Deals in 2024 compared to 2023

There was a deep recession in the consumer consumption sector in the year 2024, but the real estate sector is now gaining momentum in this industry as if it is recovering from the blow of the Corona period, looking at the figures proves this.

The sector has recovered from the impact of Covid-19 due to high demand and people’s desire to buy their own homes. Indian property market to maintain its growth momentum in the year 2024. Along with this, it has also been said in a report that in the last five years, property prices in the real estate sector have increased by 49 percent to 132 percent. 5.77 lakh transactions of residential property were recorded in the primary and secondary markets. Which is four percent more than the year 2023. The total value of this transaction has exceeded Rs 4 lakh crore. A report says that this is two percent more annually compared to the year 2023. The analysis included real estate deals in Pune, Thane, Mumbai, Navi Mumbai, Bengaluru, Hyderabad, Noida, Greater Noida, Ghaziabad. This includes transactions registered in the primary and secondary markets for apartments, plots and villas in 2024. There will be more than 3.6 lakh new constructions in 2025. The developers will complete work on approximately 30 crore square feet. Cities like Mumbai, Thane, Navi Mumbai and Pune accounted for 61 per cent of the recorded transactions and 69 per cent of the total sales value. That means West India has emerged as a strong force in the realty sector. In South India, Bengaluru, Hyderabad contributed 25 percent of the total deals. Nearly 0.8 lakh property deals were registered in Bengaluru. Hyderabad also continued its strong performance. That means people are now preferring to invest in Hyderabad instead of Bengaluru. Hyderabad’s position in the real estate sector is becoming stronger.

Experts in this field say that the Indian residential real estate market is now recovering from the recession that prevailed during the Corona period. The sector has been buoyed by pent-up demand and strong demand for owner-occupied homes. There has been unprecedented growth in this sector in the last two to three years. Which has naturally reduced in 2024. Annual sales have crossed five lakh units and value of over Rs four lakh crore is above the pre-2020 average. Which reflects a mature market ready for the next wave of growth. We estimate that near-basin housing demand and supply will increase through 2025, experts said. This sets the stage for steady, sustainable progress. Due to demand, property prices in major cities have increased significantly. Notably, the increase in demand for luxury properties has led to an impressive growth of 132 percent in property prices in Gurugram from 2019 to 2024. The prices in Greater Noida and Noida have also increased by a significant 67 per cent due to the increasing interest in being connected to the upcoming Jewar airport. Sector experts said property prices have increased significantly due to steady demand. While West and South Indian cities have been leading in transaction volume. Cities like Gurugram have seen a significant increase in prices. Property prices have also increased in key areas within the city. 3.9 lakh new construction starts in 2024.