Synopsis
A recent report reveals that over 42% of the homes sold in 2024 were newly launched properties, marking a significant shift in buyer preference in India's housing market.Key Takeaways
- 42% of homes sold in 2024 were new launches.
- Significant rise from 26% in 2019.
- Strong trend in major cities with large developers.
- NCR sees 44% of units sold as new launches.
- Chennai and Bengaluru show notable increases.
Mumbai, March 5 (NationPress) Homebuyers in India are increasingly opting for newly-launched housing projects over ready-to-move-in homes, as more than 42% of the 4.60 lakh homes sold in 2024 were part of new launches, according to a recent report released on Wednesday.
This represents a significant increase from 2019, when merely 26% of the 2.61 lakh homes sold were newly launched.
The latest data from ANAROCK indicates that this trend is particularly pronounced in major cities, where large and listed developers dominate the market.
This transition has been consistent over the past five years. In 2020, 28% of the 1.38 lakh homes sold in the top seven cities were newly launched.
In 2021, this percentage climbed to 34%, with around 2.37 lakh homes sold. By 2022, 36% of the 3.65 lakh homes sold were new launches, and in 2023, the figure rose further to 40% of the 4.77 lakh units sold.
City-wise, the absorption of newly launched homes differs. Kolkata recorded the lowest share of fresh supply absorption, with only 31% of the 18,330 units sold in 2024 being newly launched.
However, this still marks an improvement compared to 2019, when just 23% of the 13,930 units sold that year came from new launches.
In NCR, approximately 44% of the 61,902 units sold in 2024 were newly launched, a significant increase from just 22% in 2019.
Chennai saw a remarkable rise, with 53% of the 19,221 units sold in 2024 being newly launched, up from 28% in 2019.
Bengaluru and Pune also experienced substantial growth in newly launched units. In Bengaluru, 53% of the 65,226 units sold in 2024 were newly launched, compared to 27% in 2019.
Similarly, in Pune, 42% of the 81,088 units sold in 2024 were part of new projects, compared to 34% in 2019.
Hyderabad also saw a significant jump, with 43% of the 58,540 units sold in 2024 being new launches, a considerable increase from 28% in 2019.
