Residential Real Estate Market in India: H1 2024 Review

India’s housing market maintained robust momentum in the first half of 2024, with sales surpassing 156,000 units. This strong performance was supported by a consistent stream of new launches, totaling about 153,000 units. Let’s break down the key highlights:

Overall Market Trends:

1. Sales Performance:

   • H1 2024 Sales: Approximately 156,000 units were sold across the country during the first half of 2024.
   • Q2 2024 Sales: In Q2 alone, 70,100 units were sold.
   • Despite the overall positive trend, residential sales in H1 increased by only 1% compared to the previous year.

2. Launches and Inventory:

   • H1 2024 Launches: Developers launched a total of 153,000 units in H1 2024.
   • Q2 2024 Launches: In Q2, 69,600 units were launched.
   • The quarter-on-quarter (Q-o-Q) decline was significant, with a 19% drop in launches.

3. Segment Distribution:

   • Mid-End Projects: Mid-end projects accounted for the largest share, representing 45% of the total launches.
   • High-End Projects & Affordable Segments followed 

Bangalore Insights:

• Market Share Decline: Bangalore’s market share declined from 16% to 13% Q-o-Q in H1 2024.
• Sales in Bangalore:
  • Out of the 23,200 sales recorded in H1, Q2 accounted for 9,200 units.
• Launches in Bangalore:
  • Among the 21,600 launches in H1, Q2 saw the introduction of 7,800 units.

In summary, India’s residential real estate market witnessed impressive sales figures in H1 2024, but the Q-o-Q decline in launches warrants attention. Developers continue to focus on mid-end and high-end projects, while affordable housing remains a critical segment. Bangalore, despite its share decline, remains an active player in the market.

To know about last quarter performance: Sustanined and Strong Residential Sector: Residential Performance Analysis Q1 2024 - CBRE (nitinbighane.in)

Source: India Market Monitor Q2 2024 – Residential | CBRE India