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India's housing market continues its upward trend in 2024. According to Anarock, a leading property consultancy, over 130,170 housing units were sold across the top seven cities (Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune) in the first quarter (Q1) of 2024. This represents a 14% increase compared to last year's period (approximately 113,775 units sold in Q1 2023).
The robust growth in sales is attributed to a surge in demand for housing. This demand is particularly evident in MMR and Pune, which together accounted for over half (51%) of all sales in the top seven cities. MMR saw a significant 24% annual jump in sales, while Pune witnessed an increase of over 15%.
While sales are climbing, new housing launches have remained relatively stable. Across the top seven cities, new launches reached over 110,865 units in Q1 2024, a modest 1% increase compared to the previous year (approximately 109,570 units in Q1 2023). MMR led the way with around 33,800 new launches, though this represents a slight decline of 9% from Q1 2023. Conversely, Bengaluru saw a healthy 22% annual increase in new launches, reaching approximately 16,485 units. However, Delhi-NCR experienced a significant drop, with new launches dipping by over 42% to 7,270 units.
Available housing inventory across the top seven cities has shrunk by 7% annually. This means fewer unsold units are on the market compared to Q1 2023 (approximately 6,26,750 units). NCR witnessed the most dramatic decline in unsold stock, with a 27% decrease in Q1 2024. This puts NCR's unsold inventory level lower than other major cities like MMR, Pune, and Hyderabad.
Rising construction costs and strong demand have contributed to a significant 10-32% jump in average residential property prices across the top seven cities in the last year. Hyderabad and Bengaluru experienced the highest annual price increases, exceeding 32% and 25%, respectively.
The Indian housing market continues to show positive momentum in 2024. Strong sales figures and a reduction in unsold inventory (approximately 5,80,890 units by Q1 2024-end) point towards a seller's market. However, rising property prices may impact affordability for some buyers. It will be interesting to see how this trend unfolds in the coming quarters.
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