Delhi-NCR has pipped Mumbai and Hyderabad to emerge as the top-selling housing market in 2024, owing to 66 per cent growth in sales value in Gurugram alone. With this, Delhi-NCR has breached the Rs 1 lakh crore sales value threshold.
The total sales value of Delhi-NCR rose by 63 per cent in 2024 to Rs 1.53 lakh crore, while that of Mumbai stood at Rs 1.38 lakh crore, up 13 per cent and Hyderabad at Rs 1.05 lakh crore, down 18 per cent, according to PropEquity.
The total sales value of homes sold in 2023 in Delhi-NCR stood at Rs 94,143 crore, Mumbai at Rs 1.22 lakh crore and Hyderabad at Rs 1.28 lakh crore.
The total sales value of Gurugram, at Rs 64,314 crore in 2023, was nearly half of Hyderabad with the former surpassing the latter in 2024.
Samir Jasuja, Founder & CEO of PropEquity, said, "Gurugram, with over Rs 1 lakh crore sales, alone accounted for over 66 per cent of the total sales value in Delhi-NCR, thereby helping it emerge on the top. The sales value of Gurugram is second only to Mumbai. Cities like Ghaziabad, Greater Noida, Faridabad and New Delhi have also seen a substantial rise in sales value in 2024. Noida, however, saw a slight decline."
He added that in Delhi-NCR, the weighted average sales price has gone up to Rs 12,469 per sq. ft., with the absorption size of units rising to 2229 sq. ft. in 2024. More than half of the absorption has been in homes priced Rs 2 crore and above and a quarter in homes priced between Rs 1-2 crore.
"Rising prices and demand buoyance in Delhi-NCR is due to the robust infrastructure development, growing corporate presence and ample employment opportunities as is evident from Delhi NCR's rising dominance in office leasing. With the new government in place in Delhi, and MPD 2041 likely to see the light of the day, the real estate market will further see a surge with the entry of new supply," he continued.
Jasuja further explained that Hyderabad's residential market witnessed a significant downturn in 2024 with new launches lowest since 2020 and absorption lowest since 2021. The supply and absorption have declined by 25 per cent and 49 per cent on a Y-o-Y basis, respectively. As a result, the inventory overhang has increased from 17 months in CY'23 to 20 months in CY'24.
The report added that with this feat, the share of home sales value in Delhi-NCR rose from 16 per cent in 2023 to 23 per cent in 2024. The share of Mumbai in total sales value rose from 20 per cent in 2023 to 21 per cent in 2024 while Hyderabad declined from 21 per cent in 2023 to 16 per cent in 2024.
The total sales value of the top 9 cities rose by 12 per cent to Rs 6.73 lakh crore in 2024 compared to Rs 6 lakh crore in 2023. The top 9 cities are Delhi-NCR, Mumbai, Navi Mumbai, Pune, Thane, Kolkata, Bengaluru, Chennai and Hyderabad.
