Housing Sector's overall sales value surged by 16 per cent year on year
Reportedly housing sales across the top seven cities witnessed a 4 per cent decline, with about 4,59,650 units sold in 2024 compared to 4,76,530 units in 2023, according to a report by real estate consultancy firm Anarock. However, the sector’s overall sales value surged by 16 per cent year on year, reaching Rs 5.68 lakh crore, up from Rs 4.88 lakh crore in 2023. Anarock said in a report “Strong homebuyer demand and hardening property prices coupled with the general and state elections dented India’s residential growth momentum in 2024. Housing sales in the top 7 cities witnessed a marginal 4% decline in 2024 – approx. 4,59,650 units in 2024 against 4,76,530 units in 2023".Meanwhile the overall sales value of housing units saw a 16 per cent yearly jump from about Rs 4.88 lakh crore in 2023 to nearly Rs 5.68 lakh crore in 2024, it added. The mumbai Metropolitan Region (MMR) led sales with about 1,55,335 units sold, a 1 per cent increase from the previous year. pune followed with 81,090 units sold, despite a 6 per cent decline. The two western cities accounted for a significant portion of total residential sales in 2024.
Moreover new residential launches dropped by 7 per cent, from 4,45,770 units in 2023 to 4,12,520 units in 2024, primarily due to election-related project approval delays. Despite the decline, MMR and Bengaluru accounted for nearly half of the new supply. Anuj puri, chairman of ANAROCK Group, described 2024 as a “mixed bag" for the housing sector. While elections and project approval delays slowed new supply, the rise in sales value and average prices underscored the market’s resilience. The luxury housing segment is expected to remain strong, with no signs of tapering demand. puri added “2025 will see generous new supply infusions by listed developers who have significant inventory lined up".