India’s Residential Property Market Sees 11% Growth In 2024; Poised For Continued Momentum In 2025

A report by JLL revealed that the property market grew by 11 percent in 2024, highlighting remarkable growth in India’s residential property market. Total sales have reached 3,02,867 units, registering the highest-ever annual sales volume in the sector. Notably, the sector is expected to grow at the same pace in 2025.

The average annual sales during the post-pandemic period (2022-24) have surpassed the decade average of 2010-2019 by 63 percent. The growth is attributed to increased ownership ownership of homes across price segments. Notably, apartments priced above ₹1 crore saw a 30 percent year-on-year increase in sales, demonstrating greater affordability in the market.

Bengaluru, Mumbai, and Pune accounted for 62 percent of the total sales across the top seven cities in 2024, an increase of 8 percent compared to 2023. The growth of the technology sector fueled Bengaluru and Pune’s demand, while Mumbai benefitted from improved connectivity and redevelopment projects in key areas.

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Cities such as Bengaluru, Mumbai, Hyderabad, Pune, and Kolkata all reported record-high residential sales for the year. However, in Q4 2024, sales slightly declined by 3 percent, with 72,930 units sold compared to the same period in 2023. High-value homes priced above ₹3 crore contributed 14 percent of the quarterly sales.

The report also highlighted a 30 percent year-on-year growth in the share of new launches, driven by increased activity from established developers. Approximately 3,02,000 housing units were launched in 2024 across the top seven cities, marking the highest annual residential supply on record. Mumbai, Bengaluru, and Hyderabad led the way, collectively accounting for 60 percent of these new launches.

Inventory levels showed a slight improvement, with unsold inventory declining by 0.1 percent year-on-year by the end of 2024. Additionally, the average time to liquidate unsold inventory dropped from 26 months in Q4 2023 to 22 months in 2024, reflecting strong demand for under-construction properties.

Residential prices in key cities, including Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, Pune, and Kolkata, rose by 5 to 20 percent year-on-year. Delhi-NCR saw the highest growth at 20 percent, followed closely by Bengaluru, where prices increased by 14 percent.

The rise in capital values points to a robust housing demand coupled with a steady new supply—a trend likely to persist into 2025. JLL forecasts continued strong market performance, driven by urbanization, infrastructure development, and increasing demand for premium housing, fueled by evolving consumer preferences and higher disposable incomes.