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India's residential real estate market grew by 12.76% in supply across 13 major cities in Q4 2024, driven by Bengaluru and Gurugram, according to Magicbricks. The luxury segment now represents 52% of new supply, reflecting a 14.4% year-on-year growth. Under-construction properties surged by 10.97%, with Gurugram, Kolkata, and Bengaluru leading the rise. Meanwhile, ready-to-move properties showed marginal growth at 0.03%. Greater Noida, Noida, and Gurugram saw exceptional capital appreciation, with year-on-year increases of 42.5%, 42.4%, and 35%, respectively. With rising demand in urban areas and robust supply, India's residential real estate market demonstrates strong momentum heading into 2025.
The residential real estate market in India is showing promising signs of growth, with a reported 12.76% increase in supply across 13 major cities in the fourth quarter of 2024, according to a recent report by Magicbricks. This growth is primarily driven by cities like Bengaluru and Gurugram, which are leading the way in new property developments. Advertisement
A notable trend in the market is the rise of the luxury segment, which now accounts for 52% of the total new supply. This marks a substantial increase from 38% in the same quarter of the previous year. The luxury housing market has experienced a 14.4% year-on-year growth, indicating a strong demand for high-end properties. This trend reflects a shift in buyer preferences towards premium living spaces, particularly in urban areas where affluence is on the rise.
The report highlights a significant surge in the supply of under-construction properties, which rose by 10.97% over the last three months. Gurugram led this segment with a remarkable 30.97% increase, followed by Kolkata at 27.80% and Bengaluru at 27.39%. This growth suggests that developers are responding to the increasing demand for new homes, especially in metropolitan areas where population growth is high.
In contrast, the supply of ready-to-move (RTM) properties saw only a slight increase of 0.03% quarter-on-quarter. This indicates a steady but cautious approach from buyers regarding completed inventory. However, the overall residential prices have seen a significant uptick, with a 22.7% year-on-year increase reported. This rise in prices points to sustained confidence in the real estate market, as buyers are willing to invest despite higher costs.
Certain cities are experiencing exceptional capital appreciation, with Greater Noida leading the pack at 42.5% year-on-year, closely followed by Noida at 42.4% and Gurugram at 35%. These figures highlight the ongoing strength of these markets and their appeal to both investors and homebuyers. The demand for residential properties in these areas continues to grow, driven by improved infrastructure, job opportunities, and quality of life.
The overall residential demand across the surveyed cities has shown signs of stabilization, averaging a 6.6% year-on-year increase. Cities like Ahmedabad (18.76%), Delhi (16.63%), and Kolkata (15.69%) have reported particularly strong demand, reflecting a shift in migration patterns and urbanization trends. As more people move to urban centers for better job prospects and living conditions, the demand for housing is expected to remain robust.
In conclusion, the residential real estate market in India is on an upward trajectory, with significant growth in both supply and demand. The luxury segment's expansion, coupled with strong capital appreciation in key cities, signals a positive outlook for the industry. As developers continue to respond to market needs, potential buyers can expect more options, particularly in urban areas where demand is surging.
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