Real Estate
Total housing sales value up 16% YoY; volumes down 4% in top 7 cities, says ANAROCK
This story was originally published at 13:45 IST on 26 December 2024
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MUMBAI – The overall sales value of housing units rose 16% on year to INR 5.68 trillion in 2024 in the top seven cities, but the number of units sold fell 4% on year, real estate services company ANAROCK Property Consultants Pvt. Ltd. said. The real estate services provider said 459,650 units were sold in 2024, compared with 476,530 units a year ago. Hardening of property prices along with the general and state elections in the year dented the residential growth momentum in the country, ANAROCK said.
Demand for luxury housing rose exponentially in 2024, ANAROCK said, adding that new supply in the luxury segment grew 24% on year in 2024 on the back of high demand for bigger, better homes by branded developers post-pandemic. While the tapering off of luxury housing demand is unlikely in 2025, average residential prices will not see a steep growth like it saw in 2024. The average residential price rose 21% on year across these cities in 2024.
Even though Pune saw a decline in total units sold, it, along with Mumbai metropolitan region, reported the most number of units sold among these seven cities. The Mumbai metropolitan region and Bengaluru are the only cities where housing sales have grown on-year in 2024. While residential sales in the Mumbai metropolitan region rose 1% to 155,335 units, residential sales in Bengaluru grew 2% to 65,230 units. Around 81,090 units were sold in Pune in 2024, down 6% on year, and 61,900 units were sold in Delhi-National Capital Region in 2024, also down 6% on year, the real estate services provider said.
The top seven cities saw a 7% on-year fall in new launches in 2024 with around 412,520 new units launched. Hyderabad, Pune, Bengaluru, and the Mumbai metropolitan region collectively accounted for 79% of the total new supply addition. Housing prices rose 13-30% in 2024, primarily due to rising input costs and strong demand from buyers, ANAROCK said. The Delhi-National Capital Region saw the highest increase in the average residential prices, with prices rising 30% on year to INR 7,550 per square foot in 2024. The average residential price in these seven cities during Oct-Dec was INR 8,590 per square foot, up from INR 7,080 per square foot in the same period a year ago.
ANAROCK said the available inventory across the top seven cities fell 8% on year in 2024 because of a lower supply of new housing units during the year. Around 553,000 units are currently on the primary sales market in these seven cities. The fall in inventory was led by Pune with a 20?cline on year in unsold stock. Pune currently has around 80,670 unsold units. Bengaluru and Chennai were the only cities to see a rise in their unsold stocks. End
Reported by Ayushman Mishra
Edited by Akul Nishant Akhoury
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