Housing Sales In Top Seven Indian Cities Drop By 4 Per Cent In 2024, Sharpest Decline In Kolkata; Prices Surge By 21 Per Cent: Report

Housing sales in the top seven Indian cities fell by 4 per cent in 2024, with 4.59 lakh units sold compared to 4.76 lakh units in 2023, according to ANAROCK, a real estate consultancy.

Despite the decline in sales volume, the total sales value increased by 16 per cent, reaching Rs 5.68 lakh crore from Rs 4.88 lakh crore in 2023.

The top seven cities include the Mumbai Metropolitan Region (MMR), Delhi NCR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata. MMR recorded the highest sales at 1.55 lakh units, a marginal increase of 1 per cent over 2023, while Bengaluru saw a 2 per cent rise in sales.

Conversely, Delhi NCR and Pune reported a 6 per cent decline, Hyderabad a 5 per cent drop, Chennai an 11 per cent decrease, and Kolkata the sharpest fall at 20 per cent.

“Apart from the dampening effect of general and assembly elections, project approvals slowed down markedly; this inevitably impacted the new housing supply.”

New launches also fell by 7 per cent, with 4.12 lakh units introduced in 2024 compared to 4.45 lakh in 2023. However, Delhi NCR and Chennai bucked the trend, reporting a 44 per cent and 4 per cent rise in launches, respectively. Other cities, including MMR, Kolkata, Pune, and Hyderabad, saw declines ranging from 15 per cent to 28 per cent.

Housing prices surged across all seven cities, rising between 13 per cent and 30 per cent due to increased input costs and strong demand. Delhi NCR recorded the highest price increase at 30 per cent, with average residential prices rising from Rs 5,800 per sq ft in 2023 to Rs 7,550 per sq ft in 2024. Overall, the average price across the top cities jumped 21 per cent to Rs 8,590 per sq ft.

Looking ahead, Puri stated, “2025 is unlikely to match this steep growth. Average residential price hikes will stabilize, though there will be steady growth amid increased input costs and high demand. Generous new supply infusions by listed developers are expected as the elections and slow project approval process impacted the new supply pipeline in 2024.”