Summary:

In 2024, India's real estate industry experienced a significant shift, with 42% of the 4.6 lakh homes sold in top cities being newly launched projects, up from 26% in 2019. Bengaluru and Chennai led with 53%, followed by NCR (44%), Hyderabad (43%), and Pune (42%). Buyers prefer new projects due to lower costs and higher ROI.

The Mumbai Metropolitan Region (MMR) recorded 36% of sales from new launches, while Kolkata had the lowest at 31%. In response, developers closed 133 land deals totaling 2,515 acres in 2024, including 1,948 acres for residential projects. Established developers dominate supply, boosting buyer confidence. This trend is expected to continue as branded developers offer more customized housing options.

Source: IBEF

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