The Indian residential real estate sector continued its upward trajectory in Q4 2024 (October-December), with a 12.7% year-on-year (YoY) growth in supply across 13 major markets, according to the latest Magicbricks PropIndex Report. The growth was spearheaded by Bengaluru, which recorded a 56.1% YoY surge, and Gurugram, with a 44.1% YoY rise.
Premium Segment Gains Momentum
The luxury segment emerged as a key driver of growth, contributing 52% of the total new supply, up from 38% in Q4 2023. This marks a 14.4% YoY increase in premium property supply, indicating rising investor activity and demand for high-end residential units.
Under-Construction Properties Dominate Supply
The supply of under-construction properties surged 10.97% quarter-on-quarter (QoQ), with Gurugram (30.97%), Kolkata (27.80%), and Bengaluru (27.39%) leading the growth. However, the supply of Ready-to-Move (RTM) properties saw minimal growth at 0.03% QoQ, reflecting a steady uptake of completed inventory.
Rising Residential Prices
Residential prices across the 13 markets saw a robust 22.7% YoY increase, driven by cities like Greater Noida (42.5%), Noida (42.4%), and Gurugram (35%). This significant capital appreciation underscores strong market confidence and highlights the sustained demand in these key regions.
Demand Stabilizes
The report also noted a 6.6% YoY increase in residential demand, signaling signs of stabilization. Ahmedabad (18.76%), Delhi (16.63%), and Kolkata (15.69%) were the top-performing cities in terms of demand growth.
Key Trends and Takeaways
The findings emphasize the continued expansion of India’s residential real estate sector, fueled by strong investor confidence and growing demand. With luxury housing accounting for over half of the new supply and cities like Bengaluru and Gurugram driving growth, the sector is poised for further momentum in 2025.
This trend is further supported by insights from over 20 million customers on the Magicbricks platform, reflecting a shift toward premium housing and investment-grade properties.
Also Read: Pan India residential market
