The Indian residential sector clocked 5.77 lakh property transactions in 2024, up by 4% from 5.56 lakh in 2023. The total value of these transactions exceeded โน4 lakh crore, marking a 2% year-on-year (YoY) increase from โน3.95 lakh crore in 2023, according to a December 31 report by Square Yards.
Mumbai recorded the highest number of residential transactions worth โน1.6 lakh crore with over 1.3 lakh units. Bengaluru and Pune followed with โน0.6 lakh crore of residential transactions with 0.8 lakh and 1 lakh units, respectively.
“Over the past two to three years, the sector experienced exceptional growth, which has naturally moderated in 2024. The annual sales have exceeded 5 lakh units and โน4 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 that is 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,” Tanuj Shori, Founder and CEO of Square Yards said.
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Western India dominated residential transactions
The report added that the western region emerged as the dominant force in Indiaโs property market, with cities such as Mumbai, Thane, Navi Mumbai, and Pune accounting for 61% of registered transactions and 69% of the total sales value.
Bengaluru and Hyderabad contributed 25% of the transactions in the southern region.
Bengaluru recorded nearly 0.8 lakh registrations, though a slight dip was observed due to the E-khata rollout.
Hyderabadโs performance continued its upward trajectory. It achieved 80% of Bengaluruโs volume and cemented its key real estate hub position.
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Gurugram saw 132% home price appreciation in 5 years
The report said that while western and southern cities led in transaction volumes, northern cities like Gurugram made waves with remarkable price escalations.
Gurugram witnessed a 132% growth in property prices since 2019 from โน5,820 per sq ft to โน13,500 per sq ft, driven by the increasing demand for luxury and ultra-luxury properties. Key areas within the city recorded even higher price spikes.
Following Gurugram, Greater Noida and Noida experienced a 67% increase in property prices over the past five years from 4,500 per sq ft to โน7,500. The upcoming Jewar Airport has significantly boosted buyer interest in these areas, with improved connectivity and anticipated economic opportunities acting as major drivers.
Bengaluru recorded a 66% surge in property prices from โน5,450 per sq ft in 2019 to โน9,050 per sq ft in 2024.
The report added that developers showcased strong confidence in 2024, launching over 3.9 lakh new units and delivering more than 4 lakh units across major cities.
“Top listed developers are working towards completing an ambitious pipeline of approximately 300 million sq. ft. for FY2025. This robust pipeline is expected to boost transaction volumes further and cater to diverse buyer preferences. Although the growth rate has moderated, signalling a maturing market, the Indian property sectorโs performance remains well above pre-pandemic levels,” it said.
