India Market Monitor Q1 2024 – Residential

India's economy continues to grow at the fastest pace among all major economies. Inflation has come down for almost all major goods and services except for food items. Private consumption is expected to pick up as inflation eases in the coming months. Further decline in the Consumer Price Index (CPI) would strengthen the Reserve Bank of India’s (RBI) confidence to initiate a measured easing of key policy rates and reserve ratios. The government's fiscal consolidation roadmap, coupled with the central bank's cautious monetary policy, has established a strong footing for continued economic expansion.

With this backdrop, here is a review of the key trends witnessed in the residential sector in Q1 2024:

-        Residential: Tailwinds from the preceding year continued buoyant residential sales as around 85,000 units were sold in Q1 2024, registering an 8% Y-o-Y rise. The supply of new housing units remained robust as well, with developers launching approximately 80,000 units during the quarter, at a marginal decline of about 2% Y-o-Y.

To delve deeper into our analysis of the residential real estate landscape in India, please click on the download button.