Despite a dip in volumes, housing sales value in India's seven major cities surged by 16% in 2024, rising from ₹4.88 lakh crore in 2023 to ₹5.68 lakh crore in 2024, according to the latest housing sales report by real estate consultant Anarock. The surge in value is attributed to rising property prices and an increased demand for larger living spaces.

In terms of volume, housing sales in India fell by 4% year-on-year (YoY), with 4,59,650 units sold in 2024 compared to 4,76,530 units in 2023. This dip is a result of fewer project launches, caused by delays in approvals during the election period.

In the Mumbai Metropolitan Region (MMR), housing sales were the highest, reaching approximately 1,55,335 units in 2024, followed by Pune with around 81,090 units. “New launches in the top 7 cities saw a 7% annual decline – from approx. 4,45,770 units in 2023 to approx. 4,12,520 units in 2024. MMR & Bengaluru saw maximum new launches, together accounting for approx. 50% of total new supply in 2024,” the report states.

The only cities to witness a yearly rise in housing sales in 2024 were MMR, with a 1% rise, and Bengaluru, with a 2% increase.

Chennai, Bengaluru, and NCR were the only cities to see growth in new launch supply. Of the total new supply, 30% was in the luxury and ultra-luxury, valued above ₹1.5 cr, 28% between ₹40 lakh and ₹80 lakh, and 26% between ₹80 lakh and ₹1.5 crore. The share of affordable housing was the lowest at 16%.

“Compared to 2023, 2024 saw a 21% rise in the average price in the top 7 cities. Average residential prices hikes will stabilise in the coming year, though there will be steady growth amid increased input costs and high demand. 2025 will also see generous new supply infusions by listed developers, who have significant inventory lined up. The elections and slow project approval process had dented the new supply pipeline in 2024,” said Anuj Puri, chairman, Anarock group.

City-wise housing sales outlook:

- MMR witnessed the highest sales, with around 1,55,335 units sold in 2024, reflecting a 1% annual rise 

- Bengaluru recorded housing sales of around 65,230 units in 2024, reflecting a modest 2% year-on-year rise

- Pune’s housing sales saw 6% YoY decline, with around 81,090 units sold in 2024

- NCR’s housing sales dipped by 6% YoY, with approximately 61,900 units sold in 2024

- Hyderabad’s housing sales fell by 5% YoY, with 58,540 units sold in 2024

- Kolkata reported housing sales of approx. 18,335 units in 2024, reflecting a 20% YoY decline 

- Chennai’s housing sales dropped by 11% YoY, with approx. 19,220 units sold in 2024

Across the top seven cities, MMR, Pune, Bengaluru, Hyderabad, and NCR together accounted for 92% of overall sales in 2024, it adds.

Housing prices in the top seven cities recorded an annual rise of 13-30%. The average residential price across the top seven cities surged by 21% YoY, rising from ₹7,080 per sq. ft. in Q4 2023 to more than ₹8,590 per sq. ft. in the same period of 2024.