20% Increase in Sales for Fiscal Year 2024
11.5% Growth in Supply
The residential real estate market in the country is experiencing robust growth. The sector has shown impressive performance in the fiscal year 2024, with a 20.1% increase on an annual basis. Supply also saw an 11.5% rise. According to the JM Financial report, inventory levels across major cities have dropped to a record low of 12 months’ minimum. This reflects a strong market with sustained demand.
Regarding prices, there was a 9% increase on an annual basis. Overall, the real estate sector has grown by 29% in the fiscal year 2024. Sales of Tier-1 developers’ projects increased by 39.5% annually, highlighting the growing importance of high-end homes and branded projects.
Bengaluru leads the residential market among major cities in the country, with an 18.1% increase annually. It recorded 102.7 million square feet of absorption and 95.9 million square feet of new launches. With demand exceeding supply, the unsold inventory stands at 8.3%. Property prices increased by 10.7% between 2020 and 2024.
In Delhi, there was a slight decline in the residential sector. Absorption fell by 10.2% annually, while sales increased by 10.9%. Mumbai demonstrated good performance with a 20.4% annual increase in home sales, though new launches decreased by 3.5%.
Hyderabad’s residential market continues to grow daily, with sales rising by 28% annually and a 20% increase in the fourth quarter alone. Supply has also significantly increased. Hyderabad remains an attractive city for many, sustaining strong residential sales.
Chennai presents a different scenario: although new launches increased by 50%, sales dropped by 9.5%. Property prices, however, rose by 7.4%.
