New Delhi: Housing sales are estimated to fall 4 per cent this year in seven major cities to nearly 4.6 lakh units on lower launches, while sales in value terms are up 16 per cent to Rs 5.68 lakh crore, according to Anarock. Average housing prices grew 21 per cent in 2024 across seven major cities due to rising rates of land, labour and some building raw materials. Anarock, one of the leading housing brokerage firms in India, attributed the fall in sales volumes during 2024 to a drop in new launches of housing projects because of a delay in regulatory approvals amid general and assembly elections. Nevertheless, the appreciation in housing prices helped sales to grow in value terms during this year.
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Housing sales down 4% in 2024.
Real estate consultant Anarock on Thursday released its housing market data, showing a marginal 4 per cent drop in sales across the 7 major cities to 4,59,650 units during 2024 against 4,76,530 units in 2023. However, the overall sales value of housing units saw a 16 per cent annual growth to Rs 5.68 lakh crore in 2024 from Rs 4.88 lakh crore in the preceding year.
Indian Housing Sector in 2024: Mixed Performance with Decline in New Supply and Regional Sales Variations
On fresh supply of housing properties, Anarock data showed a 7 per cent decline to 4,12,520 units in 2024 against 4,45,770 units in 2023. Commenting on the data, Anarock Chairman Anuj Puri said, "2024 has been a mixed bag for the Indian housing sector. Apart from the dampening effect of general and assembly elections, project approvals slowed down markedly; this inevitably impacted the new housing supply. "While sales also saw a marginal decline when compared to 2023, this was offset by a 16 per cent jump in the overall sales value, thanks to average price appreciation and increasing unit sizes," he added.
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Anuj Puri said 2024 saw a 21 per cent annual rise in the average price in the top 7 cities. Among cities, the housing sales in Delhi-NCR are set to fall 6 per cent to 61,900 units this year from 65,625 units in 2023. Mumbai Metropolitan Region (MMR) saw a marginal 1 per cent increase in sales to 1,55,335 units from 1,53,870 units. In Bengaluru, the sales of residential properties rose 2 per cent to 65,230 units from 63,980 units. Housing sales in Pune fell 6 per cent to 81,090 units from 86,680 units. Hyderabad witnessed a 5 per cent fall in sales to 58,540 units from 61,715 units, while Chennai saw an 11 per cent decline to 19,220 units from 21,630 units. Housing sales in Kolkata fell 20 per cent in 2024 to 18,335 units from 23,030 units in the previous year.
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