Average housing prices grew 21% this year across the seven major cities on rising rates of land, labour and some building raw materials.
Anarock, which is one of the leading housing brokerage firms in India, attributed the fall in sales volumes during 2024 to a drop in new launches of housing projects because of a delay in regulatory approvals amid general and assembly elections.
Nevertheless, the appreciation in housing prices helped sales to grow in value terms during this year.
Real estate consultant Anarock on Thursday (December 26) released its housing market data, showing a marginal 4% drop in sales across the 7 major cities to 4,59,650 units during 2024 against 4,76,530 units in 2023.
However, the overall sales value of housing units saw a 16% annual growth to ₹5.68 lakh crore in 2024 from ₹4.88 lakh crore in the preceding year.
On fresh supply of housing properties, Anarock data showed a 7% decline to 4,12,520 units in 2024 against 4,45,770 units in 2023.
Commenting on the data, Anarock Chairman Anuj Puri said, “2024 has been a mixed bag for the Indian housing sector. Apart from the dampening effect of general and assembly elections, project approvals slowed down markedly; this inevitably impacted new housing supply. “
“While sales also saw a marginal decline when compared to 2023, this was offset by a 16% jump in the overall sales value, thanks to average price appreciation and increasing unit sizes,” he added.
The year 2024 saw a 21% annual rise in the average price in the top 7 cities, Puri said.
Among cities, the housing sales in Delhi-NCR are set to fall 6% to 61,900 units this year from 65,625 units in 2023.
Mumbai Metropolitan Region (MMR) saw a marginal 1% increase in sales to 1,55,335 units from 1,53,870 units.
In Bengaluru, the sales of residential properties rose 2% to 65,230 units from 63,980 units.
Housing sales in Pune fell 6% to 81,090 units from 86,680 units.
Hyderabad witnessed a 5% fall in sales to 58,540 units from 61,715 units, while Chennai saw a 11% decline to 19,220 units from 21,630 units.
Housing sales in Kolkata fell 20% in 2024 to 18,335 units from 23,030 units in the previous year.
