Thane, Navi Mumbai, and Pune accounting for 61% of registered transactions and 69% of the total sales value
NEW DELHI, Dec 31 (The CONNECT) – The Indian property market continued its upward momentum in 2024, with an impressive 5.77 lakh residential transactions recorded across primary and secondary markets, 4% higher as compared to 2023. The total value of these transactions exceeded Rs. 4 lakh crore, marking a 2% year-on-year (YoY) growth over 2023. This steady growth underscores the sustained demand for residential properties, solidifying the market’s robust performance over the past year.
In 2024, nearly 5.77 lakh residential registered transactions were recorded in primary and secondary property markets, marking a 4% increase from 2023. Strong demand fundamentals have pushed the property prices up by a remarkable 60% on an average across top cities, over the last five years, with Gurugram taking the lead.
Tanuj Shori, Founder and CEO, Square Yards said, the Indian residential real estate market has entered a promising upcycle post-pandemic, bolstered by pent-up demand and a stronger sentiment for homeownership.
Over the past two to three years, the sector experienced exceptional growth, which has naturally moderated in 2024. Having said that, the numbers speak volumes – annual sales have exceeded 5 lakh units and Rs. 4 lakh crore in gross value, well above pre-2020 averages.
Hence this is not a slowdown but a natural part of the cycle, reflecting a maturing market ready for its next wave of growth. In 2025, we foresee residential demand and supply to grow in close ranges, setting the stage for steady, sustainable progress, Shori said.
The western region emerged as the dominant force in India’s property market, with cities such as Mumbai, Thane, Navi Mumbai, and Pune accounting for 61% of registered transactions and 69% of the total sales value.
In the southern region, Bengaluru and Hyderabad contributed 25% of the total transactions. Bengaluru recorded nearly 0.8 lakh registrations, though a slight dip was observed due to the E-khata rollout. Hyderabad’s performance continued its upward trajectory, achieving 80% of Bengaluru’s volume and cementing its position as a key real estate hub.
Price Trends 2024
The sustained demand has driven significant property price growth. While western and southern cities led in transaction volumes, northern cities like Gurugram made waves with remarkable price escalations. Gurugram witnessed an extraordinary 132% growth in property prices since 2019, driven by the increasing demand for luxury and ultra-luxury properties. Key areas within the city recorded even higher price spikes.
Following Gurugram, Greater Noida and Noida experienced a 67% increase in property prices over the past five years. The upcoming Jewar Airport has significantly boosted buyer interest in these areas, with improved connectivity and anticipated economic opportunities acting as major drivers.
New Supply Trends – 2024
Developers showcased strong confidence in 2024, launching over 3.9 lakh new units and delivering more than 4 lakh units across major cities. Homebuyers’ preferences for gated communities and lifestyle-oriented amenities prompted developers to align their offerings accordingly. Both local and national developers adopted cutting-edge technology and innovative designs to cater to evolving customer demands. This robust demand has also translated into a stellar performance in the equity markets. The NIFTY Realty Index, which tracks the performance of 10 leading real estate stocks, emerged as the top-performing sectoral index on the NSE in 2024, registering an impressive 40% gain year-to-date.
Outlook 2025
The outlook for 2025 remains optimistic, with over 3.6 lakh units expected to be delivered across major Indian cities. Top listed developers are working towards completing an ambitious pipeline of approximately 300 million sq. ft. for FY2025. This robust pipeline is expected to further boost transaction volumes and cater to diverse buyer preferences. Although the growth rate has moderated, signalling a maturing market, the Indian property sector’s performance remains well above pre-pandemic levels. A positive economic environment, coupled with shifting lifestyle preferences, is likely to sustain the momentum in the coming year. Developers, homebuyers, and investors can look forward to another promising year in 2025.
Square Yards is India’s largest Integrated real estate marketplace, with category leadership presence across multiple touchpoints of consumer home ownership journey. With Urbanisation and rising disposable incomes as the core theme, Square Yards, with 7mn+ monthly traffic and ~USD 3bn+ GTV, is the largest and asset-light proxy play to the growing residential demand story of India. One of the few Indian start-ups to taste global success with a presence in 100+ cities across 9 countries, Square Yards is at the forefront of tech adoption in the sector, with multiple patents across VR/AI domains.
