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Housing sales rise in only two out of the nine cities in 2024 with Navi Mumbai recording the highest growth while Hyderabad recording the highest decline.
The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year.
The residential real estate market in India’s top-9 cities saw a marginal 9 per cent decline in sales to 4,70,899 units in 2024, while new supply fell by 15 per cent to 4,11,022 units on the back of two quarters of under-activity due to general elections and monsoon, according to the latest report by NSE-listed real estate data analytics firm PropEquity.
The number of units sold in 2023 stood at 5,14,820 units while the number of units launched in 2023 stood at 4,81,724 units.
Housing sales rose in only two out of the nine cities in 2024 with Navi Mumbai recording the highest growth while Hyderabad recording the highest decline, PropEquity said in its report.
New supply rose in four out of nine cities with Delhi-NCR recording the highest growth and Hyderabad recording the highest decline.
Samir Jasuja, CEO and founder of PropEquity, said, “The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year. A detailed analysis of the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as 2023 which indicates that the fundamentals of the real estate sector are strong and healthy.”
Hyderabad remained the under-performer, both in terms of supply and sales, during the year dragging down the overall numbers. The cities in NCR saw a fairly good growth in new supply and sales during the year, he added.
“Weak demand may have prompted developers to go slow on new launches,” Jasuja said.
Bengaluru, Chennai and Delhi-NCR saw new supply exceed absorption during this year.
| Location | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Bengaluru | 60,506 | 66,600 | -9% |
| Chennai | 19,212 | 21,515 | -11% |
| Hyderabad | 61,722 | 82,350 | -25% |
| Kolkata | 18,595 | 18,697 | -1% |
| Mumbai | 50,140 | 53,208 | -6% |
| Navi Mumbai | 33,870 | 29,085 | 16% |
| Pune | 92,643 | 106,351 | -13% |
| Thane | 90,288 | 95,336 | -5% |
| Delhi NCR | 43,923 | 41,678 | 5% |
| Total | 470,899 | 514,820 | -9% |
| During the year, 7,830 DDA units were absorbed. However, this is not used for computation; Source: PropEquity | |||
Housing sales in Navi Mumbai went up by 16% to 33,870 units in 2024.
In Delhi-NCR, housing sales rose by 5% to 43,923 units in 2024.
Housing sales in Bengaluru fell by 9% to 60,506 units in 2024. In Chennai, housing sales dropped by 11% to 19,212 units while in Hyderabad, it fell by 25% to 61,722 units in 2024.
In the western region, housing sales fell in Mumbai by 6% to 50,140 units, while in Pune, it fell by 13% to 92,643 units and in Thane it fell by 5% to 90,288 units in 2024.
Housing sales in Kolkata fell by 1% to 18,595 units in 2024.
| Location | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Bengaluru | 72,111 | 56,769 | 27% |
| Chennai | 20,522 | 19,417 | 6% |
| Hyderabad | 48,164 | 94,889 | -49% |
| Kolkata | 14,764 | 20,645 | -28% |
| Mumbai | 40,963 | 39,468 | 4% |
| Navi Mumbai | 28,363 | 31,541 | -10% |
| Pune | 70,848 | 96,807 | -27% |
| Thane | 69,784 | 92,665 | -25% |
| Delhi NCR | 45,503 | 29,523 | 54% |
| Total | 411,022 | 481,724 | -15% |
| *During the year, 39,888 DDA units were launched. However, this is not used for computation; Source: PropEquity | |||
New supply in Delhi-NCR grew by 54% to 45503 units in 2024 followed by Bengaluru where supply grew by 27% at 72,111 units, Chennai by 6% at 20,522 units and Mumbai by 4% at 40,963 units.
New supply fell in Hyderabad (49%), Kolkata (28%), Navi Mumbai (10%), Pune (27%) and Thane (25%).
Reacting to the real estate data, Vijay Harsh Jha, founder and CEO of VS Realtors, said, “Housing sales have been on a downward trajectory since start of 2024. The decline in India’s growth, rise in inflation and a cautious approach by investors owing to geo-political developments may have led to weak demand. As a result, supply too have seen a decline as prices continue to rise. We expect developers to bring more inventory in the segment, mainly below Rs 1 crore, where there is a huge demand waiting to be tapped.”
