Housing Sales Decline 4% in 2024, but Sales Value Rises 16% in India’s Top Cities: ANAROCK
Housing Sales Decline 4% in 2024, but Sales Value Rises 16% in India’s Top Cities: ANAROCK
Housing sales across India’s top seven cities saw a slight decline in 2024, dropping by 4 per cent year-over-year (YoY), according to ANAROCK data.
The total number of units sold in these cities was approximately 459,650, compared to 476,530 units in 2023. Despite the drop in volume, the total sales value surged by 16 per cent, reaching an estimated Rs 5.68 lakh crore, up from Rs 4.88 lakh crore in the previous year.
Mumbai Metropolitan Region (MMR) led the sales in 2024, with around 155,335 units sold, reflecting a modest 1 per cent increase from 2023. Pune followed with 81,090 units, while Bengaluru recorded a slight 2 per cent rise in sales, amounting to 65,230 units. The total sales from MMR, Pune, and Bengaluru combined accounted for a significant share of the market.
The number of new housing projects launched also saw a decline of 7 per cent in 2024, with about 412,520 new units launched across these cities. This was lower than the 445,770 units launched in 2023. The key cities contributing to the new supply were MMR and Bengaluru, which together accounted for almost half of the new launches.
The housing market witnessed a sharp rise in residential prices, with an average annual increase of 21 per cent across the top cities. Delhi-NCR saw the highest jump, with a 30 per cent increase in average prices, while other cities such as MMR, Bengaluru, and Hyderabad also recorded significant price hikes.
The demand for luxury and ultra-luxury housing remained strong, continuing a trend post-pandemic where buyers sought larger, higher-quality homes from reputable developers. The new luxury housing supply grew by 24 per cent across the seven cities.
In terms of new housing launches, NCR saw a notable 44 per cent increase, adding around 53,000 units in 2024, up from 36,735 in 2023. MMR, however, experienced a 15 per cent decrease in new launches, with 134,500 units added in 2024. Other cities like Pune and Hyderabad also saw declines in new supply, while Bengaluru and Chennai had moderate increases in new projects.
City-specific data revealed varied performance across different regions. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 92 per cent of the total sales in 2024. NCR recorded a 6 per cent drop in sales, while Pune and Hyderabad experienced declines of 6 per cent and 5 per cent, respectively.
In contrast, Bengaluru recorded a small increase in sales by 2 per cent, and MMR saw a marginal rise of 1 per cent.
The luxury housing segment, particularly in NCR, was a standout performer, with a significant portion of the new supply being priced above Rs 1.5 crore. In terms of the residential price per square foot, NCR saw the highest growth of 30 per cent, while MMR and Bengaluru followed closely with 21 per cent and 28 per cent increases, respectively.
At the close of 2024, the available unsold inventory in the top cities declined by 8 per cent, indicating a reduction in excess supply despite new launches. Pune experienced the sharpest decrease in unsold units, with a 20 per cent reduction. In contrast, Bengaluru and Chennai saw slight increases in available inventory.
In 2025, industry experts predict more stable price trends but expect a continued demand for high-quality, larger homes in the coming years.