Rise of Fresh Homes: How India’s Real Estate Market Shifted in 2024?

India’s real estate landscape underwent a notable transformation in 2024, with a striking shift toward newly launched residential projects. According to Anarock, 42% of the 4.6 lakh homes sold across the top 7 cities were from new launches, marking a sharp increase from just 26% in 2019. This trend reveals a clear preference among buyers for fresh, under-construction homes, driven by attractive pricing and higher return on investment (ROI) potential.

Bengaluru and Chennai Lead the Growth

Bengaluru and Chennai emerged as the frontrunners in this shift, with an impressive 53% of homes sold being new launches. The National Capital Region (NCR) closely followed with 44%, while Hyderabad and Pune saw 43% and 42% of their sales attributed to newly launched homes, respectively. These cities have experienced a surge in demand for new projects, a clear indication that buyers are increasingly prioritizing new homes over ready-to-move-in options.

In contrast, the Mumbai Metropolitan Region (MMR) recorded a lower 36% of sales from new launches, while Kolkata lagged behind at just 31%. These cities, while still embracing the new launch trend, have not seen significant a shift compared to their counterparts.

What’s Driving the Demand?

The growing demand for newly launched homes can be attributed to several factors. Buyers are finding these properties more affordable compared to ready-to-move-in homes, which often come at a premium. Additionally, newly launched properties offer the potential for higher ROI, making them an attractive investment opportunity. As a result, many buyers are now willing to wait for construction to complete, knowing they are securing a more cost-effective deal in the long run.

In response to this growing trend, developers are increasing their land acquisitions. In 2024, there were 133 land deals amounting to a total of 2,515 acres, with nearly 1,948 acres earmarked for residential projects. This shift is being driven by financially strong developers who have a proven track record in the market, boosting confidence among homebuyers.

Conclusion

The trend toward new launches is set to continue as more well-established, branded developers enter the market. These developers are offering customised housing solutions to meet the evolving expectations of buyers, ensuring that they remain competitive in an increasingly demanding market. As we move further into 2025, this shift is expected to deepen, reshaping the way homes are bought and sold across the country.

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