Housing Sales Fall 4% in 2024 But Value Up 16% in Top 7 Cities 

Mumbai, December 26, 2024: 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 per cent decline in 2024 – approximately 4,59,650 units in 2024 against 4,76,530 units in 2023.

Overall sales value of housing units, however, saw a 16 4 per cent yearly jump – from approximately INR4.88 lakh Cr in 2023 to approxinately INR5.68 lakh Cr in 2024.

The Mumbai Metropolitan Region witnessed the highest sales of approximately 1,55,335 units in 2024, registering a 1 per cent yearly rise. Pune followed with approximately 81,090 units sold. The two western markets together led residential sales in 2024.

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

Says ANAROCK Group Chairman Chairman Anuj Puri 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 per cent jump in the overall sales value, thanks to average price appreciation and increasing unit sizes.”

“Compared to 2023, 2024 saw a 21 per cent 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 per cent in 2024 against 2023. There is no reason to expect luxury housing demand to taper off in 2025.

City-wise Housing Sales Overview

• MMR, Pune, Bengaluru, Hyderabad, and NCR, together accounted for 92 per cent of overall sales in 2024 across the top 7 cities.
• MMR saw the highest sales with approximately 1,55,335 units sold in 2024; the annual rise over 2023 was a humble 1 per cent.
• Bengaluru also saw just a marginal yearly rise of 2 per cent in housing sales, with approximately 65,230 units sold in 2024.
• Pune saw approximately 81,090 units sold in 2024 – a yearly decline of 6 per cent over 2023.
• NCR recorded sales of approximately 61,900 units in 2024, declining by 6 per cent over last one year.
• Hyderabad saw approximately 58,540 units sold in 2024 – a 5 per cent decline over 2023.
• Kolkata recorded sales of approximately 18,335 units in 2024 – a decline of 20 per cent over the previous year.
• Chennai saw approximately 19,220 units sold in 2024 – a yearly fall of 11 per cent over 2023.

City-wise New Launches Overview

• The top 7 cities saw approximately 4,12,520 new units launched in 2024, against 4,45,770 units in 2023 – a 7 per cent annual decline. The key cities contributing to new unit launches in the year were MMR, Hyderabad, Pune, and Bengaluru, together accounting for 79 per cent of the total new supply addition.
• MMR saw the highest number (approximately 1,34,500) of new units launched in 2024 among the top 7 cities, declining by 15 per cent against 2023. Over 75 per cent of the new supply was in the sub-INR1.5 Cr budget segment.
• Bengaluru added approximately 70,965 units in 2024, a yearly increase of 30 per cent. Approximately 90 per cent of the new supply was in the INR40 lakhs – INR2.5 Cr budget segment.
• Pune added approximately 60,540 units in 2024, an annual decline of 28 per cent over the previous year. Over 93 per cent of the new supply was in the sub-INR2.5 Cr budget segment.
• Hyderabad added approximately 58,335 new units in 2024, declining by 24 per cent over 2023. Over 80 per cent of the new supply was in the INR40 lakh to INR2.5 Cr budget segment.
• NCR launched approximately 53,000 new units in 2024 – a significant 44 per cent rise over 2023. Over 59 per cent of the new supply was in the ultra-luxury segment priced >INR2.5 Cr.
• Chennai added approximately 20,940 units in 2024, an annual increase of 4 per cent against the previous year. Over 96 per cent of the new supply was in the INR40 lakh to INR2.5 Cr budget segment.
• Kolkata added approximately 14,240 units in 2024, an 15 per cent decline over 2023. Approximately 83 per cent of the new supply was in the sub-INR1.5 Cr budget segment.

Price Movement

On an annual basis, housing prices rose between 13-30 per cent across the top 7 cities, primarily due to increased input costs and strong homebuyer demand. Delhi-NCR recorded the highest yearly jump of 30 per cent in average residential price – from INR5,800 per sq. ft. in 2023 to nearly INR7,550 per sq. ft. in 2024. The top 7 cities together saw a 21 per cent yearly jump in average residential price – from INR7,080 per sq. ft. in Q4 2023 to over INR8,590 per sq. ft. in Q4 2024.

Available Inventory – 2024-end

Annually, available inventory across the top 7 cities had declined by 8 per cent by 2024-end, largely because of curtailed new housing supply during the year. Approximately 5.53 lakh units are currently on the primary sales market across the top 7 cities. Pune saw the highest decline of 20 per cent in unsold stock annually – from approximately 1,01,220 units by 2023-end to approximately 80,670 units by 2024-end. Bengaluru and Chennai were the only cities to see their unsold stock rise.

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