India Market Monitor Q3 2024 – Residential

India’s housing market witnessed a moderation in the third quarter of 2024. However, the sector demonstrated strong performance in absolute terms, with over 225,000 units sold during the first nine months of the year. This sustained positive sentiment in the housing market has encouraged developers to launch new projects and additional phases, resulting in approximately 215,000 new units entering the market in 9M 2024.

Given the strong performance in H1 2024 and the sector's tendency to peak during the festive season, we forecast both sales and new launches of residential units to remain elevated. However, high capital values amidst an uncertain global economic scenario may lead homebuyers to take a wait-and-watch approach to purchasing decisions.

In addition, as erstwhile price points realign, we expect the high-end / premium categories (INR 1 to 2 crore and INR 2 to 4 crore, respectively) to witness strong demand. Additionally, the traditional mid-end segment-dominated markets such as Noida, Bengaluru, Pune, and Chennai are expected to continue gravitating increasingly towards high-end developments.

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