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New Residential Projects Drive One-Third of Home Sales in H1 2024

India s residential real estate sector recorded strong performance in the first half of 2024, with newly launched projects contributing a significant share of home sales. According to a market analysis by a global real estate consultancy, projects introduced during the past six months accounted for around one-third of total residential sales during this period. The data indicates that the housing market continues to witness healthy buyer demand, supported by new project launches, favourable economic conditions, and rising interest in property ownership. Residential Launches Show Positive Momentum The first half of 2024 saw a total of around 159,000 new residential units launched across major Indian cities , reflecting steady developer confidence and strong demand from buyers. Among major markets, Mumbai, Hyderabad, Bengaluru, Delhi-NCR, and Pune recorded significant levels of new housing supply. These cities continue to attract both homebuyers and investors due to employment opportunities, infrastructure growth, and expanding urban development. Home Sales Witness Strong Growth Housing demand remained robust during the January June 2024 period. Total residential sales reached approximately 154,900 units , marking a 22% increase compared with the same period in the previous year . The strong demand suggests growing buyer confidence and sustained interest in property investments across India s major urban centres. Premium and Luxury Housing Segment Expands One of the most notable trends during the first half of 2024 was the surge in demand for premium and luxury homes. Projects priced between ₹3 crore and ₹5 crore recorded a massive increase in launches , while homes priced above ₹5 crore also saw strong growth compared with the previous year. This trend reflects rising demand among high-income buyers looking for spacious homes, better amenities, and premium residential environments. Affordable Housing Launches Decline While premium housing grew rapidly, the number of newly launched homes priced below ₹50 lakh declined during the same period. Developers are increasingly focusing on higher-value housing segments because of rising land costs, construction expenses, and stronger demand from affluent buyers. Residential Property Prices Continue to Rise Property prices across major cities continued to increase in 2024. In several markets, annual price growth ranged between 5% and 20% , reflecting strong demand and limited supply of ready inventory. The Delhi-NCR region recorded one of the highest price increases , followed by cities such as Bengaluru. Outlook for the Housing Market Industry experts believe the residential sector will continue to show positive momentum during the rest of 2024. Strong buyer sentiment, new project launches, and improving infrastructure are expected to support sustained growth in housing demand. With developers launching new projects that align with changing buyer preferences, the residential real estate market is likely to maintain its upward trend in the coming months.