2024: A Record-Breaking Year for Indian Residential Real Estate Market

The Indian housing market hit a new milestone in FY24, with sales reaching an all-time high over the past decade. A remarkable 5 lakh units were sold, marking a significant leap in the demand for homes.

First Quarter Sales:

In the first quarter of 2024 (Jan-March), a whopping 130,170 units were sold across India's top 7 cities, showing a 14% increase compared to last year.

The fiscal year ended with a total of 492,900 homes sold, a 30% jump from the previous year.

Leading Markets:

MMR and Pune Shine: Together, these cities contributed to over half of the total sales, with MMR enjoying a 24% increase and Pune a 15% rise in sales.

Launches and Inventory Insights: New Launches:Steady New Homes: The market saw over 1,10,865 new homes being introduced, maintaining the momentum with a slight 1% increase from the previous year.

Inventory Dynamics

Shrinking Supplies: The available homes for sale in these cities decreased by 7%, indicating a tightening market.

Market Drivers: The market's vibrancy is fueled by first-time buyers, affluent individuals seeking second homes, and investors eyeing prime locations for high returns.

Gurugram's Hotspots: Prime Areas: Sectors 37 D, 71, Dwarka Expressway, 84, and Southern Peripheral Road stand out as Gurugram's most sought-after residential zones.

Economic and Real Estate Outlook: Positive Economic Climate:India's robust GDP growth and controlled inflation set a promising backdrop for sustained real estate interest.

NCR's Luxury Boom: The demand for luxury homes in Delhi-NCR is skyrocketing, thanks to improved connectivity and infrastructure.

Sales Highlights and Price Trends: Top Performing Cities:Thane, Pune, and Hyderabad led the way in quarterly sales, underscoring the widespread demand.

Price Surge: Home prices have increased significantly, ranging from 10-32% across major cities, driven by rising construction costs and demand.

Luxury Market Expansion: Delhi-NCR's luxury real estate market is thriving, with enhanced connectivity and job growth fueling investment appeal.

Regional Price Movements: Notable Price Increases:Hyderabad and Bengaluru witnessed the highest price jumps, signaling a strong market appetite.

Supply and Demand: Hyderabad led in new launches, while the overall market experienced a surge in high-value home purchases.

Conclusion:

The data from FY24 reflects a robust and dynamic market, buoyed by economic stability, strategic infrastructure development, and a diversified buyer base. The shift towards luxury housing, coupled with a decrease in inventory, suggests a market ripe for investors and developers to innovate and meet the growing demand for quality homes. This year's record-breaking sales underscore the resilience and potential of India's real estate sector.