 "2024 realty deals hit 5.5 lakh, valued at Rs 4 tn, prices up 60% in 5 yrs")
The Indian property market continued its upward momentum in 2024, with 5.77 lakh residential transactions recorded across primary and secondary markets, 4% higher as compared to 2023. The total value of these transactions exceeded Rs. 4 lakh crore, marking a 2% year-on-year (YoY) growth over 2023, noted property listing firm Square Yards. Th
Analysis includes Pune, Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida, Ghaziabad unless mentioned otherwise. Includes both primary and secondary residential registered transactions for apartments, plots and villas for 2024. Rounded off to the nearest lakh.
Analysis includes Pune, Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida, Ghaziabad unless mentioned otherwise. Includes both primary and secondary residential registered transactions for apartments, plots and villas for 2024. Rounded off to the nearest lakh.
Source: IGR, Square Yards
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The western region emerged as the dominant force in India’s property market, with cities such as Mumbai, Thane, Navi Mumbai, and Pune accounting for 61% of registered transactions and 69% of the total sales value. In the southern region, Bengaluru and Hyderabad contributed 25% of the total transactions. Bengaluru recorded nearly 0.8 lakh registrations, though a slight dip was observed due to the E-khata rollout. Hyderabad’s performance continued its upward trajectory, achieving 80% of Bengaluru’s volume and cementing its position as a key real estate hub.
City-wise Breakdown:
- Mumbai: 1.3 lakh transactions, Rs 1.6 lakh crore in value
- Pune: 1.0 lakh transactions, Rs 0.6 lakh crore in value
- Bengaluru: 0.8 lakh transactions, Rs 0.6 lakh crore in value
- Hyderabad: 0.7 lakh transactions, Rs 0.4 lakh crore in value
“The Indian residential real estate market has entered a promising upcycle post-pandemic, bolstered by pent-up demand and a stronger sentiment for homeownership. Over the past two to three years, the sector experienced exceptional growth, which has naturally moderated in 2024. Having said that, the numbers speak volumes – annual sales have exceeded 5 lakh units and Rs. 4 lakh crore in gross value, well above pre-2020 averages. Hence this is not a slowdown but a natural part of the cycle, reflecting a maturing market ready for its next wave of growth. In 2025, we foresee residential demand and supply to grow in close ranges, setting the stage for steady, sustainable progress," said Tanuj Shori, Founder and CEO, Square Yards.
Demand has driven significant increases in property prices across major cities. Notably, Gurugram witnessed a staggering 132% increase in property prices since 2019, propelled by a surge in luxury property demand. Greater Noida and Noida also experienced substantial price growth of 67% due to increased interest linked to the upcoming Jewar Airport.
The sustained demand has driven significant property price growth. While western and southern cities led in transaction volumes, northern cities like Gurugram made waves with remarkable price escalations. Gurugram witnessed an extraordinary 132% growth in property prices since 2019, driven by the increasing demand for luxury and ultra-luxury properties. Key areas within the city recorded even higher price spikes.
Price Change Highlights (2019 vs. 2024):
- Gurugram: Rs 5,820 to Rs 13,500 (132%)
- Noida & Greater Noida: Rs 4,500 to Rs 7,500 (67%)
- Bengaluru: Rs 5,450 to Rs 9,050 (66%)
- Pune: Rs 5,200 to Rs 8,300 (60%)
- Mumbai MMR: Rs 9,500 to Rs 14,200 (49%)
New Supply Trends
In 2024, developers launched over 3.9 lakh new units and delivered more than 4 lakh units across key cities, responding to homebuyers' preference for gated communities and lifestyle amenities. This robust demand contributed to the strong performance of the NIFTY Realty Index, which surged 40% year-to-date.
Supply Outlook for 2025
Looking ahead, over 3.6 lakh units are expected to be delivered in 2025, with developers completing a pipeline of approximately 300 million sq. ft. The optimistic outlook is supported by a positive economic environment and evolving buyer preferences, suggesting that the Indian property sector will continue its upward trajectory.