Residential sector dominance in Indian real estate in 2024
Report by Square Yards
The Indian real estate sector made a strong impact in 2024, particularly with the residential sector showing remarkable growth. This year, there were 5.77 lakh residential transactions, totaling over Rs 4 lakh crore in value. Compared to the previous year, there was a 4% increase in transaction volume and a 2% increase in value. In 2023, there were 5.56 lakh transactions, worth Rs 3.95 lakh crore.
Square Yards’ latest report analysed that the real estate sector in 2024 has shown a promising outlook compared to 2023. Mumbai ranked first with 1.3 lakh units and transactions worth Rs 1.6 lakh crore, while Bengaluru secured the second position with Rs 60,000 crore worth of properties across 80,000 units. Pune followed in third place with Rs 60,000 crore worth of properties across 100,000 units.
The Western region of India dominated the residential real estate market, with cities like Mumbai, Thane, Navi Mumbai, and Pune accounting for 61% of the total transactions and 69% of the total sales value. In Southern India, Bengaluru and Hyderabad together accounted for 25% of the transactions.
In Bengaluru, 80,000 registrations were recorded, which is a slight decrease compared to the previous year. As for Hyderabad, the real estate sector has proven its strength. With nearly 64,000 residential transactions, the city has firmly established itself as a real estate hub. While cities in Western and Southern India lead in the number of transactions, cities in Northern India like Gurugram have seen a surge in prices. In Gurugram, property prices have risen by 132% over the past five years. Due to the growing demand for luxury and ultra-luxury properties, prices in Gurugram have increased from Rs 5,820 per square foot in 2019 to Rs 13,500 per square foot by 2024.
Similarly, property prices in Greater Noida and Noida have increased by 67%, rising from Rs 4,500 to Rs 7,500. In Bengaluru, prices increased by 66%, rising from Rs 5,450 to Rs 9,050. Developers demonstrated strong confidence in 2024, launching 3.9 lakh new units in major cities and delivering over 4 lakh units, according to the report. “Major developers are on track to complete 300 million square feet of housing in the 2025 fiscal year. This robust pipeline is expected to further increase the number of transactions and meet the diverse preferences of buyers. The performance of the Indian property sector is well beyond the levels before the pandemic,” the report stated.
