Residential Real Estate Sector Reaches New Heights, Crosses 1 Billion Square Foot Mark in FY24
India's residential real estate sector has crossed the 1 billion square foot sales mark in FY24, with a 20% YoY growth in sales and an 11% YoY increase in prices.
Residential Real EstateFy24SalesGrowthPricesInventoryLaunchesReal EstateJun 14, 2024
Among listed players, Godrej, Prestige, Signature, and Brigade have delivered very strong growth in FY24. Extant inventory is at multi-year lows, and new launches are continuing to garner strong demand. The sales momentum is expected to continue unabated in FY25.
All-India residential sales rose to a lifetime high of 1.1 billion square feet (up by 20% YoY) in FY24, with average realization rising to Rs 7,575/sqft (up by 11% YoY). Q4 FY24 also saw the highest ever quarterly sales of 295 msf (up by 17% YoY and 1% QoQ), with average realization rising to Rs 7,944/sqft (up by 8% YoY, 4% QoQ). Demand in Q4 FY24 was led by MMR, which saw sales of 54.9 msf (up by 33% YoY and 16% QoQ), followed by Bangalore at 28.6 msf (up by 21% YoY and 7% QoQ) and Hyderabad at 47.7 msf (up by 23% YoY and down by 10% QoQ).
Overall, inventory across the country reduced to 1.37 billion sqft (down by 6% YoY and 4% QoQ), as of March 2024, equivalent to 1.3 years of sales (trailing 12 months). Average realization growth of 8% YoY in Q4 FY24 was led by Bangalore at Rs 8,507/sqft (up by 24% YoY and 5% QoQ).
The Indian residential real estate sector has been witnessing a significant upsurge in recent years, driven by increasing demand, improving affordability, and government initiatives. Kotak Institutional Equities is a leading research firm that provides insights and analysis on the Indian real estate sector.
Godrej Properties is a leading real estate developer in India, known for its flagship projects in Mumbai and other cities. Prestige Group is a prominent real estate developer in South India, with a strong presence in Bangalore and other cities. Signature Global is a well-known real estate developer in the National Capital Region (NCR). Brigade Group is a leading real estate developer in South India, with a strong presence in Bangalore and other cities.
Frequently Asked Questions
What is the sales volume of the residential real estate sector in FY24?
The sales volume of the residential real estate sector in FY24 is 1.1 billion square feet, up by 20% YoY.
Which cities led the demand in Q4 FY24?
The cities that led the demand in Q4 FY24 were MMR, Bangalore, and Hyderabad.
What is the average realization growth in Q4 FY24?
The average realization growth in Q4 FY24 was 8% YoY, led by Bangalore at Rs 8,507/sqft.
What is the inventory level across the country as of March 2024?
The inventory level across the country as of March 2024 is 1.37 billion sqft, down by 6% YoY and 4% QoQ.
Which real estate developers have delivered strong growth in FY24?
The real estate developers that have delivered strong growth in FY24 are Godrej, Prestige, Signature, and Brigade.
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