Housing Sales in 9 Cities Surge to ₹6.73 Lakh Crore in 2024: PropEquity Report
Housing sales across nine major Indian cities surged by 12% year-on-year to reach ₹6.73 lakh crore in 2024, driven by increased demand, particularly for luxury homes, according to real estate data analytics firm PropEquity. The total housing sales value in these cities stood at ₹6 lakh crore in 2023.
Gurugram Leads Housing Market Growth
Among all cities, Gurugram recorded a significant jump in housing sales, reaching ₹1,06,739 crore in 2024, compared to ₹64,314 crore in 2023. This sharp rise highlights the city’s growing appeal as a prime real estate destination, fueled by rapid infrastructure development, corporate expansion, and high investor confidence.
While PropEquity did not disclose specific real estate developers driving sales, property brokers in Gurugram pointed to major developers such as DLF, Signature Global, Godrej Properties, M3M India, Smartworld Developers, Elan Group, ATS Group, and Krisumi Corporation as key players in the city's real estate boom.
The Delhi-NCR region as a whole saw a 63% increase in housing sales, climbing from ₹94,143 crore in 2023 to ₹1,53,000 crore in 2024.
Factors Driving Real Estate Growth in Delhi-NCR
Samir Jasuja, Founder & CEO of PropEquity, highlighted the rising weighted average sales price in Delhi-NCR, which has now reached ₹12,469 per sq ft. He attributed this price surge and growing demand to factors such as robust infrastructure development, corporate expansion, and increased employment opportunities.
Additionally, with the new government in place in Delhi and the expected implementation of MPD 2041 (Master Plan Delhi 2041), Jasuja predicts further real estate growth and fresh housing supply in the region.
Garvit Tiwari, co-founder of InfraMantra, noted that Gurugram has rapidly emerged as a top real estate hub, attracting both homebuyers and investors. Similarly, Vijay Harsh Jha, CEO of VS Realtors, pointed out that NCR’s luxury housing segment is witnessing record-high demand, making the region a preferred destination for high-net-worth individuals.
Housing Market Performance Across Other Cities
- Mumbai recorded a 13% increase in sales, reaching ₹1.38 lakh crore in 2024, up from ₹1.22 lakh crore in 2023.
- Thane saw a 6% rise, with sales touching ₹56,000 crore, compared to ₹53,000 crore the previous year.
- Pune reported a marginal 1% decline, dropping from ₹77,000 crore in 2023 to ₹76,000 crore in 2024.
- Navi Mumbai witnessed an impressive 32% growth, with sales rising from ₹19,000 crore in 2023 to ₹25,000 crore in 2024.
- Hyderabad faced a notable decline of 18%, with sales falling from ₹1.28 lakh crore in 2023 to ₹1.05 lakh crore in 2024.
- Bengaluru recorded 13% growth, with total sales reaching ₹85,000 crore, up from ₹75,000 crore the previous year.
- Chennai saw a 5% increase, with sales rising from ₹19,000 crore in 2023 to ₹20,000 crore in 2024.
- Kolkata reported 15% growth, with sales climbing from ₹13,000 crore in 2023 to ₹15,000 crore in 2024.
Outlook for 2025
Experts predict that housing sales will continue to grow in 2025, supported by policy reforms, increasing urbanization, and strong demand for premium and luxury homes. Additionally, infrastructure projects and metro expansions in major cities are expected to further boost real estate investment and market confidence.
With a positive market outlook, the Indian housing sector is set to witness sustained growth, making it an attractive investment avenue for both buyers and developers.
