The real estate market in India witnessed a remarkable growth in 2024, driven by rising input costs and strong demand from homebuyers. According to data from property consultancy Anarock, housing prices in India’s top seven residential markets—Delhi NCR, Mumbai Metropolitan Region (MMR), Bangalore, Pune, Hyderabad, Chennai, and Kolkata—saw significant increases, ranging from 13% to 30%. Notably, Delhi NCR recorded the highest growth, with home prices rising by 30% from US$ 68.03 (Rs. 5,800) per square foot in 2023 to US$ 88.56 (Rs. 7,550) per square foot in 2024.

Other major real estate markets also experienced substantial growth, with MMR seeing a 21% increase, Bangalore rising by 28%, and Hyderabad jumping by 27%. The real estate boom in these cities reflects a surge in demand for housing, particularly in the wake of rising input costs and the continuous need for modern living spaces.

While the total number of housing sales across the top seven cities dipped by 4% in 2024, the overall sales value surged by 16%, increasing from US$ 57.24 billion (Rs. 4,88,000 crore) in 2023 to US$ 66.62 billion (Rs. 5,68,000 crore) in 2024. MMR led the pack with approximately 1,55,335 units sold, showing a modest 1% rise in sales volume. Pune followed with 81,090 units sold, demonstrating consistent demand in India’s residential market.

The luxury housing segment also witnessed an upward trend, with luxury housing demand sharply increasing. The supply of new luxury homes grew by 24% across the top seven cities, reflecting the ongoing shift towards premium living spaces. However, the overall number of new launches experienced a 7% decline, mainly attributed to delays in project approvals and the ongoing election cycle.

Looking ahead, Anarock Chairperson Mr. Anuj Puri stated that while price hikes are expected to stabilize in 2025, India’s real estate market will continue to experience steady growth. This growth will be supported by high demand for homes, particularly in luxury segments, and new supply from developers who are preparing for the market’s recovery and continued expansion.

This substantial increase in housing prices and sales values across the country reflects the resilience of the Indian real estate market, driven by demand for housing, inflationary pressures, and evolving buyer preferences. With Delhi NCR leading the way with a 30% surge in home prices, the overall growth in India’s residential real estate sector is a strong indicator of its continued recovery and long-term stability.

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