Housing Sales Fall 4% Y-o-Y in 2024

31 Dec 2024 CW Team

Strong homebuyer demand and hardening property prices coupled with the general and state elections dented India's residential growth momentum in 2024. ANAROCK data indicates that housing sales in the top 7 cities witnessed a marginal 4% decline in 2024 - approx. 4,59,650 units in 2024 against 4,76,530 units in 2023.

However, the overall sales value of housing units saw a 16% yearly jump – from approx. Rs 4.88 trillion in 2023 to approx. INR 5.68 lakh Cr in 2024.

MMR witnessed the highest sales of approx. 1,55,335 units in 2024, registering a 1% yearly rise. Pune followed with approx. 81,090 units sold. The two western markets together led residential sales in 2024.

New launches in the top 7 cities saw a 7% annual decline – from approx. 4,45,770 units in 2023 to approx. 4,12,520 units in 2024. MMR and Bengaluru saw the maximum new launches, together accounting for an almost 50% of the new supply in the year.

Anuj Puri, Chairman - ANAROCK Group, says, "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 new housing supply. While sales also saw a marginal decline when compared to 2023, this was offset by a 16% jump in the overall sales value, thanks to average price appreciation and increasing unit sizes."

“Compared to 2023, 2024 saw a 21% rise in the average price in the top 7 cities," says Puri. "2025 is unlikely to match this steep growth, though. Average residential prices 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, who have significant inventory lined up. The elections and slow project approval process had dented the new supply pipeline in 2024.”

Among budget categories, luxury housing demand and new supply increased exponentially in 2024 as homebuyers demand continued the post-pandemic trend of bigger, better homes by branded developers. The new luxury supply addition across the top 7 cities rose by 24% in 2024 against 2023. There is no reason to expect luxury housing demand to taper off in 2025. MMR, Pune, Bengaluru, Hyderabad, and NCR, together accounted for 92% of overall sales in 2024 across the top 7 cities.

MMR saw the highest sales with approx. 1,55,335 units sold in 2024; the annual rise over 2023 was a humble 1%. Bengaluru also saw just a marginal yearly rise of 2% in housing sales, with approx. 65,230 units sold in 2024. Pune saw approx. 81,090 units sold in 2024 – a yearly decline of 6% over 2023. NCR recorded sales of approx. 61,900 units in 2024, declining by 6% over last one year. Hyderabad saw approx. 58,540 units sold in 2024 - a 5% decline over 2023. Kolkata recorded sales of approx. 18,335 units in 2024 - a decline of 20% over the previous year. Chennai saw approx. 19,220 units sold in 2024 - a yearly fall of 11% over 2023. The top 7 cities saw approx. 4,12,520 new units launched in 2024, against 4,45,770 units in 2023 - a 7% annual decline. The key cities contributing to new unit launches in the year were MMR, Hyderabad, Pune, and Bengaluru, together accounting for 79% of the total new supply addition.

MMR saw the highest number (approx. 1,34,500) of new units launched in 2024 among the top 7 cities, declining by 15% against 2023. Over 75% of the new supply was in the sub-INR 1.5 Cr budget segment. Bengaluru added approx. 70,965 units in 2024, a yearly increase of 30%. Approx. 90% of the new supply was in the INR 40 lakhs – INR 2.5 Cr budget segment. Pune added approx. 60,540 units in 2024, an annual decline of 28% over the previous year. Over 93% of the new supply was in the sub-INR 2.5 Cr budget segment. Hyderabad added approx. 58,335 new units in 2024, declining by 24% over 2023. Over 80% of the new supply was in the INR 40 lakh to INR 2.5 Cr budget segment. NCR launched approx. 53,000 new units in 2024 - a significant 44% rise over 2023. Over 59% of the new supply was in the ultra-luxury segment priced >INR 2.5 Cr. Chennai added approx. 20,940 units in 2024, an annual increase of 4% against the previous year. Over 96% of the new supply was in the INR 40 lakh to INR 2.5 Cr budget segment. Kolkata added approx. 14,240 units in 2024, an 15% decline over 2023. Approx. 83% of the new supply was in the sub-INR 1.5 Cr budget segment.

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