Real Estate 2024: 5.5 Lakh Transactions, ₹4Trillion Valuation, 60% Growth in 5 Years

The Indian real estate sector celebrated a remarkable year, with over 577,000 property deals finalised in 2024. This marked a considerable increase of 4% compared to 2023, showcasing the sector’s strong performance amidst fluctuating economic conditions.

According to property listing company Square Yards, the total value of these sales surpassed Rs. 4 lakh crore, representing a 2% year-over-year (YoY) increase over 2023. Unless otherwise noted, Bengaluru, Hyderabad, Noida, Greater Noida, Pune, Thane, Mumbai, Navi Mumbai, and Ghaziabad are all included in the analysis. The research also contains 2024 registered residential transactions for flats, plots, and villas, including primary and secondary.

The year-over-year trends and changes in the residential real estate market for 2024 compared to 2023 are–

• 2024: 5.77 lakh units
• 2023: 5.56 lakh units
• Year-on-Year Change: +4%

Registered Residential Sales Value:

• 2024: ₹4.03 lakh crore
• 2023: ₹3.95 lakh crore
• Year-on-Year Change: +2%

Average Registered Residential Sales Value:

• 2024: ₹70 crore per unit
• 2023: ₹71 crore per unit
• Year-on-Year Change: -2%

Western India dominated the transaction charts, particularly Mumbai and Pune, while Bengaluru and Hyderabad were not far behind. Mumbai, in particular, showcased the highest transaction volumes and value.

Tanuj Shori, the Founder and CEO of Square Yards, said the following trends: “The Indian residential real estate market has entered a promising upcycle post-pandemic, bolstered by pent-up demand and a stronger sentiment for homeownership. Over the past two to three years, the sector experienced exceptional growth, which has naturally moderated in 2024.  

The numbers speak volumes – annual sales have exceeded 5 lakh units and Rs. 4 lakh crore in gross value, well above pre-2020 averages. Hence, this is not a slowdown but a natural part of the cycle, reflecting a maturing market ready for its next wave of growth. In 2025, we foresee residential demand and supply to grow in close ranges, setting the stage for steady, sustainable progress,”.

The price dynamics of properties, especially in Gurugram, have risen to 132% in the past five years. Areas like Noida and Greater Noida also experienced significant growth in property rates due to new infrastructural developments, such as the Jewar International Airport.

In 2024, key Indian cities showed varying transaction volumes in the residential real estate market. Mumbai led with ₹1.6 lakh crore from 1.3 lakh units. Pune and Bengaluru followed, generating ₹0.6 lakh crore from 1.0 lakh and 0.8 lakh units, respectively. Hyderabad and Thane reached sales of ₹0.4 lakh crore, with slightly more transactions in Thane. Navi Mumbai, Noida, and Ghaziabad also contributed significantly, with their transaction values reflecting the diverse urban demand.

As the market moves forward, the supply side is set to match the buoyant demand, with over 3.6 lakh units anticipated for delivery in 2025, promising a balanced market trajectory. As the Indian real estate market takes a step further, the sector appears balanced enough for sustainable growth backed with strong fundamentals and conscious innovations in development.

Read more through the links below to uncover the key trends and market leaders driving this growth:

Business Standard – https://bit.ly/40j95ta
Hindustan Times – https://bit.ly/4a7cFK7
Indian Express – https://bit.ly/4a1YXbn
The Tribune – https://bit.ly/404APQO
NDTV India – https://bit.ly/4a4SIUb
NDTV Profit – https://bit.ly/4gKpTz1
Realty+ – https://bit.ly/3W6aNvr
Republic – https://bit.ly/402kYSV
Press Trust of India – PTI – https://bit.ly/4fOpZUR
Rediff.com – https://bit.ly/4fHl4Fd
Asian News International (ANI) – https://bit.ly/4fDEkUg
India TV – https://bit.ly/3C5ojIR
Al Jazeera English – https://bit.ly/3PmtCqm
Lokmat – https://bit.ly/3PjC3Tg
Fortune India – https://bit.ly/3VZXpJl