The southern property market, comprising Bengaluru, Chennai and Hyderabad, saw a dip in new launches, while Delhi-NCR saw a rise in the first half of CY2024, according to a report by data analytics firm PropEquity. The new launches dipped by 14.5 per cent at 64,430 units in H1 CY2024 against 75,360 units in the same period in 2023 in the southern market.
In contrast, Delhi-NCR saw a rise of 35.5 per cent at 23,993 units in the first half of 2024 against 17,711 units in the same period in 2023.
Angad Bedi, chairman and managing director of BCD Group, called it a cyclical trend that is consistent with historical patterns. “We anticipate a resurgence in sales and launch activities during the upcoming festive season.”
The dip in the launches was seen in Hyderabad while Bengaluru and Chennai saw a rise.
The new launches in Bangalore rose to 28,661 units in 2024 against 26,114 units in 2023. In Chennai, it rose to 12,654 units in 2024 against 10,282 in 2023. However, the Hyderabad market saw a dip to 23,115 units in 2024 against 38,964 units in 2023.
“Bengaluru has demonstrated impressive growth, driven by sustained demand and supply. The region’s robust economic growth, coupled with a growing IT sector and infrastructure development, boost its appeal as a real estate investment destination,” Bedi added.
Aakash Ohri, joint managing director and chief business officer of DLF Homes, said that with a heightened focus on lifestyle, convenience, and modern amenities, these new projects cater to the evolving aspirations of discerning buyers.
“Delhi-NCR, particularly Gurugram, has become a focal point for real estate investment, with record-breaking demand for newly launched projects. The influx of NRIs and HNIs investing in the region is further bolstered by favourable currency exchange rates and simplified investment processes, making it an attractive proposition for those seeking long-term capital appreciation. We anticipate continued growth in this market,” said Ohri.
Sanjoo, managing director of 4S Developers, highlighted the advancement in infrastructure across the region as a primary factor for vibrancy in the Delhi-NCR market.
“The Delhi-NCR property market has seen tremendous growth over the past couple of years. This is reflected in the rise in new launches in the first half of 2024. Growing PE investment is also reflective of the vibrancy of this market. The trio of Delhi-Noida-Gurgaon have seen advanced infrastructure development leading to the emergence of several micro markets over the years that are not just self-sustainable but also provide an opportunity for developers to build communities and homebuyers to revel in the latest amenities and facilities,” Sanjoo said.
Ashish Agarwal, director of AU Real Estate, said the region’s ability to cater to this demand has positioned it as a frontrunner in the luxury residential segment.
“This surge in activity is largely driven by a growing preference for luxury homes, as discerning buyers seek out high-end properties that offer unparalleled amenities and a premium lifestyle. As the market continues to evolve, the Delhi NCR is poised to set new benchmarks for luxury living,” Agarwal added.
Aman Trehan, executive director of Trehan Iris, attributed this rise to rising disposable income, growing aspiration and ongoing infrastructure development.
“We are excited to be at the forefront of this transformation, delivering premium living spaces that cater to the evolving needs and desires of our end users,” Trehan said.
The new launches in top 9 cities fell to 213931 units in H1 CY2024 as against 244120 units in the same period last year. Hyderabad, Kolkata, Thane and Pune saw a decline in new launches while Bangalore, Chennai, Mumbai, Navi Mumbai and Delhi-NCR saw a rise.
Property consultants attribute the overall trend to various factors.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors said, “The market continues to demonstrate strong demand from a diverse set of income groups, including millennials and first-time homebuyers. The massive infrastructure development has spurred growth in Delhi-NCR and will continue to attract investment and opportunities. The festive season is likely to see a spurt in both launches and sales.”
PropEquity tracks data of top 9 cities namely Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, Navi Mumbai, Pune, Thane and Delhi-NCR classified as pan India.