In 2024, the Indian residential property market showed continued growth with 5.77 lakh transactions, representing a 4% increase compared to the previous year. The total transaction value exceeded Rs. 4 lakh crore (US$ 46.69 billion), marking a 2% YoY growth. The western region, including Mumbai, Pune, Thane, and Navi Mumbai, dominated with 61% of transactions and 69% of the total sales value. Bengaluru and Hyderabad contributed significantly, with Bengaluru recording 0.8 lakh transactions, while Hyderabad's performance showed a steady upward trend. The market is transitioning into a more mature phase, with strong demand and sustainable progress expected in 2025.
Property prices saw significant growth, particularly in cities like Gurugram, where prices rose by 132% since 2019, driven by demand for luxury properties. Other cities like Noida, Greater Noida, Bengaluru, Pune, and Mumbai also experienced substantial price increases. In response to the rising demand, developers launched over 3.9 lakh new units and delivered 4 lakh units in 2024. The positive outlook for 2025 suggests that over 3.6 lakh units will be delivered, supported by a strong economic environment and evolving buyer preferences, ensuring continued growth for the Indian property market.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
