Real Estate Market In 2024: Housing sales value up 16% despite dip in volume; where is sector heading?
Real Estate In 2024: According to real estate consultant Anarock, the average housing prices in 2024 grew 21 per cent across the seven major cities. It said that the value of housing sales surged by 16 per cent in the year.
Real Estate In 2024: The year 2024 was a turning point for India’s real estate sector , showcasing significant diversification in buyer preferences and market dynamics. According to a report by real estate consultant Anarock, the value housing sales in 2024 has surged by 16 per cent to Rs 5.68 lakh crore.
It said that average housing prices grew 21 per cent in 2024 across the seven major cities (Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad, Chennai and Kolkata) on rising rates of land, labour and some building raw materials.
In 2023, the overall sales value of housing units stood at Rs 4.88 lakh crore.
Housing Sales In 2024
The report, however, noted that housing sales are estimated to fall 4 per cent this year in the seven major cities to 4.59 lakh units versus 4.76 lakh units in 2023. On fresh supply of housing properties in 2024, Anarock data showed a 7 per cent decline to 4,12,520 units in 2024 against 4,45,770 units in 2023.
Commenting on the data, Anarock Chairman Anuj Puri said that 2024 has been a mixed bag for the Indian housing sector. Apart from the dampening effect of general and assembly elections, delay in project approvals contributed to fall in sales volumes.
“The appreciation in housing prices helped sales to grow in value terms during this year across the 7 major cities,” he said.
Transformative Year For Real Estate
Vishal Raheja, founder & MD, InvestoXpert.com, said that 2024 has been a transformative year for the real estate sector as a whole. The sector witnessed unprecedented growth in the luxury housing segment, driven by a surge in demand from customers seeking value-driven investments.
“India’s real estate story remains resilient, with evolving buyer aspirations and robust urbanisation continuing to shape the market,” he said, adding that the demand reflects the growing confidence in the Indian economy.
Sunith Reddy, CEO, BeForest Lifestyle Solutions, said that Indian real estate market is forging a path toward sustainable development, with homebuyers prioritizing green, eco-friendly properties. “As environmental concerns intensify, buyers increasingly value properties with tangible green impact. The needle is moving in the right direction; it’s now up to all stakeholders—developers, policymakers, and residents—to ensure that sustainability becomes more than a label and truly shapes the future of Indian real estate.”
Amit Jain, chairman and MD, Arkade Developers, said that the luxury housing market in 2024 witnessed a transformative shift, with buyers gravitating toward homes that blend sophistication, functionality and exclusivity.
According to CBRE’s Q3 2024 report, sales of luxury units priced above Rs 4 crore surged by 37.8% YoY. Delhi-NCR led the charge with approximately 5,855 units sold, marking a 72 per cent increase, while Mumbai’s 3,820 units represented an 18 per cent growth.
“Developers have responded to the demand by innovating their offerings. Combining contemporary design with iconic architectural elements, they deliver homes that not only provide comfort but also reflect a sense of identity. Sustainability and technology have emerged as key differentiators, catering to a new generation of buyers who prioritize future-ready living environments,” Amit Jain said.
Luxury Housing Boom
“The year 2024 has turned out to be a landmark period for luxury home buyers The luxury housing boom was not confined to metropolitan hubs. Tier II cities and emerging markets also witnessed robust growth, driven by government initiatives in infrastructure and urban development,” Sandeep Ahuja, Global CEO, Atmosphere Living.
“The future of luxury housing in India lies in addressing the evolving demands of contemporary buyers. As urbanization accelerates and disposable incomes rise, the aspiration for luxury living will only intensify. However, the emphasis is shifting toward sustainability and energy-efficient developments, which are poised to redefine community living and home design. Developers are aligning their projects with trends, ensuring that luxury isn’t just about grandeur but also about responsibility and foresight,” Boman Rustom Irani, chairman & MD, Rustomjee Group, said.
“In 2024, luxury and modern amenities, tech-enabled smart homes and proximity to premium social infrastructure have been significant drivers attributing to the real estate market growth. Furthermore high-net-worth individuals increasingly view luxury real estate as much more secure appreciating asset and there has been an increase in global Indians and NRIs also purchasing properties especially in leading markets like Mumbai. We expect 2025 to be very similar and only continue to grow from this point,” Sundeep Jagasia, director, Shree Krishna Group, said.