Residential Real Estate Market Booms with 5.8 Lakh Home Sales in 2024
Mumbai: The residential real estate market has seen a significant 4% increase in home sales, reaching 5.8 lakh units worth Rs 4 trillion in 2024. The outlook for 2025 remains positive, with over 3.6 lakh units expected to be delivered across major cities.
Residential Real EstateHome SalesReal Estate MarketProperty PricesSquare YardsReal Estate NewsJan 01, 2025
This growth marks a significant milestone, especially considering the challenges faced during the pandemic.
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 working diligently to complete a pipeline of around 300 million sq.
ft.
in the coming year.
Although the growth rate has moderated, indicating a maturing market, the demand remains robust and well above pre-pandemic levels.
According to Square Yards, a leading portal that tracks property deals, 5.77 lakh residential units were registered in the primary and secondary property markets in 2024.
This represents a 4% increase from 2023, when the volume stood at 5.56 lakh units.
In value terms, these units commanded a price of over Rs 4.03 trillion, marking a 2% on-year growth over 2023, when the value was Rs 3.95 trillion.
Despite the overall positive trend, the market has seen a steep price increase across major markets.
In the past five years, prices have soared more than 60%, with Gurugram leading the charge.
This National Capital Region (NCR) town has witnessed a whopping 132% growth in prices since 2019, driven by the increasing demand for luxury and ultra-luxury properties.
Developers, homebuyers, and investors can look forward to another promising year in 2025.
The market is expected to see a steady flow of completed projects, providing a wide range of options for buyers.
The positive outlook is bolstered by the ongoing economic recovery and the government's efforts to support the real estate sector.
Square Yards, a trusted portal in the property market, continues to monitor and report on the trends and developments in the real estate sector.
Their data and insights provide valuable guidance to stakeholders in the industry, helping them make informed decisions.
The residential real estate market's resilience and growth over the past few years highlight its importance in the Indian economy.
As the market continues to mature, it is expected to offer stable returns and a variety of investment opportunities for both domestic and international investors.
Frequently Asked Questions
What was the percentage increase in home sales in 2024 compared to 2023?
The home sales in 2024 saw a 4% increase compared to 2023.
How many residential units were registered in 2024?
5.77 lakh residential units were registered in 2024.
What is the expected number of units to be delivered in 2025?
Over 3.6 lakh units are expected to be delivered in 2025.
How much did the real estate market grow in value in 2024 compared to 2023?
The real estate market grew in value by 2% in 2024 compared to 2023, reaching Rs 4.03 trillion.
Which city has seen the highest price increase in real estate in the past five years?
Gurugram has seen the highest price increase in real estate, with a 132% growth since 2019.
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