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The Indian residential real estate market has seen a surge in demand for newly launched properties, with 42% of the 4.60 lakh homes sold in 2024 coming from new projects, up from 26% in 2019, according to ANAROCK. Cities like Bengaluru and Chennai led the trend, with 53% of sales from new launches, while NCR (44%), Mumbai (36%), and Pune (42%) also saw significant growth in this segment. Despite a 4% decline in sales volume, the market's value jumped 16% to ?5.68 lakh crore, driven by a preference for modern, high-value properties. Government initiatives such as RERA and Housing for All have further boosted buyer confidence, making new launches the preferred choice for homebuyers.
The Indian residential real estate market has undergone a significant shift toward newly launched properties in recent years. According to data from ANAROCK, in 2024, over 42% of the approximately 4.60 lakh homes sold across India's top seven cities were in newly launched projects. This marks a substantial increase from 2019, where newly launched homes accounted for just 26% of the 2.61 lakh units sold, highlighting the growing preference for fresh, newly built properties. This shift is attributed to factors such as higher quality construction, modern amenities, and the evolving buyer preference for contemporary living spaces. Advertisement
City-wise, Bengaluru and Chennai saw the highest share of new launches in 2024. In Bengaluru, 53% of the 65,230 units sold were newly launched, a significant jump from just 27% in 2019. Similarly, in Chennai, 53% of the 19,220 units sold were newly launched, marking a notable increase from 28% in 2019. In the National Capital Region (NCR), 44% of the 61,902 units sold in 2024 were new launches, compared to just 22% in 2019. These figures reflect the robust demand for newly constructed properties in major cities.
The Mumbai Metropolitan Region (MMR) saw a rise in the share of new launches as well. Of the 1,55,334 units sold in MMR, approximately 36% were newly launched, a significant increase from 23% in 2019. Pune followed a similar trend, with 42% of the 81,088 units sold in 2024 being newly launched, compared to 34% in 2019. Hyderabad recorded 43% of the 58,540 units sold in 2024 as new launches, up from 28% in 2019, showcasing a strong preference for modern housing options in the city.
Kolkata, although the city with the lowest share of new supply, still saw an improvement. In 2024, 31% of the 18,330 units sold in Kolkata were newly launched, up from 23% in 2019. This represents a steady increase in demand for newly constructed properties, despite the city's slower recovery compared to other regions.
Despite a 4% year-on-year decline in sales volume across these cities in 2024, the value of sales surged by 16%, reaching INR 5.68 lakh crore compared to INR 4.88 lakh crore in 2023. This indicates that while the volume of sales decreased, the demand for higher-value, newly launched properties remained strong. This is also evident in the luxury real estate segment, where properties priced above INR 1.5 crore have been witnessing an uptick in demand. Projects such as DLF's 'The Dahlias' in New Delhi, which sold 173 units for approximately USD 1.4 billion in just nine weeks, exemplify the robust demand for high-end properties.
Government initiatives like the 'Housing for All' program, as well as the implementation of the Real Estate (Regulation and Development) Act (RERA), have contributed to enhancing transparency and boosting buyer confidence. These measures have made the market more accessible and less prone to disputes, ensuring that buyers are protected and developers remain accountable. As India's real estate market evolves, the demand for high-quality, newly constructed properties will likely shape the future of housing across major cities.
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