The Indian property market sustained its upward momentum in 2024, with 5.77 lakh residential transactions recorded across primary and secondary markets—a 4% increase compared to 2023. The total value of these transactions surpassed ₹4 lakh crore, reflecting a 2% year-on-year (YoY) growth, according to property listing firm Square Yards. The analysis covered Pune, Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida, and Ghaziabad, including registered transactions for apartments, plots, and villas across both primary and secondary markets.
Regional highlights
The western region emerged as the dominant force, with Mumbai, Thane, Navi Mumbai, and Pune contributing 61% of registered transactions and 69% of total sales value. In the southern region, Bengaluru and Hyderabad accounted for 25% of transactions. Bengaluru recorded nearly 0.8 lakh registrations, though it experienced a slight dip due to the E-khata rollout. Hyderabad continued its upward trajectory, achieving 80% of Bengaluru’s volume and reinforcing its status as a key real estate hub.
City-wise breakdown
- Mumbai: 1.3 lakh transactions, ₹1.6 lakh crore in value
- Pune: 1.0 lakh transactions, ₹0.6 lakh crore in value
- Bengaluru: 0.8 lakh transactions, ₹0.6 lakh crore in value
- Hyderabad: 0.7 lakh transactions, ₹0.4 lakh crore in value
Price growth trends
Property prices have seen significant increases in major cities. Gurugram led with a staggering 132% rise in prices since 2019, driven by luxury property demand. Greater Noida and Noida followed with a 67% increase, fuelled by interest linked to the upcoming Jewar Airport.
Price Change Highlights (2019 vs. 2024):
- Gurugram: ₹5,820 to ₹13,500 (132%)
- Noida & Greater Noida: ₹4,500 to ₹7,500 (67%)
- Bengaluru: ₹5,450 to ₹9,050 (66%)
- Pune: ₹5,200 to ₹8,300 (60%)
- Mumbai MMR: ₹9,500 to ₹14,200 (49%)
New supply trends
In 2024, developers launched over 3.9 lakh new units and delivered more than 4 lakh units, reflecting growing demand for gated communities and lifestyle amenities. The NIFTY Realty Index surged by 40% year-to-date, underscoring the sector’s robust performance.
Looking ahead, over 3.6 lakh units are expected to be delivered in 2025, with developers completing a pipeline of approximately 300 million sq. ft. Tanuj Shori, Founder and CEO of Square Yards, remarked, “The Indian residential real estate market has entered a promising upcycle post-pandemic, driven by pent-up demand and stronger sentiment for homeownership. This is not a slowdown but a maturing market poised for sustainable growth in 2025.”
The Indian property sector remains on a growth trajectory, supported by evolving buyer preferences and a positive economic environment.
