Mumbai (Maharashtra) [India], July 13 (ANI): Mumbai and Hyderabad led the charge in residential launches, collectively contributing around 43 per cent of the overall new units, according to the JLL report. India’s residential real estate market has reached new heights in the first half of 2024, with a record launch of approximately 160,000 residential units, marking a 5 per cent increase over the previous record set in H1 2023. This growth is attributed to a significant rise in the premium and luxury segments.
The premium residential segment, priced between Rs 3-5 crore, witnessed 170 per cent year-on-year (Y-o-Y) growth in new launches, while the luxury segment, with properties priced above Rs 5 crore, saw a 116 per cent increase. This shift is a result of developers adapting to the changing preferences of buyers post-pandemic, focusing on high-value projects to meet demand. Mumbai alone accounted for 23 per cent of the total, with 36,477 units, while Hyderabad followed with 31,005 units, representing 19 per cent.
Other notable contributors included Bengaluru with 29,153 units (18 per cent) and Delhi NCR with 23,265 units (15 per cent). H1 2024 also saw the highest-ever half-yearly residential sales, with around 155,000 units sold, a 22 per cent increase compared to the same period in 2023. Bengaluru and Mumbai were the top performers, together accounting for 45 per cent of the total sales volume.
Bengaluru sold 35,543 units (23 per cent), while Mumbai sold 33,744 units (2.