Mumbai, March 5 : Homebuyers in India are increasingly choosing newly-launched housing projects over ready-to-move-in homes, as over 42 per cent of the 4.60 lakh homes sold in 2024 were part of new launches, a new report said on Wednesday.
This marks a considerable increase from 2019, when only 26 per cent of the 2.61 lakh homes sold were newly launched.
According to the latest data from ANAROCK, this trend is especially strong in major cities, where large and listed developers dominate the market.
This shift has been consistent over the past five years. In 2020, 28 per cent of the 1.38 lakh homes sold in the top seven cities were newly launched.
In 2021, the percentage rose to 34 per cent, with approximately 2.37 lakh homes sold. By 2022, 36 per cent of the 3.65 lakh homes sold were new launches, and in 2023, the figure increased further to 40 per cent of the 4.77 lakh units sold.
City-wise, the absorption of newly launched homes varies. Kolkata had the lowest share of fresh supply absorption, with only 31 per cent of the 18,330 units sold in 2024 being newly launched.
However, this was still an improvement compared to 2019, when just 23 per cent of the 13,930 units sold that year were from new launches.
In NCR, approximately 44 per cent of the 61,902 units sold in 2024 were newly launched, a big jump from just 22 per cent in 2019.
Chennai saw a massive increase, with 53 per cent of the 19,221 units sold in 2024 being newly launched, up from 28 per cent in 2019.
Bengaluru and Pune also saw strong growth in newly launched units. In Bengaluru, 53 per cent of the 65,226 units sold in 2024 were newly launched, up from 27 per cent in 2019.
Similarly, in Pune, 42 per cent of the 81,088 units sold in 2024 were part of new projects, compared to 34 per cent in 2019.
Hyderabad experienced a significant rise as well, with 43 per cent of the 58,540 units sold in 2024 being new launches, a major increase from 28 per cent in 2019. (IANS)