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Housing sales in the top seven Indian cities witnessed a marginal fall of 4% in 2024, with over 4.59 lakh units being sold compared to over 4.76 lakh units in 2023, according to the data of ANAROCK, a real estate consultancy.
With the sales going down, launches in the top seven cities also fell by 7%, from 4.45 lakh units launched in 2023 to 4.12 lakh units in 2024, according to the ANARCOK data.
On the other hand, prices in the top seven cities rose by 21%, from ₹ 7,080 per sq ft average price in 2023 to ₹ 8,590 per sq ft. The data includes the top seven Indian cities: Mumbai Metropolitan Region, Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata. Why did the sales go down in the top seven cities? According to ANAROCK, strong homebuyer demand, hardening property prices, and the general and state elections dented India's residential growth momentum in 2024.
Though sales fell, the sales value in 2024 increased by 16% to ₹ 5.68 lakh crore from ₹ 4.88 lakh crore in 2023.
Except MMR and Bengaluru, all other five cities witnessed a fall in sales. MMR witnessed the highest sales, approximately 1.55 lakh units in 2024- 1% more than 1.
53 lakh units in 2023. On the other hand, Bengaluru reported a 2% increase in sales from 63,980 in 2023 to 65,230 in 2024. Further, Delhi NCR and Pune reported a 6% fall in housing sales, Hyderabad reported a 5% fall, Kolkata reported the highest 20% fall, and Chennai reported an 11% fall in the total number of housing sales in 2024 compared to 2023.
Also Read: Year-ender 2024: Housing sales expected to fall by 21% annually; Hyderabad likely to witness maximum drop in sales Launches scenario Except for Delhi NCR and Chennai, launches decreased in all five cities. Delhi NCR reported 44% rise in launches in 2024 compared to 2023, and Chennai reported 4% spike. On the other hand, MMR and Kolkata reported 15% fall in launches, Pune 28% and Hyderabad reported 24% fall.
Price rise in top seven cities According to the ANAROCK data, housing prices rose between 13% and 30% annually across the top seven cities, primarily due to increased input costs and strong homebuyer demand. Also Read: Real estate prices in Tier 2 cities: Jaipur records highest growth in property prices at 65% Delhi-NCR recorded the highest yearly jump of 30% in average residential price – from ₹ 5,800 per sq ft in 2023 to nearly ₹ 7,550 per sq ft in 2024. The top seven cities together saw a 21% yearly jump in average residential price – from ₹ 7,080 per sq ft in Q4 2023 to over ₹ 8,590 per sq ft in Q4 2024.
Outlook 2025 for the top seven cities According to Anuj Puri, Chairman of ANAROCK Group, 2024 has been a mixed bag for the Indian housing sector. Apart from the dampening effect of general and assembly elections, project approvals slowed down markedly; this inevitably impacted the new housing supply. "While sales also saw a marginal decline compared to 2023, this was offset by a 16% jump in the overall sales value, thanks to average price appreciation and increasing unit sizes," Puri said.
Also Read: Around 200 mn sq ft of new housing supply likely to hit the market in 2025 "2025 is unlikely to match this steep growth, though. Average residential price hikes will stabilize in the coming year, though there will be steady growth amid increased input costs and high demand. 2025 will also see generous new supply infusions by listed developers with significant inventory lined up.
The elections and slow project approval process had dented the new supply pipeline in 2024," Puri added..
