42% of Homes Sold in Top 7 Indian Cities in 2024 Were Newly Launched: Report
A new report reveals a significant shift in the Indian real estate market, with homebuyers increasingly opting for newly launched housing projects over ready-to-move-in homes. According to data from ANAROCK, over 42% of the 4.60 lakh homes sold in 2024 were part of new launches, reflecting a growing preference for fresh inventory in major cities.
Mumbai: A new report reveals a significant shift in the Indian real estate market, with homebuyers increasingly opting for newly launched housing projects over ready-to-move-in homes. According to data from ANAROCK, over 42% of the 4.60 lakh homes sold in 2024 were part of new launches, reflecting a growing preference for fresh inventory in major cities.
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A Steady Rise in Newly Launched Homes Sold
This marks a considerable increase compared to previous years. In 2019, only 26% of the 2.61 lakh homes sold were newly launched. The trend has been steadily rising over the past five years, with 28% of the 1.38 lakh homes sold in 2020 being newly launched, and 34% of the 2.37 lakh homes sold in 2021. By 2022, 36% of the 3.65 lakh homes sold were new launches, and in 2023, the figure reached 40%.
City-Wise Breakdown of Newly Launched Homes Sold
The absorption of newly launched homes varies across cities. Kolkata had the lowest share of fresh supply absorption in 2024, with only 31% of the 18,330 units sold being newly launched, although this was an improvement from 23% in 2019.
In the National Capital Region (NCR), the share of newly launched homes has seen significant growth, with 44% of the 61,902 units sold in 2024 being newly launched, a remarkable increase from just 22% in 2019.
Chennai, Bengaluru, and Pune Show Strong Growth
Chennai witnessed a massive increase in the demand for newly launched homes. In 2024, 53% of the 19,221 units sold were from new projects, compared to just 28% in 2019.
Similarly, Bengaluru saw 53% of the 65,226 homes sold in 2024 coming from new launches, a significant jump from 27% in 2019. Pune also showed impressive growth, with 42% of the 81,088 units sold in 2024 being newly launched, compared to 34% in 2019.
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Hyderabad Sees Significant Increase in Newly Launched Homes
Hyderabad experienced a significant rise in the preference for new launches as well. In 2024, 43% of the 58,540 units sold were newly launched, up from 28% in 2019.
42% of Homes Sold in Top 7 Indian Cities in 2024 Were Newly Launched: Report
Mumbai: A new report reveals a significant shift in the Indian real estate market, with homebuyers increasingly opting for newly launched housing projects over ready-to-move-in homes. According to data from ANAROCK, over 42% of the 4.60 lakh homes sold in 2024 were part of new launches, reflecting a growing preference for fresh inventory in major cities.
A Steady Rise in Newly Launched Homes Sold
This marks a considerable increase compared to previous years. In 2019, only 26% of the 2.61 lakh homes sold were newly launched. The trend has been steadily rising over the past five years, with 28% of the 1.38 lakh homes sold in 2020 being newly launched, and 34% of the 2.37 lakh homes sold in 2021. By 2022, 36% of the 3.65 lakh homes sold were new launches, and in 2023, the figure reached 40%.
City-Wise Breakdown of Newly Launched Homes Sold
The absorption of newly launched homes varies across cities. Kolkata had the lowest share of fresh supply absorption in 2024, with only 31% of the 18,330 units sold being newly launched, although this was an improvement from 23% in 2019.
In the National Capital Region (NCR), the share of newly launched homes has seen significant growth, with 44% of the 61,902 units sold in 2024 being newly launched, a remarkable increase from just 22% in 2019.
Chennai, Bengaluru, and Pune Show Strong Growth
Chennai witnessed a massive increase in the demand for newly launched homes. In 2024, 53% of the 19,221 units sold were from new projects, compared to just 28% in 2019.
Similarly, Bengaluru saw 53% of the 65,226 homes sold in 2024 coming from new launches, a significant jump from 27% in 2019. Pune also showed impressive growth, with 42% of the 81,088 units sold in 2024 being newly launched, compared to 34% in 2019.
Hyderabad Sees Significant Increase in Newly Launched Homes
Hyderabad experienced a significant rise in the preference for new launches as well. In 2024, 43% of the 58,540 units sold were newly launched, up from 28% in 2019.
The shift towards newly launched homes in India’s real estate market indicates a growing demand for fresh properties, especially in major urban centers. The trend reflects consumer confidence in the market and the increasing dominance of large, listed developers who are driving this growth. As more buyers opt for new homes, it’s expected that the preference for newly launched properties will continue to shape the market dynamics in the coming years.
The shift towards newly launched homes in India’s real estate market indicates a growing demand for fresh properties, especially in major urban centers. The trend reflects consumer confidence in the market and the increasing dominance of large, listed developers who are driving this growth. As more buyers opt for new homes, it’s expected that the preference for newly launched properties will continue to shape the market dynamics in the coming years.
