Housing Sales Dip 9%, New Supply Declines 15% in top 9 cities in 2024

New Delhi, January 22, 2025: The residential real estate market in India’s top 9 cities saw a marginal 9 per cent decline in sales at 4,70,899 units while new supply fell by 15 per cent to 4,11,022 units in 2024 on the back of two quarters of under-activity due to General Elections and Monsoon, according to a report by NSE-listed real estate data analytics firm PropEquity.

The number of units sold in 2023 stood at 5,14,820 units while the number of units launched in 2023 stood at 4,81,724 units. Housing sales rose in only two out of the nine cities in 2024 with Navi Mumbai recording the highest growth while Hyderabad recording the highest decline. New supply rose in four out of nine cities with Delhi-NCR recording the highest growth and Hyderabad recording the highest decline.

Samir Jasuja, CEO & Founder, PropEquity said, “The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year. A detailed analysis of the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as 2023 which indicates that the fundamentals of the real estate sector are strong and healthy.

“Hyderabad remained the under-performer, both in terms of supply and sales, during the year dragging down the overall numbers. The cities in NCR saw a fairly good growth in new supply and sales during the year.

“Weak demand may have prompted developers to go slow on new launches. Bengaluru, Chennai and Delhi-NCR saw new supply exceed absorption during this year.

Highlights

• Housing sales in Navi Mumbai went up by 16 per cent to 33,870 units in 2024. In Delhi-NCR, housing sales rose by 5 per cent to 43,923 units in 2024.
• Housing sales in Bengaluru fell by 9 per cent to 60,506 units in 2024. In Chennai, housing sales dropped by 11 per cent to 19,212 units while in Hyderabad, it fell by 25 per cent to 61,722 units in 2024.
• In the western region, housing sales fell in Mumbai by 6 per cent to 50,140 units, while in Pune, it fell by 13 per cent to 92,643 units and in Thane it fell by 5 per cent to 90,288 units in 2024.
• Housing sales in Kolkata fell by 1 per cent to 18,595 units in 2024.
• New supply in Delhi-NCR grew by 54 per cent to 45503 units in 2024 followed by Bengaluru where supply grew by 27 per cent at 72,111 units, Chennai by 6 per cent at 20,522 units and Mumbai by 4 per cent at 40,963 units.
• New supply fell in Hyderabad (49 per cent), Kolkata (28 per cent), Navi Mumbai (10 per cent), Pune (27 per cent) and Thane (25 per cent).