Home Sales Surge in 2024, Reaching 5.8 Lakh Units Worth Rs 4 Trillion
MUMBAI: Home sales witnessed a 4% growth to 5.8 lakh units, valued at Rs 4 trillion in 2024, signaling a robust residential real estate market. The market outlook for 2025 remains optimistic with over 3.6 lakh units expected to be delivered across major c
Real EstateHome SalesProperty MarketResidential UnitsLuxury PropertiesReal EstateJan 01, 2025
Home sales surged by 4% to a total of 5.8 lakh units, valued at Rs 4 trillion in 2024.
This marks a substantial improvement from the 5.56 lakh units sold in 2023.
The market is now looking forward to a promising 2025, with over 3.6 lakh units expected to be delivered across major cities.
Top developers are currently working diligently to complete a pipeline of around 300 million square feet in 2025.
This increase in supply is expected to meet the growing demand, which has consistently been above pre-pandemic levels.
The market's maturing trend is evident, but the demand remains strong, providing a positive outlook for the coming year.
Square Yards, a leading portal that tracks property deals, has reported that a total of 5.77 lakh residential units were registered in both the primary and secondary property markets.
This is a 4% increase from the 5.56 lakh units registered in 2023.
In terms of value, these units commanded over Rs 4.03 trillion, marking a 2% on-year growth from Rs 3.95 trillion recorded in 2023.
Despite the overall growth, the sector has seen a steep increase in prices across major markets.
Over the past five years, property prices have surged by more than 60% in the top markets.
Gurugram, a city in the National Capital Region (NCR), has taken the lead with a staggering 132% growth in prices since 2019.
This increase is primarily driven by the rising demand for luxury and ultra-luxury properties.
The growth in the residential real estate sector is not just a sign of economic recovery but also reflects the changing preferences of homebuyers.
With a focus on better living standards and quality, luxury properties are becoming increasingly popular.
This trend is expected to continue in 2025, with developers and investors looking to capitalize on the growing demand.
In conclusion, the residential real estate market in India is poised for continued growth in 2025.
The combination of robust demand, a strong supply pipeline, and a maturing market bodes well for developers, homebuyers, and investors alike.
The sector is expected to play a crucial role in the country's economic development, providing a stable and promising investment opportunity.
Frequently Asked Questions
What was the growth rate of home sales in 2024?
Home sales in 2024 witnessed a 4% growth, reaching 5.8 lakh units.
What is the value of the home sales in 2024?
The value of home sales in 2024 was Rs 4.03 trillion, marking a 2% on-year growth over 2023.
How many units are expected to be delivered in 2025?
Over 3.6 lakh units are expected to be delivered across major cities in 2025.
What is the expected pipeline of property development in 2025?
Top developers are working towards completing a pipeline of around 300 million square feet in 2025.
What city has seen the highest price increase in the past five years?
Gurugram has seen the highest price increase, with a 132% growth in prices since 2019.
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