India Market Monitor Q2 2024 – Residential

India's gross domestic product (GDP) continues to exhibit resilience, characterised by steady progress in recent quarters. The government has revised the full-year real GDP growth estimate for FY 2023-24 upwards to 8.2%. Similarly, the Reserve Bank of India (RBI) has raised the real GDP forecast for FY 2024-25 to 7.2% from an earlier estimate of 7%, citing improving rural and urban demand buoyed by favourable monsoon forecasts, an uptick in services and the government’s capex thrust.

Significant growth in the manufacturing and mining sectors has also driven the country’s real gross value added (GVA) for FY 2023-24 to 7.2%, compared to 6.7% in FY 2022-23. However, persistent food price pressures may necessitate a postponement of the central bank’s anticipated rate-cutting cycle until later in the year.

With this backdrop, here is a review of the key trends witnessed in the residential real estate sector in Q2 2024:

- Residential: India's housing market maintained robust momentum in the first half of 2024, with sales surpassing 156,000 units. This strong performance was supported by a consistent stream of new launches, totalling about 153,000 units.

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