Intelligent Investment
India Market Monitor
Q3 2024
Residential
REPORT CBRE RESEARCH
October 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.
44%
Share of mid-end projects in sales in 9M 2024,
64%
Combined share of Mumbai, Pune, and
followed by high-end and affordable projects* Hyderabad in unit launches in 9M 2024
64%
Cumulative share of Mumbai, Pune, and
65%
Cumulative share of Mumbai, Pune, and
Bengaluru in sales in 9M 2024 Hyderabad in apartment launches in Q3 2024
65%
Total share of Mumbai, Pune, and Bengaluru *Note - Definition of segments as per ticket size (INR): Aff¬ordable /
in sales in Q3 2024 Budget - Up to 45 lakh; Mid-end - 45 lakh to 1 Cr, High-end - 1 Cr to 2
Cr; Premium - 2 Cr to 4 Cr, and Luxury - Above 4 Cr
©2024 CBRE, INC.
1 CBRE RESEARCH | India Market Monitor Q3 2024
Market Performance in Q3 2024
India Market Monitor RESIDENTIAL
~225,350 ~68,400
Sales in 9M 2024 Sales in Q3 2024
Sales in
9M 2024
Sales in
Q3 2024
Unit launches in Unit launches in Categories Mid-end High-end
~215,350 ~62,000
9M 2024 (no. of units) Q3 2024 (no. of units)
that drove sales
Q3 2024 CV indicator arrows (Q-o-Q)
43% 42% 27% 26%
share in share in share in share in
Increase Stable Decrease Q3 2024 Q2 2024 Q3 2024 Q2 2024
Unit launches in 9M 2024 Unit launches in Q3 2024
Affordable / Budget Premium Luxury
Delhi-NCR Kolkata 15% 14% 9% 11% 6% 6%
share in share in share in share in share in share in
~27,750 ~8,300 Q3 2024 Q2 2024 Q3 2024 Q2 2024 Q3 2024 Q2 2024
~12,300 ~3,600
~21,050 ~5,150 ~9,800 -~2,800 Cities that drove sales
Mumbai Mumbai Pune Bengaluru Delhi-NCR
~66,800 ~22,000 32% 30% 18% 18% 15% 13% 12% 15%
share in share in share in share in share in share in share in share in
~55,540 ~16,000 Q3 2024 Q2 2024 Q3 2024 Q2 2024 Q3 2024 Q2 2024 Q3 2024 Q2 2024
Pune
~43,450 ~12,200 Hyderabad
Prevailing trends in unit launches in Q3 2024
~26,800 ~8,000
~47,400 ~13,800 Mid-end High-end Premium Mumbai Pune Hyderabad
~35,800 ~10,500 37% 32% 12% 26% 22% 17%
share in share in share in share in share in share in
Q3 2024 Q3 2024 Q3 2024 Q3 2024 Q3 2024 Q3 2024
Bengaluru Chennai
~33,400 ~10,100 ~14,900 ~4,200
~30,900 ~9,300 ~14,950 ~4,400 *Note - Definition of segments as per ticket size (INR):
Affordable / Budget - Up to 45 lakh; Mid-end - 45 lakh to 1 Cr, High-end - 1 Cr to 2 Cr; Premium - 2 Cr to 4 Cr, and Luxury - Above 4 Cr
Source: CBRE Research, Q3 2024 *Capital values
Please note that the numbers have been rounded off and might not add up to the exact total.
2 CBRE RESEARCH | India Market Monitor Q3 2024 ©2024 CBRE, INC.
Outlook
Residential
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.
3 CBRE RESEARCH | India Market Monitor Q3 2024 ©2024 CBRE, INC.
Contacts
RESEARCH FOLLOW US
Abhinav Joshi Vidhi Dheri
Head of Research, India, Middle East Director, National Operations
and North Africa
[email protected][email protected]Rajorshi Sanyal Mohamed Atif Khan
General Manager Deputy General Manager
[email protected] [email protected]CBRE Research
This report was prepared by the CBRE India Research Team, which forms part of CBRE Research—a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.
All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty
or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy
or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorized publication or redistribution of CBRE research reports is
prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.
To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at www.cbre.com/research-and-reports
CIN - U74140DL1999PTC100244
Business Line Contacts
ADVISORY & TRANSACTIONS CONSULTING & VALUATIONS GLOBAL WORKPLACE SOLUTIONS PROJECT MANAGEMENT
Ram Chandnani Rami Kaushal Rajesh Pandit Gurjot Bhatia
Managing Director, Managing Director, Managing Director, Managing Director,
Advisory & Transaction Services, India Consulting & Valuations, India, Global Workplace Solutions, India & Project Management, India,
[email protected] Middle East & Africa Property Management, India, SE Asia, Middle East & Africa
[email protected] SE Asia, Middle East & North Africa [email protected]
[email protected]
CAPITAL MARKETS CAPITAL MARKETS OPERATIONS
Gaurav Kumar Nikhil Bhatia Rajat Gupta
Managing Director & Co-Head, Managing Director & Co-Head, Managing Director, Operations, India
Capital Markets, India Capital Markets, India
[email protected][email protected] [email protected]CBRE Research
This report was prepared by the CBRE India Research Team, which forms part of CBRE Research—a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.
All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty
or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy
or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorized publication or redistribution of CBRE research reports is
prohibited. CBRE will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication.
To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at www.cbre.com/research-and-reports
CIN - U74140DL1999PTC100244
