Housing Sales Across Top Eight Cities Touch 3.5 Lakh Mark in 2024

India's housing market has hit a remarkable milestone in 2024, with sales reaching a 12-year high. A total of 3.5 lakh (350,613) homes were sold across eight major cities, marking a 7% increase from the previous year. This surge is driven by stable home loan rates, a robust economy, and a rising demand for premium homes. Below, we delve into how different cities have performed and what factors are fueling the housing boom.

City-Wise Housing Sales Performance

Mumbai Leads with Highest Sales

Mumbai has maintained its position as the leader, with 96,470 homes sold in 2024. This marks a 4% increase compared to 96,187 units sold in 2023. As India’s financial capital, Mumbai continues to attract both affordable and premium buyers due to its strong infrastructure and lucrative employment opportunities.

Bengaluru Shows Steady Growth

Bengaluru, home to the IT industry, recorded sales of 55,362 units in 2024, reflecting a 2% growth year-on-year. This marks a 10-year high for the city, which remains a top choice for IT professionals and young families.

Kolkata and Ahmedabad: The Rising Stars

Kolkata saw the highest sales growth among the eight cities, with a 16% increase, totaling 18,462 homes sold. Ahmedabad closely followed, with 17,389 units sold, a 15% growth. These cities are becoming more popular due to affordable property prices and improved infrastructure.

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Other Notable Performances

• Hyderabad: The city set an all-time high, selling 36,974 homes in 2024, fueled by its booming IT sector.
• Pune: A vibrant urban and suburban mix led Pune to reach sales of 52,346 units, another record high.
• Chennai: Known for catering to families and professionals, Chennai continued to show steady growth in the housing market.
• NCR: Unlike other cities, NCR saw a 4% decline in sales, with 57,654 homes sold, due to project delays and pricing issues.

Factors Behind the Surge in Housing Sales

Stable Mortgage Rates

The affordable home loan rates have been a key factor, encouraging more buyers to enter the housing market.

Strong Economy

India's growing economy has boosted consumer confidence, enabling more people to invest in real estate.

Improved Infrastructure

Better roads, metro connectivity, and upgraded amenities in suburban areas have increased the appeal of these locations to homebuyers.

Why Are Premium Homes in Demand?

Premium homes have seen a sharp rise in demand, driven by the evolving lifestyle needs of homebuyers. Larger spaces, superior amenities, and prime locations are key factors in this growing trend, which is termed as “premiumisation.”

The Future of India’s Real Estate Market

With urban expansion and infrastructure improvements, housing demand is set to rise further. The focus on premium housing, coupled with cities’ modernisation, means that the top eight cities are poised to maintain their strong positions in the market.

While Mumbai and Bengaluru continue to dominate, emerging markets like Kolkata and Ahmedabad are gaining momentum. However, issues like delayed projects and pricing concerns in NCR must be addressed to maintain buyer trust.

The housing boom in 2024 highlights the growing aspirations of Indian homebuyers and the changing dynamics of the country's real estate market. Whether it's finding the perfect family home or exploring investment opportunities, the future of real estate in India looks promising.

By understanding the trends and factors shaping this surge, homebuyers and investors alike can make informed decisions to capitalize on the opportunities that the Indian real estate market offers in 2025 and beyond.

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