Indian Residential Real Estate Market Sees Unprecedented Growth in H1 2024
Mumbai and Hyderabad led the charge in residential launches, contributing 43% of new units, with India's residential real estate market reaching new heights in H1 2024.
Indian Real EstateResidential MarketMumbaiHyderabadJll ReportReal Estate MumbaiJul 13, 2024
The premium and luxury segments drove this growth, with the premium residential segment witnessing 170% year-on-year (Y-o-Y) growth in new launches, while the luxury segment saw a 116% increase. This shift is a result of developers adapting to the changing preferences of buyers post-pandemic, focusing on high-value projects to meet demand.
Mumbai alone accounted for 23% of the total, with 36,477 units, while Hyderabad followed with 31,005 units, representing 19%. Other notable contributors included Bengaluru with 29,153 units (18%) and Delhi NCR with 23,265 units (15%).
H1 2024 also saw the highest-ever half-yearly residential sales, with around 155,000 units sold, a 22% increase compared to the same period in 2023. Bengaluru and Mumbai were the top performers, together accounting for 45% of the total sales volume.
During the first half of 2024, the distribution of new launches varied across different ticket sizes. Projects priced between Rs 1-3 crore dominated the market, accounting for 44% of the new launches. However, the most significant growth was observed in the premium (Rs 3-5 crore) and luxury (above Rs 5 crore) segments.
Residential prices continued to climb across the top seven cities, with Y-o-Y increases ranging from 5% to 20%. Delhi NCR saw the highest price jump at 20%, followed by Bengaluru with a 15% increase.
The outlook for 2024 remains positive, with projected residential sales expected to reach 315,000 to 320,000 units. Established developers are poised to meet this demand by launching new projects in prime locations and growth corridors.
Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, remarked, 'The current year has witnessed an impressive increase in both launches and sales momentum, with approximately 54-57% of last year's total volume already achieved in just half a year.'
Siva Krishnan, Senior Managing Director (Chennai & Coimbatore), Head - Residential Services, India, JLL, added, 'There has been a notable surge in launches within the premium segment (priced between INR 3-5 crore) and luxury segment (priced above INR 5 crore) compared to other segments.'
Frequently Asked Questions
What was the record launch of residential units in H1 2024?
Approximately 160,000 residential units.
Which cities contributed the most to new residential launches?
Mumbai and Hyderabad, collectively contributing around 43% of the overall new units.
What drove the growth in residential launches?
The premium and luxury segments drove the growth, with a 170% year-on-year (Y-o-Y) growth in new launches and a 116% increase, respectively.
What was the highest-ever half-yearly residential sales in H1 2024?
Around 155,000 units sold, a 22% increase compared to the same period in 2023.
What is the projected residential sales expectation for 2024?
315,000 to 320,000 units.
Related News Articles
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr