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The Indian residential real estate market experienced a 9% decrease in sales, totalling 470,899 units in 2024, with new supply falling by 15% to 411,022 units. Contributing factors included the General Elections and Monsoon-related slowdown. Among the nine cities analysed, Navi Mumbai recorded the highest sales growth (16%), while Hyderabad saw the steepest decline (25%). On the supply front, Delhi-NCR led with a 54% increase, whereas Hyderabad saw a 49% drop. PropEquity highlighted the resilience of the market, noting stable supply-to-absorption ratios despite these fluctuations, signifying a healthy sector.
The residential real estate market in India's nine leading cities recorded a modest 9% decline in sales, reaching 470,899 units in 2024, while new supply dropped by 15% to 411,022 units, as per a report by NSE-listed real estate data analytics firm PropEquity. This slowdown was attributed to two quarters of subdued activity caused by the General Elections and Monsoon. Advertisement
In comparison, 2023 saw 514,820 units sold and 481,724 units launched. Despite the decline, the market's fundamentals remained robust, with the supply-to-absorption ratio consistent with the previous year. Samir Jasuja, CEO and Founder of PropEquity, remarked that the drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year for the sector.
Out of the nine cities, housing sales rose in Navi Mumbai by 16% to 33,870 units and in Delhi-NCR by 5% to 43,923 units. Conversely, Hyderabad witnessed a 25% decline to 61,722 units, while Bengaluru and Chennai experienced reductions of 9% and 11%, respectively. In the western region, sales dropped by 6% in Mumbai, 13% in Pune, and 5% in Thane. Kolkata recorded the smallest decline at 1%.
Regarding new launches, Delhi-NCR posted the highest growth, with a 54% increase to 45,503 units. Bengaluru followed with a 27% rise to 72,111 units, and Chennai saw a 6% increase to 20,522 units. However, Hyderabad reported a sharp 49% drop in supply, with other cities like Kolkata, Navi Mumbai, Pune, and Thane also experiencing significant declines.
The report noted that weak demand likely prompted developers to delay new launches in certain regions. Despite this, the market showed resilience, with cities like Delhi-NCR and Bengaluru witnessing supply surpassing absorption levels.
PropEquity, owned by P.E. Analytics Ltd., is a leading real estate data analytics platform that monitors over 1,70,000 projects across 44 cities in India. It serves as a vital resource for industry insights, cataloguing data from more than 57,000 developers.
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