 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
Housing prices rose between 13-30% across India's top seven residential markets ( Delhi NCR, Mumbai Metropolitan Region, Bangalore, Pune, Hyderabad, Chennai and Kolkata) in 2024, primarily due to increased input costs and strong homebuyer demand, shows data analysed by property consulting firm Anarock. Delhi-NCR recorded the highest yearly jump of 30% in average residential price – from Rs 5,800 per sq. ft. in 2023 to nearly Rs 7,550 per sq. ft. in 2024.
Key Highlights
Delhi NCR:
- Current Price: ₹7,550/sq. ft.
- Previous Price: ₹5,800/sq. ft.
- Percentage Change: 30%
Mumbai Metropolitan Region (MMR):
- Current Price: ₹16,600/sq. ft.
- Previous Price: ₹13,700/sq. ft.
- Percentage Change: 21%
MMR continues to be the most expensive market, but its growth rate is lower than that of NCR.
Bangalore:
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- Current Price: ₹8,380/sq. ft.
- Previous Price: ₹6,550/sq. ft.
- Percentage Change: 28%
Bangalore remains a hot spot for tech professionals, contributing to rising demand and prices.
Hyderabad:
- Current Price: ₹7,300/sq. ft.
- Previous Price: ₹5,750/sq. ft.
- Percentage Change: 27%
Pune:
- Current Price: ₹7,720/sq. ft.
- Previous Price: ₹6,750/sq. ft.
- Percentage Change: 14%
Chennai:
- Current Price: ₹6,790/sq. ft.
- Previous Price: ₹5,950/sq. ft.
- Percentage Change: 14%
Kolkata:
- Current Price: ₹5,820/sq. ft.
- Previous Price: ₹5,150/sq. ft.
- Percentage Change: 13%
Overall Market Trends
Across all major cities surveyed, the average home price increased by 21%, from Rs 7,080 per square foot in Q4 2023 to Rs 8,590 in Q4 2024. This trend indicates a strong demand for housing, fueled by factors such as urbanization, job growth, and increasing disposable incomes.
Anarock data indicates that housing sales in the top 7 cities witnessed a marginal 4% decline in 2024 - approx. 4,59,650 units in 2024 against 4,76,530 units in 2023. However, the overall sales value of housing units saw a 16% yearly jump – from approximately Rs 4.88 lakh crore in 2023 to Rs 5.68 lakh crore in 2024.
MMR witnessed the highest sales of approx. 1,55,335 units in 2024, registering a 1% yearly rise. Pune followed with approx. 81,090 units sold. The two western markets together led residential sales in 2024.
New launches in the top 7 cities saw a 7% annual decline – from approx. 4,45,770 units in 2023 to approx. 4,12,520 units in 2024. MMR and Bengaluru saw the maximum new launches, together accounting for an almost 50% of the new supply in the year.
"While sales also saw a marginal decline when compared to 2023, this was offset by a 16% jump in the overall sales value, thanks to average price appreciation and increasing unit sizes," said Anuj Puri, Chairman of Anarock.
“Compared to 2023, 2024 saw a 21% rise in the average price in the top 7 cities," said Puri. "2025 is unlikely to match this steep growth, though. Average residential prices hikes will stabilize in the coming year, though there will be steady growth amid increased input costs and high demand. 2025 will also see generous new supply infusions by listed developers, who have significant inventory lined up. The elections and slow project approval process had dented the new supply pipeline in 2024.”
Among budget categories, luxury housing demand and new supply increased exponentially in 2024 as homebuyers demand continued the post-pandemic trend of bigger, better homes by branded developers. The new luxury supply addition across the top 7 cities rose by 24% in 2024 against 2023.
MMR, Pune, Bengaluru, Hyderabad, and NCR, together accounted for 92% of overall sales in 2024 across the top 7 cities.
- MMR saw the highest sales with approx. 1,55,335 units sold in 2024; the annual rise over 2023 was a humble 1%.
- Bengaluru also saw just a marginal yearly rise of 2% in housing sales, with approx. 65,230 units sold in 2024.
- Pune saw approx. 81,090 units sold in 2024 – a yearly decline of 6% over 2023.
- NCR recorded sales of approx. 61,900 units in 2024, declining by 6% over last one year.
- Hyderabad saw approx. 58,540 units sold in 2024 - a 5% decline over 2023.
- Kolkata recorded sales of approx. 18,335 units in 2024 - a decline of 20% over the previous year.
- Chennai saw approx. 19,220 units sold in 2024 - a yearly fall of 11% over 2023.
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