With large and listed developers dominating the new launch housing supply across the top seven cities, homebuyers are pressing the `buy` button in newly launched projects, reveals the latest data by real estate consultancy ANAROCK revealed.
The data shows that more than 42 per cent of the approximately 4.6 lakh homes sold in the top seven cities in 2024 were in newly launched projects. This is a significant increase from the 26 per cent of about 2.61 lakh homes sold in the pre-pandemic period of 2019. In the Mumbai Metropolitan Region (MMR), of the 1,55,334 units sold last year, around 36 per cent were fresh launches. This is a rise from the 23 per cent recorded in 2019, when 80,870 units were sold.
In Pune, of the 81,088 units sold in 2024, around 42 per cent was in projects launched in that year. This is a rise from the 34 per cent of 40,790 units sold in 2019.
Customer confidence is back with a bang and Indians are unhesitatingly picking lower prices (and higher rate of interest) over the instant gratification of ready or nearing completion homes, ANAROCK stated.
Here`s what the data states
2020: As per latest data from ANAROCK, of the around 1.38 lakh units sold in the top seven cities in the pandemic year, 28 per cent were launched the same year.
2021: Of the 2.37 lakh sold units, around 34 per cent were new launches.
2022: Thirty-six per cent of approximately 3.65 lakh sold units were new launches.
2023: Of the 4.77 lakh units sold, 40 per cent were new launches
Santhosh Kumar, the Vice-Chairman of ANAROCK Group, said, “At 53 per cent each, Bengaluru and Chennai saw the highest share of new supply absorption in 2024. While 65,230 units were sold in Bengaluru in 2024, 19,220 houses were sold in Chennai. NCR (National Capital Region) has clearly left its years of unsold speculative oversupply in the past with over 44 per cent or approximately 61,900 units sold there in 2024 were launched in the same year.
“Given its troubled history, NCR homebuyers` growing preference for new launches over ready or close-to-completion homes is particularly remarkable. Just 22 per cent of the homes sold there in 2019 were newly launched. This is a rapidly rising trend, helped by a strong pipeline of supply from financially strong and market proven developers,” he added.
Unlike previous years, developers are now launching projects that meet market demand. These new projects are not only in prime locations but also feature the right unit sizes and configurations, ANAROCK stated. According to the real estate consultancy, last year, at least 133 land deals totalling over 2,515 acres, with 1,948 acres, were designated for residential development.
Kolkata had the lowest share of fresh supply absorption at 31 per cent of around 18,330 units sold in 2024. This figure was even lower in 2019, when just 23 per cent of the 13,930 units sold that year were new launches.
