Housing sales in top 7 cities record 14% yearly rise in Q1 2024
Real Estate

Housing sales in top 7 cities record 14% yearly rise in Q1 2024

The Bull Run in the Indian housing market continued in the first quarter of the year. Quarterly housing sales are at an all-time decadal high with approximately 130,170 units sold in Q1 2024 across the top 7 cities, reveals latest Anarock data. This is a 14% yearly rise against approximately 113,775 units sold back in Q1 2023.

Anuj Puri, Chairman, ANAROCK Group, says "MMR and Pune accounted for over 51% of the total sales in the top seven cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise. New launches across the top seven cities continued above the one lakh mark but witnessed a mere 1% yearly rise ? from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024."

?Notably, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities," says Puri. "Hyderabad saw a 57% yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9% in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced Rs 1.5 crore and above.?

Despite new launches remaining above the one lakh mark in this quarter, available inventory in the top 7 cities dropped by 7% annually ? from approx. 6,26,750 units by Q1 2023-end to approx. 5,80,890 units by Q1 2024-end. Among the top cities, NCR saw highest decline of 27% in its unsold stock in Q1 2024. NCR's unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad.

India's overall economic scenario remains positive, with the country?s GDP growth rate pegged as the highest globally, and inflation also seems to be under control. This outlook supports enduring homebuyer sentiment.

New Launch Overview The top 7 cities recorded new launches of around 110,865 units in Q1 2024 against 1,09,570 units in Q1 2023, increasing by just 1% over the previous year?s corresponding period. The key cities contributing to new launches in Q1 2024 were MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, which together accounted for 83% of the quarter's supply addition. ? MMR saw approx. 33,800 units launched in Q1 2024 ? a decline of approx. 9% over Q1 2023. More than 59% of the new supply was added in the sub- Rs 80 lakh budget segment. ? Hyderabad added approx. 22,960 units in Q1 2024 - a yearly jump of 57% over the corresponding period last year. Over 33% of the new supply was added in the high-ticket > Rs 1.5 crore) price segment. ? Pune added approx. 18,770 new units in Q1 2024 compared to 19,420 units in Q1 2023 ? a decrease of 3%. ? Bengaluru added approx. 16,485 units in Q1 2024 - a yearly increase of 22%. Approx. 66% of the new supply was in the mid-range and premium segments (Rs 40 lakh ? Rs 1.5 crore) ? NCR saw new supply dip by over 42% against Q1 2023, with approx. 7,270 units launched in Q1 2024 against 12,450 units in Q1 2023. Notably, 55% of the new supply was added in the ultra-luxury segment (homes priced > Rs 2.5 crore) ? Chennai added approx. 7,290 units in Q1 2024, a yearly increase of 14% over Q1 2023. At least 87% of the new supply was in the mid and premium segments (priced within Rs 40 lakh to Rs 1.5 Cr) ? Kolkata added approx. 4,290 units in Q1 2024, a decline of 27% over Q1 2023. Approx. 90% of the new supply was in the affordable and mid segments (priced up to Rs 80 lakh.)

The Bull Run in the Indian housing market continued in the first quarter of the year. Quarterly housing sales are at an all-time decadal high with approximately 130,170 units sold in Q1 2024 across the top 7 cities, reveals latest Anarock data. This is a 14% yearly rise against approximately 113,775 units sold back in Q1 2023. Anuj Puri, Chairman, ANAROCK Group, says MMR and Pune accounted for over 51% of the total sales in the top seven cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise. New launches across the top seven cities continued above the one lakh mark but witnessed a mere 1% yearly rise ? from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024. ?Notably, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities, says Puri. Hyderabad saw a 57% yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9% in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced Rs 1.5 crore and above.? Despite new launches remaining above the one lakh mark in this quarter, available inventory in the top 7 cities dropped by 7% annually ? from approx. 6,26,750 units by Q1 2023-end to approx. 5,80,890 units by Q1 2024-end. Among the top cities, NCR saw highest decline of 27% in its unsold stock in Q1 2024. NCR's unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad. India's overall economic scenario remains positive, with the country?s GDP growth rate pegged as the highest globally, and inflation also seems to be under control. This outlook supports enduring homebuyer sentiment. New Launch Overview The top 7 cities recorded new launches of around 110,865 units in Q1 2024 against 1,09,570 units in Q1 2023, increasing by just 1% over the previous year?s corresponding period. The key cities contributing to new launches in Q1 2024 were MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, which together accounted for 83% of the quarter's supply addition. ? MMR saw approx. 33,800 units launched in Q1 2024 ? a decline of approx. 9% over Q1 2023. More than 59% of the new supply was added in the sub- Rs 80 lakh budget segment. ? Hyderabad added approx. 22,960 units in Q1 2024 - a yearly jump of 57% over the corresponding period last year. Over 33% of the new supply was added in the high-ticket > Rs 1.5 crore) price segment. ? Pune added approx. 18,770 new units in Q1 2024 compared to 19,420 units in Q1 2023 ? a decrease of 3%. ? Bengaluru added approx. 16,485 units in Q1 2024 - a yearly increase of 22%. Approx. 66% of the new supply was in the mid-range and premium segments (Rs 40 lakh ? Rs 1.5 crore) ? NCR saw new supply dip by over 42% against Q1 2023, with approx. 7,270 units launched in Q1 2024 against 12,450 units in Q1 2023. Notably, 55% of the new supply was added in the ultra-luxury segment (homes priced > Rs 2.5 crore) ? Chennai added approx. 7,290 units in Q1 2024, a yearly increase of 14% over Q1 2023. At least 87% of the new supply was in the mid and premium segments (priced within Rs 40 lakh to Rs 1.5 Cr) ? Kolkata added approx. 4,290 units in Q1 2024, a decline of 27% over Q1 2023. Approx. 90% of the new supply was in the affordable and mid segments (priced up to Rs 80 lakh.)

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?