ABSTRACT
India's residential property market has demonstrated remarkable growth in 2024, supported by strong economic fundamentals, rising demand for high-value properties, and a stable mortgage environment. Residential sales in major markets increased by 10.6% year-on-year in H1 2024, with premium properties driving 51% of total sales. Cities like Mumbai, Bengaluru, and Kolkata saw significant growth, while new launches also reached record highs, totaling 183,401 units. Despite a slight increase in unsold inventory, the market's fundamentals remain strong, with improved sales velocity and declining Quarters to Sell (QTS) metrics. The rental market saw a 14.60% year-on-year price increase, though supply constraints persist. Stable lending rates and government initiatives, such as the reintroduced PMAY subsidy scheme, have further boosted housing affordability and market resilience. However, regional disparities and labor market conditions continue to impact the sector. Overall, India's residential property market reflects robust demand, rising prices, and evolving buyer preferences, positioning it for sustained growth in the coming years.
