The Indian residential real estate sector is witnessing a significant shift in homebuyer preferences, with newly launched projects gaining a dominant share in sales across the country’s top seven cities. According to the latest data from ANAROCK Research, 42% of approximately 4.60 lakh homes sold in 2024 were from fresh launches, marking a substantial increase from 26% of approximately 2.61 lakh homes in 2019.
This surge reflects growing consumer confidence in newly launched properties, as homebuyers prioritize affordability and potential returns over ready-to-move-in (RTMI) homes. The trend has been steadily rising over the past five years:
- 2020: Of 1.38 lakh units sold, 28% were fresh launches.
- 2021: 34% of 2.37 lakh sold units were newly launched.
- 2022: 36% of 3.65 lakh sold units were from new launches.
- 2023: 40% of 4.77 lakh sold units were newly launched.
Bengaluru & Chennai Lead in New Launch Absorption
Among the top seven cities, Bengaluru and Chennai recorded the highest share of new supply absorption in 2024, with 53% each. Of approximately 65,230 units sold in Bengaluru, 53% were newly launched, while in Chennai, 53% of 19,220 sold units were from new launches.
NCR also saw a significant rise in new launch absorption, with over 44% of 61,900 units sold in 2024 coming from projects launched in the same year. This marks a sharp increase from just 22% of newly launched homes sold in 2019. The shift highlights a growing preference among NCR homebuyers for fresh supply, backed by financially strong developers and improved regulatory oversight post-RERA.
Investors Shift Focus to Southern Cities
Investor sentiment is also fueling the demand for fresh launches, particularly in Bengaluru, Hyderabad, and Chennai. These cities have seen a notable rise in new launch sales share, indicating increasing investor interest in properties at lower entry points.
Unlike previous years, developers are now focusing on launching projects that align with market demand, offering prime locations, optimal unit sizes, and desirable configurations. This has driven large and listed developers to actively acquire land for new residential developments. In 2024 alone, ANAROCK reported 133 land deals covering 2,515 acres, with 1,948 acres dedicated to residential projects.
City-Wise Absorption Trends
Kolkata recorded the lowest share of fresh supply absorption at 31% of approximately 18,330 units sold in 2024. However, this was still an improvement from 23% in 2019, indicating a gradual increase in new project demand.
| City | Total Units Sold (2024) | % Share of New Launch Absorption (2024) | Total Units Sold (2019) | % Share of New Launch Absorption (2019) |
|---|---|---|---|---|
| NCR | 61,902 | 44% | 46,920 | 22% |
| MMR | 1,55,334 | 36% | 80,870 | 23% |
| Bengaluru | 65,226 | 53% | 50,450 | 27% |
| Pune | 81,088 | 42% | 40,790 | 34% |
| Hyderabad | 58,540 | 43% | 16,590 | 28% |
| Chennai | 19,221 | 53% | 11,820 | 28% |
| Kolkata | 18,334 | 31% | 13,930 | 23% |
Conclusion
The rise in new launch sales across India’s top cities signals a transformative shift in homebuyer behavior. With the dominance of reputed developers, improved market transparency, and favorable pricing in fresh launches, new projects are gaining unprecedented traction. As the demand for residential real estate continues to evolve, the preference for newly launched homes over RTMI properties is expected to remain strong, shaping the future of India’s housing market in the years ahead.
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