Residential Property Sales in India’s Major Cities Surge by 20% in 2024

New Delhi, February 12 – India’s residential real estate market witnessed a significant 20% increase in sales value across 15 major cities, surpassing ₹1.52 lakh crore in 2024, according to real estate data analytics firm PropEquity. The total number of housing units sold also saw a 4% rise, reaching 1,78,771 units, compared to 1,71,903 units in 2023.

The 15 cities included in this analysis are Ahmedabad, Surat, Vadodara, Gandhinagar, Nashik, Jaipur, Nagpur, Bhubaneswar, Mohali, Visakhapatnam, Lucknow, Coimbatore, Goa, Bhopal, and Thiruvananthapuram.

PropEquity’s Founder and CEO, Samir Jasuja, attributed the steep rise in property prices to several factors, including increased raw material costs and speculative investments, which have significantly impacted the real estate market. He pointed out that despite only a modest increase in the number of units sold, the overall market value surged due to rising property prices.

Jasuja further stated that the recent Union Budget announcements could provide a boost to housing demand, particularly in these cities, by encouraging investment and generating new employment opportunities. Industry experts believe that while property appreciation is a positive indicator, affordability challenges may arise for middle-class buyers in the coming years.