At Garg Realty, we’re always keen to keep our clients informed about the latest trends shaping the real estate landscape. Recent data reveals an exciting shift in homebuyer preferences that’s transforming the property market across India’s top metropolitan areas.
A Paradigm Shift in Property Investments
The real estate sector is witnessing a remarkable transformation, with homebuyers increasingly gravitating towards newly launched projects rather than ready-to-move-in properties. According to ANAROCK research, a staggering 42% of approximately 460,000 homes sold in India’s top seven cities in 2024 were fresh launches.
Regional Highlights
The trend is particularly pronounced in cities like:
- Bengaluru and Chennai: Leading the pack with an impressive 53% of new supply absorption
- Hyderabad: Showing a significant jump from 28% in 2019 to 43% in 2024
- Pune: Increasing new launch sales from 34% in 2019 to 42% in 2024
The Post-Pandemic Real Estate Evolution
The shift in buyer preferences can be traced back to the COVID-19 pandemic, with a steady increase in new project investments:
- 2020: 28% of 138,000 units were new launches
- 2021: 34% of 237,000 units were new launches
- 2022: 36% of 364,000 units were new launches
- 2023: 40% of 477,000 units were new launches
Why New Launches Are Gaining Traction
Experts attribute this trend to several key factors:
- Increased Customer Confidence: Buyers are more willing to invest in new projects
- Attractive Pricing: Lower entry points and higher potential return on investment
- Strategic Location: Projects situated in prime locations
- Tailored Configurations: Unit sizes and designs that meet modern buyer preferences
The Leading Developer’s Perspective
Leading developers are responding to this trend by:
- Actively acquiring land in key cities
- Launching projects that precisely match market demands
- Focusing on locations with strong growth potential
Land Acquisition Insights
In 2024, the market saw:
- 133 land deals
- Over 2,515 acres of total land acquired
- 1,948 acres designated for residential development
NCR: A Remarkable Transformation
Notably, the National Capital Region (NCR) has undergone a significant transformation. Historically known for project delays, the region now sees 44% (approximately 61,900 units) of homes sold in 2024 being newly launched projects, compared to just 22% in 2019.
Conclusion
The real estate landscape is evolving, and Garg Realty is committed to helping our clients navigate these exciting changes. Whether you’re a first-time homebuyer or an experienced investor, understanding these market trends is crucial to making informed property investment decisions.
Disclaimer: Data sourced from ANAROCK property market research for the year 2024.