Year-End 2024: Residential Transactions Surpass 5.7 Lakh Mark, Property Prices Soar 60% in 5 Years
Hyderabad's real estate market continued its upward trajectory, achieving 80% of Bengaluru's volume and solidifying its position as a key real estate hub. The Indian residential sector saw a boost in transactions and property values in 2024.
Residential TransactionsProperty PricesReal EstateSquare YardsMarket TrendsReal EstateDec 31, 2024
The total value of these transactions exceeded ₹4 lakh crore, a 2% year-on-year (YoY) increase from ₹3.95 lakh crore in 2023, according to a report by Square Yards released on December 31, 2024.
Mumbai led the pack with the highest number of residential transactions worth ₹1.6 lakh crore, involving over 1.3 lakh units.
Bengaluru and Pune followed closely with ₹0.6 lakh crore worth of transactions, involving 0.8 lakh and 1 lakh units, respectively.
The report noted that the western region, including cities like Mumbai, Thane, Navi Mumbai, and Pune, accounted for 61% of registered transactions and 69% of the total sales value.
Tanuj Shori, Founder and CEO of Square Yards, commented, 'Over the past few years, the sector has experienced exceptional growth, which has naturally moderated in 2024.
The annual sales have exceeded 5 lakh units and ₹4 lakh crore in gross value, well above pre-2020 averages.
This is not a slowdown but a natural part of the cycle, reflecting a maturing market ready for its next wave of growth.
In 2025, we foresee residential demand and supply growing in close ranges, setting the stage for steady, sustainable progress.'
Hyderabad’s performance in the southern region was particularly noteworthy.
It achieved 80% of Bengaluru’s volume and solidified its position as a key real estate hub.
Hyderabad recorded a slight dip in transactions due to the E-khata rollout, but this did not deter its overall upward trajectory.
While western and southern cities led in transaction volumes, northern cities like Gurugram saw significant price escalations.
Gurugram witnessed a 132% growth in property prices from ₹5,820 per sq ft in 2019 to ₹13,500 per sq ft in 2024, driven by the increasing demand for luxury and ultra-luxury properties.
Key areas within the city recorded even higher price spikes.
Following Gurugram, Greater Noida and Noida experienced a 67% increase in property prices over the past five years, from ₹4,500 per sq ft to ₹7,500 per sq ft.
The upcoming Jewar Airport has significantly boosted buyer interest in these areas, with improved connectivity and anticipated economic opportunities acting as major drivers.
Bengaluru recorded a 66% surge in property prices from ₹5,450 per sq ft in 2019 to ₹9,050 per sq ft in 2024.
The report highlighted that developers showcased strong confidence in 2024, launching over 3.9 lakh new units and delivering more than 4 lakh units across major cities.
'Top listed developers are working towards completing an ambitious pipeline of approximately 300 million sq.
ft.
for FY2025.
This robust pipeline is expected to boost transaction volumes further and cater to diverse buyer preferences.
Although the growth rate has moderated, signalling a maturing market, the Indian property sector’s performance remains well above pre-pandemic levels,' the report concluded.
Frequently Asked Questions
How many residential transactions were recorded in India in 2024?
The Indian residential sector recorded 5.77 lakh property transactions in 2024.
What was the total value of these transactions in 2024?
The total value of residential transactions in 2024 exceeded ₹4 lakh crore.
Which city recorded the highest number of residential transactions?
Mumbai recorded the highest number of residential transactions, with over 1.3 lakh units.
How much did property prices in Gurugram increase over the past five years?
Property prices in Gurugram increased by 132% over the past five years.
What are the key factors driving the growth in the Indian property market?
Key factors include improved connectivity, anticipated economic opportunities, and strong confidence from developers in launching and delivering new units.
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