With large and listed developers dominating the new launch housing supply across the top 7 cities, homebuyers are pressing the ‘buy’ button in newly-launched projects. Customer confidence is back with a bang and Indians are unhesitatingly picking lower prices (and higher ROI) over the instant gratification of ready or nearing completion homes, according to ANAROCK.
Latest ANAROCK data shows that over 42% of approx. 4.60 lakh homes sold in 2024 was in newly-launched projects – significantly up from pre-pandemic 2019’s sales share of 26% of approx. 2.61 lakh homes sold then.
This figure has been rising steadily over the past 5 years:
* In 2020, of approx. 1.38 lakh units sold in the top 7 cities, 28% were launched in that year.
* In 2021, 34% of approx. 2.37 lakh sold units were new launches.
* In 2022, 36% of out of approx. 3.65 lakh sold units were new launches.
* In 2023, 40% of approx. 4.77 lakh sold units were new launches.
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Santhosh Kumar, Vice Chairman – ANAROCK Group, says, “At 53% each, Bengaluru and Chennai saw the highest share of new supply absorption in 2024 – of approx. 65,230 units sold in Bengaluru in 2024, about 53% were launched in that year; similarly, in Chennai, 53% of approx. 19,220 units sold in 2024 were launched that year.”
“NCR has clearly left its years of unsold speculative oversupply in the past – over 44% or approx. 61,900 units sold there in 2024 were launched in the same year,” adds Kumar. “Given its troubled history, NCR homebuyers’ growing preference for new launches over ready or close-to-completion homes is particularly remarkable. Just 22% of the homes sold there in 2019 were newly launched. This is a rapidly rising trend – helped by a strong pipeline of supply from financially strong and market-proven developers.”
Ready-to-move-in (RTMI) homes were, in the past, the top pick for NCR homebuyers because of the chronic project delays that had defined the region in the pre-RERA era.
Today, branded, reliable developers’ rising dominance in the Indian residential space is also attracting investors to the best projects. In particular, Bengaluru, Hyderabad and Chennai saw a massive uptick in new launch sales share, which many investors are seeking low entry points in these cities.
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