Buyers Of Newly-Launched Housing Units On The Rise; Bengaluru And Chennai Lead
In the Indian real estate market, 42% of the approximately 4.6 lakh homes sold in the top seven cities were new launches, according to a report released by real estate consultancy group Anarock.
This marks an increase as compared to 2023, when 40% of around 4.77 lakh units sold were fresh launches, it said.
Bengaluru and Chennai led the way in new supply absorption, with 53% of the total housing units sold in the two cities in 2024 being fresh launches, as per the report. A total of 65,230 housing units were sold in Bengaluru last year, whereas 19,220 units were sold in Chennai.
The Delhi-National Capital Region also saw a significant share of new launch sales, with over 44% of the 61,900 units sold in 2024 being launched in the same year. In contrast, Kolkata had the lowest share of new supply absorption at 31% of approximately 18,330 units sold, Anarock said.
The southern cities of Bengaluru, Hyderabad, and Chennai saw the highest new launch sales share, attracting investors looking for low entry points, it pointed out. The dominance of large and listed developers in these markets has boosted customer confidence, leading to a preference for newly launched projects over ready-to-move-in homes, it added.
Demand On The Rise
The trend of increasing new launch sales has been consistent over the past five years, the report showed.
In 2019, the share of fresh launches in the overall 2.61 lakh housing units sold stood at 26%. In 2020, 28% of approximately 1.38 lakh units sold in the top seven cities were new launches.
This figure rose to 34% of approximately 2.37 lakh units in 2021, 36% of approximately 3.65 lakh units in 2022, and 40% of approximately 4.77 lakh units in 2023.
According to Anarock, branded and reliable developers are now dominating the Indian residential space, attracting both homebuyers and investors.
Developers are launching projects that meet market demand, featuring prime locations, appropriate unit sizes, and configurations. In 2024, Anarock data revealed that at least 133 land deals totaling over 2,515 acres were recorded, with 1,948 acres designated for residential development.
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