India’s residential property market saw a growth of 11 percent in 2024, with total sales reaching 3,02,867 units, as per a report by JLL. This marks the highest-ever annual sales volume in the sector, with expectations of sustained momentum in 2025.
Average annual sales during the post-pandemic period (2022-2024) have surpassed the decade average of 2010-2019 by 63 percent, indicating an increased inclination towards home ownership across price segments.
The report highlighted a 30 percent year-on-year increase in sales of apartments priced above ₹1 crore, reflecting higher affordability in the home-buying market.
Bengaluru, Mumbai, and Pune accounted for 62 percent of the total annual sales across the top seven cities in 2024. Their combined share increased by 8 percent compared to 2023. Bengaluru and Pune recorded housing demand linked to the technology sector’s growth, while Mumbai saw improved housing sales due to better connectivity and redevelopment activities in key areas.
Most top cities, including Bengaluru, Mumbai, Hyderabad, Pune, and Kolkata, reported their highest-ever residential sales during the year.
In Q4 2024, a total of 72,930 units were sold, representing a 3 percent decline compared to the same period in 2023. High-value homes priced above ₹3 crore contributed 14 percent to quarterly sales.
The year witnessed over 30 percent year-on-year growth in the share of new launches within annual sales, attributed to increased launches by established developers. A total of approximately 3,02,000 housing units were launched in 2024 across the top seven cities, marking the highest annual residential supply to date. Mumbai, Bengaluru, and Hyderabad led with a 60 percent share in new launches.
The report observed a decline in unsold inventory levels by 0.1 percent year-on-year by the end of 2024. The average time to liquidate unsold inventory also dropped from 26 months in Q4 2023 to 22 months in 2024, due to stronger demand for under-construction properties.
Residential prices in the top seven cities, including Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Pune, and Kolkata, grew by 5 to 20 percent year-on-year. Delhi-NCR recorded the highest growth of 20 percent, followed by Bengaluru with a 14 percent increase.
The increase in capital values reflects higher housing demand and steady new supply, a trend that is projected to persist in the coming year.
JLL anticipates strong market performance in 2025, supported by urbanization, infrastructure development, and a rise in demand for premium housing options. The report attributes this to evolving consumer preferences and higher disposable incomes.
-IANS