India Market Monitor Q4 2024 – Residential

India's residential real estate market demonstrated positive activity throughout 2024, culminating in a strong final quarter performance accentuated by seasonal festive demand. This surge propelled annual sales to surpass 300,000 housing units for the second consecutive year.

Developers responded to this market momentum by introducing over 280,000 new residential units during the year.

The current residential real estate market is characterised by strong fundamentals and robust end-user demand. Resultantly, we anticipate that both sales and new launches of housing units will remain steady. However, given the elevated capital values and an uncertain global economic landscape, homebuyers may start adopting a wait-and-watch approach to purchasing decisions.

Moreover, as price points adjust, we expect sustained demand for high-end and premium residential categories, specifically those priced between INR 1.5 to 2 crore and INR 2 to 4 crore. In addition, markets traditionally dominated by the mid-end housing segment, such as Noida, Bengaluru, Pune, and Chennai, would continue to witness the addition of quality supply, supported by demand for high-quality housing.

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