 "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.")
The Delhi-NCR housing market witnessed a 44 per cent growth in new supply this year to 53,000 units, of which nearly 60 per cent were ultra-luxury homes priced above Rs 2.5 crore each, according to Anarock.
The number of new launches of residential properties stood at 36,735 units during 2023.
Real estate consultant Anarock has released the data of primary (first sale) housing market for 2024 of India's seven major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, Hyderabad, and Kolkata.
As per the Anarock data, Delhi-NCR launched 53,000 new housing units in 2024 -- a significant 44 per cent rise over 2023.
"Over 59 per cent of the new supply was in the ultra-luxury segment priced more than Rs 2.5 crore," it said.
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According to the data, housing sales in Delhi-NCR declined 6 per cent to 61,900 units in 2024 from 65,625 units in the preceding year.
Overall, these seven cities saw a 7 per cent decline in launches to 4,12,520 during 2024 from 4,45,770 units in 2023.
Housing sales in these seven cities witnessed a marginal 4 per cent decline to 4,59,650 units this year from 4,76,530 units in 2023.
Anarock Chairman Anuj Puri said, "2024 has been a mixed bag for the Indian housing sector. Apart from the dampening effect of general and assembly elections, project approvals slowed down markedly; this inevitably impacted new housing supply." "While sales also saw a marginal decline when compared to 2023, this was offset by a 16 per cent jump in the overall sales value, thanks to average price appreciation and increasing unit sizes," Puri said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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