Over 42 per cent of approximately 4.60 lakh homes sold in 2024 were from newly launched projects, marking a notable uptick from 26 per cent in pre-pandemic 2019. This trend reflects a sustained demand for newly built properties across India’s top seven cities, showcasing a significant evolution in the real estate market.
- In 2024, newly launched projects contributed to over 42% of total home sales.
- Top cities like Bengaluru and Chennai exhibited a 53% absorption rate for new launches.
Record Rise in New Launches Post-Pandemic
The real estate landscape in India has witnessed a substantial shift in the past few years, particularly in the wake of the pandemic. Research reveals that in 2020, approximately 1.38 lakh units were sold, with only 28 per cent being new launches. This figure has steadily climbed, reaching 34 per cent in 2021 and further increasing to 36 per cent in 2022. By 2023, new launches accounted for 40 per cent of the total sales, reflecting a growing preference among buyers for fresh properties. The recent data from 2024 indicates that this trend has not only continued but has accelerated, highlighting a burgeoning demand for newly constructed homes in metropolitan areas.
Regional Highlights: Bengaluru and Chennai Lead the Charge
Bengaluru and Chennai emerged as frontrunners in the absorption of new supply in 2024. Both cities recorded a remarkable 53 per cent share of newly launched homes among total sales. In Bengaluru, approximately 65,230 units were sold, of which half were newly launched, a significant jump from 27 per cent in 2019. Similarly, in Chennai, approximately 19,220 units sold comprised new launches, showcasing an impressive increase from 28 per cent in 2019. These statistics illustrate the increasing consumer confidence and willingness to invest in newly developed residential properties.
In contrast, the National Capital Region (NCR) also saw a notable increase in new launches, with 44 per cent of the 61,902 units sold in 2024 being newly launched, compared to just 22 per cent in 2019. However, Kolkata recorded the lowest absorption rate of fresh supply at 31 per cent among its 18,330 units sold, although this is an improvement from 23 per cent in 2019. Overall, the data suggests a robust recovery and increasing market activity across various regions, with consumers gravitating towards newly constructed homes.
Future Implications for the Real Estate Sector
The upward trend in the absorption of newly launched properties indicates a positive outlook for the real estate sector in India. As more buyers prefer modern amenities and contemporary designs, developers are likely to focus on launching new projects that cater to these preferences. This could lead to an increase in investment in infrastructure and urban development, ultimately contributing to the growth of the economy. The trend also suggests that as the market stabilizes further, we can expect a continued increase in new launches, which may help meet the escalating demand for housing in urban areas.
