KOLKATA, Dec 26: Strong homebuyer demand and hardening property prices coupled with the general and state elections dented India’s residential growth momentum in 2024, a published data said on Thursday.
ANAROCK data indicated that housing sales in the top 7 cities
witnessed a marginal 4 pc decline in 2024 – approx. 4,59,650 units in 2024 against 4,76,530 units in 2023.
However, the overall sales value of housing units saw a 16 pc yearly
jump ? from approx.
Rs 4.88 lakh Cr in 2023 to approx. Rs 5.68 lakh Cr in 2024.
MMR witnessed the highest sales of approx. 1,55,335 units in 2024,
registering a 1 pc yearly rise. Pune followed with approx. 81,090
units sold. The two western markets together led residential sales in
2024.
New launches in the top 7 cities saw a 7 pc annual decline ? from
approximately 4,45,770 units in 2023 to about 4,12,520 units in 2024.
MMR and Bengaluru saw the maximum new launches, together accounting
for almost 50 pc of the new supply in the year.
“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 new housing
supply. While sales also saw a marginal decline when compared to 2023,
this was offset by a 16% jump in the overall sales value, thanks to
average price appreciation and increasing unit sizes,” chairman of
ANAROCK Group Anuj Puri said.
“Compared to 2023, 2024 saw a 21% rise in the average price in the top
7 cities,” said Puri. “2025 is unlikely to match this steep growth,
though. Average residential prices hikes will stabilize in the coming
year, though there will be steady growth amid increased input costs
and high demand. 2025 will also see generous new supply infusions by
listed developers, who have significant inventory lined up. The
elections and slow project approval process had dented the new supply
pipeline in 2024,” he added.
Among budget categories, luxury housing demand and new supply
increased exponentially in 2024 as homebuyers’ demand continued the
post-pandemic trend of bigger, better homes by branded developers. The
new luxury supply addition across the top 7 cities rose by 24 pc in
2024 against 2023. There is no reason to expect luxury housing demand
to taper off in 2025.
MMR, Pune, Bengaluru, Hyderabad, and NCR, together accounted for 92 pc
of overall sales in 2024 across the top 7 cities.
NCR recorded sales of about 61,900 units in 2024, declining by 6 pc
over last one year.Hyderabad saw approx. 58,540 units sold in 2024 – a
5 pc decline over 2023.Kolkata recorded sales of approx. 18,335 units
in 2024 – a decline of 20 pc over the previous year.Chennai saw
approx. 19,220 units sold in 2024 – a yearly fall of 11 pc over 2023.
(UNI)
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