group acquired a controlling stake in REA India. REA Group, headquartered in Melbourne, Australia, is a multinational digital advertising business specialising in property. It operates Australia’s leading residential and commercial property websites, realestate.com.au and realcommercial.com.au and owns leading portals in Hong Kong (squarefoot.com.hk) and China (myfun.com). REA Group also holds a significant minority shareholding in Move, Inc., operator of realtor.com in the US, and the PropertyGuru Group, operator of leading property sites in Malaysia, Singapore, Thailand, Vietnam and Indonesia.

REA India is the only player in India that offers a full range of services in the real estate space, assisting consumers through their entire home seeking journey all the way from initial search and discovery to financing to the final step of transaction closure. It offers advertising and listings products to real estate developers, agents & home owners, exclusive sales and marketing solutions to builders, data and content services, and personalised search, virtual viewing, site visits, negotiations, home loans and post- sales services to consumers for both buying and renting. Additionally, company also offers a suite of allied services, including features like Pay on credit, movers & packers, lending services, online rent agreements, and an array of DIY services, catering to both customers and landlords.

REA India has a national presence with 24 offices across India with its corporate office located in Gurugram, Haryana.

Housing.com

Founded in 2012 and acquired by REA India (formerly known as Elara Technologies Pte. Ltd.) in 2017, Housing.com stands as India’s premier full-stack proptech platform catering to homeowners, home seekers, landlords, developers, and real estate brokers. Housing.com provides comprehensive listings for a wide range of properties, including new homes, resale homes, rentals, plots, commercial spaces, and co-living accommodations across India. Company is backed by robust research and analytics, offering a spectrum of real estate services encompassing advertising, marketing, sales solutions for real estate developers, personalised search & insights, virtual viewing, AR&VR content, home loans, end-to-end transaction services, and post-transaction support for both buyers and renters. Additionally, company offers a suite of online services through Housing Edge brand, including features like Pay on credit, movers & packers, lending services, online rent agreements, and an array of DIY services, catering to both customers and landlords. With a presence in 24 cities (tier I & II markets), Housing.com’ mission is to simplify the home buying, selling, and renting journey for its valued customers. REA India is a group company of global proptech leader, REA Group of Australia that is part of NewsCorp US.

PropTiger.com

PropTiger.com is among India’s leading digital real estate transaction and advisory services platform, offering a one-stop platform for buying residential real estate. Founded in 2011 with the goal to help people buy their dream homes, PropTiger.com leverages the power of information and the organisation’s deep-rooted understanding of the real estate sector to bring simplicity, transparency and trust in the home buying process. PropTiger.com helps home-buyers through the entire home-buying process through a mix of technology-enabled tools as well as on-ground support. The company offers researched information about various localities and properties and provides guidance on matters pertaining to legal paperwork and loan assistance to successfully fulfil a transaction. Ends/TGN