The Indian housing market saw record-breaking sales in Q4FY24, with 130,170 units sold across the top 7 cities, marking a 14% yearly increase. Total sales for FY24 reached 492,900, a 30% rise from the previous year. Despite new launches surpassing 100,000 units, inventory dropped by 7% annually. Notably, NCR witnessed the highest decline in unsold stock.
With the implementation of RERA, homebuyers are now more confident in buying newly-launched projects. Strong sales have been reported by developers like DLF, Godrej, Sobha, Brigade, Lodha, TARC, Signature Global, and Max Estates. The NCR real estate market is undergoing a transformation.
Increased real estate construction activity due to NRI investments in housing market has a multiplier effect on job creation, revenue, and GDP growth through extensive linkages with allied industries.
India has also emerged as the most sought-after destination which has been propelled by the IT boom, contributing to a larger demand for residential homes