India's Housing Units Sales Value Surges 16% to Rs 5.68 Lakh Crore in 2024
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Mumbai, Dec 26 (NationPress) The total sales value of housing units experienced a remarkable 16% annual increase in 2024, escalating from approximately Rs 4.88 lakh crore in 2023 to around Rs 5.68 lakh crore this year, as per a report released on Thursday.
The housing sales across the top seven cities reached nearly 4,59,650 units in 2024, compared to 4,76,530 units in 2023, according to findings by the Anarock Group.
The Mumbai Metropolitan Region (MMR) recorded the highest sales, with approximately 1,55,335 units sold in 2024, marking a 1% increase from the previous year. Following this, Pune saw around 81,090 units sold.
Both MMR and Bengaluru contributed significantly to new launches, jointly representing almost 50% of the new supply for the year.
“When compared to 2023, 2024 showcased a 21% growth in average prices across the top seven cities. While average residential price hikes are expected to stabilize in the upcoming year, consistent growth will continue due to rising input costs and strong demand,” stated Anuj Puri, Chairman of Anarock Group.
2025 is also anticipated to witness substantial new supply from listed developers, who have considerable inventory prepared, he noted.
In terms of budget categories, the demand for luxury housing and the introduction of new supply surged dramatically in 2024, as homebuyers continued to seek larger, more upscale homes from renowned developers.
The introduction of new luxury supply across the top seven cities increased by 24% in 2024 compared to 2023, and there appears to be no signs of a slowdown in luxury housing demand for 2025, the report highlighted.
MMR also recorded the highest number of new units launched in 2024, totaling approximately 1,34,500 units among the top seven cities, with over 75% of the new supply falling within the sub-Rs 1.5 crore budget category.
Delhi-NCR introduced nearly 53,000 new units in 2024, reflecting a substantial 44% increase over 2023. Over 59% of the new supply was in the ultra-luxury segment priced above Rs 2.5 crore, the report indicated.
Currently, about 5.53 lakh units are available on the primary sales market across the top seven cities, it added.
