The Indian residential real estate market performed well in 2024, with nearly 3 lakh homes sold, totaling ₹4.26 lakh crore in sales during the first nine months. Despite some ups and downs in sales and prices across regions, the market remains strong. A report from CRE Matrix highlights strong demand for both premium and affordable housing, with significant growth in property values across key cities. The third quarter (July-September 2024) was particularly strong, with 92,208 homes sold worth ₹1.38 lakh crore, a 23% increase in value compared to last year.
Units Sold City-wise (Q3 2024)
- Delhi-NCR: 13,239 units
- Pune: 18,749 units
- Mumbai: 12,101 units
- Bengaluru: 13,589 units
- Hyderabad: 15,620 units
- Kolkata: 5,323 units
City-wise Performance Analysis
Delhi-NCR: Market Leader by Value
Delhi-NCR topped the market in terms of sales value in Q3 2024, with ₹41,219 crore in transactions. The region’s performance highlights strong demand, especially in areas like Gurugram, Noida, and Greater Noida, fueled by economic growth and infrastructure development. Delhi-NCR's sales doubled compared to the same period last year, reaching ₹1.2 lakh crore by September 2024.
- Sales Value (Q3 2024): ₹41,219 crore
- Market Share: 15% of total home registrations in major cities
- Year-on-Year Growth: Double the sales volume in Q3 2024 compared to Q3 2023
Pune: Leading in Unit Sales
Pune saw the highest number of homes sold in Q3 2024, with 18,749 units accounting for 20% of the total sales in the top six cities. Despite a slight dip in sales value by 8%, Pune remained a strong market, particularly for mid-range and affordable housing. The city also launched 11,795 new units, signaling continued demand.
- Units Sold (Q3 2024): 18,749
- Sales Value (Q3 2024): ₹13,788 crore
- Market Share: 20% of total sales volume
Mumbai: Consistent Growth Amidst High-Value Homes
Mumbai's real estate market remains one of the most lucrative in India, with 12,101 homes sold in Q3 2024, valued at ₹26,824 crore. As India's financial hub, demand for luxury and premium homes is high. Mumbai registered 86% of the total sales value of 2023 by the end of Q3 2024, with a significant focus on developing high-end properties.
- Units Sold (Q3 2024): 12,101
- Sales Value (Q3 2024): ₹26,824 crore
- Launches (Q3 2024): 8,089 units
- Year-to-Date Sales Value (CY 2024): ₹73,000 crore
Other Key Cities
Hyderabad: Strong Performance with Sustainable Growth
Hyderabad's residential market demonstrated steady growth, with 15,620 homes sold in Q3 2024, worth ₹26,633 crore. The city’s position as an IT and business hub continues to drive demand. By the end of September 2024, Hyderabad achieved 72% of its 2023 sales value, reinforcing its growing appeal among homebuyers.
- Units Sold (Q3 2024): 15,620
- Sales Value (Q3 2024): ₹26,633 crore
- Launches (Q3 2024): 11,265 units
- Sales Value Growth (2024 vs 2023): 72% increase
Kolkata: Impressive Annual Growth
Kolkata saw a 35% rise in the value of homes sold in Q3 2024, totaling ₹3,836 crore. The city also registered a 22% increase in the number of homes sold, with 5,323 units sold. The value of homes sold has surged by 78% compared to 2021, indicating a robust recovery in Kolkata’s residential market.
- Units Sold (Q3 2024): 5,323
- Sales Value (Q3 2024): ₹3,836 crore
- Annual Growth in Value: 35%
- Growth Since 2021: 78% increase
Bengaluru: A Decline Amid Growth in Value
Bengaluru's real estate market experienced a 15% year-on-year decline in sales volume, with 13,589 homes sold in Q3 2024. However, the total value of homes sold increased by 7%, totaling ₹18,005 crore. Despite the decline in sales volume, Bengaluru's market remains strong, with 10,954 new units launched and a 72% increase in sales value since 2021.
- Units Sold (Q3 2024): 13,589
- Sales Value (Q3 2024): ₹18,005 crore
- Launches (Q3 2024): 10,954 units
- Growth Since 2021: 72% increase in sales value
Key Takeaways from the Report
- Overall Sales: 92,208 homes sold in Q3 2024
- Total Value of Homes: ₹1.38 lakh crore in Q3, a 23% increase year-on-year
- Average Price per Unit: ₹1.4 crore
- Launches: 73,974 units launched in Q3 2024
- Decline in Sales Volume: 5% year-on-year decline in sales, but a 23% increase in value, indicating a shift towards higher-value homes
Conclusion
India's residential real estate market in 2024 is showing both growth and challenges. While some cities have seen a decline in sales volume, others report strong demand across various segments. Markets like Delhi-NCR and Mumbai are increasingly focused on high-value properties, while Pune continues to lead in unit sales. Hyderabad and Kolkata show consistent growth potential, contributing to a positive outlook for the sector. As buyer preferences and economic conditions evolve, 2024 is shaping up to be a pivotal year for developers and buyers alike.
