Sales of affordable, mid-income flats drop 32 pc in Jan-Jun across 7 cities: JLL

New Delhi, Jul 22 (PTI) India's seven major cities have witnessed a 32 per cent drop in sales of apartments costing below Rs 1 crore, while demand for premium homes rose 5 per cent during the first six months of this year, according to JLL.

On Tuesday, real estate consultant JLL India released its report for housing market, which showed that sales of apartments fell 13 per cent annually in January-June 2025 to 1,34,776 units across seven cities -- Mumbai Metropolitan Region (MMR), Delhi-NCR, Kolkata, Chennai, Hyderabad, Bengaluru, and Pune.

Data includes only apartments. Rowhouses, villas, and plotted developments have been excluded.

As per the data, sales of apartments (below Rs 1 crore category) fell 32 per cent annually in January-June to 51,804 units.

However, sales of premium apartments (each above Rs 1 crore) rose 6 per cent to 82,972 units in the first six months of this calendar year.

"Apartments valued at Rs 1 crore and above represented approximately 62 per cent of total sales during the first half of 2025, marking a significant increase from their 51 per cent market share during the same period last year," JLL India said.

Mass segment's (sub-Rs 1 crore) share dropped to 38 per cent during the first half of 2025 from 49 per cent in the year-ago period.

"The steady growth in luxury home sales indicates rising buyer affluence, evolving lifestyle aspirations, and a heightened demand for larger, premium living spaces. This increasing focus on premium properties has overshadowed activity in the mass housing segment," said Samantak Das, Chief Economist and Head of Research, JLL India.

Bengaluru-based Sterling Developers CMD Ramani Shastri said the real estate market is set for steady growth supported by reduced home loan interest rates, continued policy support, and infrastructure upgrades.

Shiwang Suraj, Founder of InfraMantra, noted that Gurugram has seen huge supply in the luxury segment and a consequent demand from HNIs, NRIs and new-gen wealth creators.

Real estate and construction firm BCD Group CMD Angad Bedi said the record leasing of office spaces is helping drive housing demand across top-seven cities.

Bhavesh Kothari, Founder & CEO of Property First Realty, noted that there is a growing trend of premiumisation in the residential real estate market.

Yathish Kumar, Marketing Head of M5 Mahendra Group, said, "India's growing economy has led to an increase in high-net-worth individuals (HNIWs) and ultra (HNIWs), especially in urban hubs." These major cities are seeing a surge in demand for high-end homes that offer luxury, exclusivity as well as connectivity, he added. PTI MJH TRB