Fresh Launches Accounted for 42% of 2024 Sales, Surpassing Ready-to-Move-In Homes: ANAROCK Report
Homebuyers in India are increasingly opting for newly launched projects over ready-to-move-in (RTMI) homes. According to data from real estate consultancy firm ANAROCK, 42 percent of the 4.60 lakh homes sold across the top seven cities in 2024 were fresh launches. Bengaluru and Chennai recorded the highest absorption rates of new supply at 53 percent each, out of approximately 65,230 units in Bengaluru and 19,220 units in Chennai.
Homebuyers' Preference for Fresh Launches
Homebuyers are showing a growing preference for investing in newly launched projects rather than ready or close-to-completion homes. This shift has resulted in the dominance of large and listed developers in the new launch housing supply across the top seven cities.
The preference for fresh launches has been rising steadily since the COVID-19 pandemic. In 2020, of the 1.38 lakh housing units sold in the top seven cities, 28 percent were newly launched. This share increased to 34 percent in 2021, 36 percent in 2022, and 40 percent in 2023. The steady rise in demand for new projects indicates that buyers are prioritizing factors such as lower pricing, flexible payment plans, and modern amenities over the instant availability of RTMI homes.
City-Wise Breakdown of Fresh Launch Absorption
- Bengaluru: 53% of 65,230 units sold were fresh launches.
- Chennai: 53% of 19,220 units sold were fresh launches.
- Pune: 42% of 81,088 units sold were fresh launches.
- MMR (Mumbai Metropolitan Region): 36% of 1,55,334 units sold were fresh launches.
- Hyderabad: 43% of 58,540 units sold were fresh launches.
- Delhi NCR: 44% of 61,900 units sold were fresh launches.
- Kolkata: 31% of 18,330 units sold were fresh launches (lowest among the top seven cities).
Hyderabad’s fresh launch absorption significantly increased from 28 percent in 2019 to 43 percent in 2024. Pune also saw a rise in fresh launch sales, with 42 percent of the 81,088 units sold in 2024 coming from newly launched projects, compared to 34 percent of 40,790 units in 2019.
In MMR, fresh launches accounted for 36 percent of the 1,55,334 units sold in 2024, compared to 23 percent of 80,870 units sold in 2019.
In NCR, 44 percent of the 61,900 units sold in 2024 were from new launches, a sharp increase from 22 percent in 2019. Given the past issues of delayed projects in the region, this shift indicates growing confidence in new developments.
Factors Driving the Shift Towards Fresh Launches
Experts attribute this shift to multiple factors. Santhosh Kumar, Vice Chairman of ANAROCK Group, stated that the increasing dominance of branded and financially stable developers has strengthened homebuyer confidence in new projects. Many investors are also actively looking for lower entry points, particularly in Bengaluru, Hyderabad, and Chennai, where property prices remain attractive for investment.
Unlike previous years, developers are now launching projects that closely align with market demand. These new projects are strategically located in prime areas and offer unit sizes and configurations that cater to changing buyer preferences.
Experts also pointed out that ready-to-move-in homes were previously the preferred choice for NCR homebuyers due to chronic project delays before the implementation of RERA. However, the trend has reversed, with 44 percent of homes sold in NCR in 2024 being fresh launches, compared to just 22 percent in 2019. This shift highlights growing confidence in new projects, particularly those backed by reputable developers.
Developers Driving New Launches with Land Acquisitions
To cater to this demand, developers are actively acquiring land in key cities. ANAROCK data shows that in 2024, at least 133 land transactions took place, covering over 2,515 acres. Of this, 1,948 acres have been designated for residential development. This aggressive expansion by developers suggests that the trend of fresh launch dominance is likely to continue in the coming years.
With fresh launches making up a growing share of home sales, developers are expected to continue launching projects tailored to evolving buyer expectations. The market is seeing a clear shift towards newly launched properties, particularly in metro cities where homebuyers seek better pricing, new amenities, and reliable developers.
Experts believe that as financially strong developers continue to dominate the housing market, homebuyers will increasingly prefer newly launched projects over ready-to-move-in properties. The strong pipeline of new supply and steady demand indicate that fresh launches will remain a key driver of residential sales in the coming years.
