Mumbai and Hyderabad Propel India's Residential Market to New Heights in H1 2024

Mumbai and Hyderabad lead residential launches in H1 2024, contributing 43% of new units. India's residential market hits record highs with 160,000 units launched, driven by premium and luxury segments. Sales increased by 22%, led by Bengaluru and Mumbai. Prices rose 5-20% across top cities.

Mumbai and Hyderabad have emerged as leaders in residential property launches, jointly accounting for 43% of new units, according to a JLL report.

India's residential real estate market soared in the first half of 2024, with a record 160,000 units launched, marking a 5% increase over H1 2023. This growth was driven by a surge in the premium (Rs 3-5 crore) and luxury (above Rs 5 crore) segments, which saw 170% and 116% year-on-year growth, respectively.

Developers are responding to post-pandemic buyer preferences with high-value projects. Mumbai alone contributed 23% of the total with 36,477 units, followed by Hyderabad at 19% with 31,005 units. Bengaluru and Delhi NCR also made significant contributions. In H1 2024, residential sales reached an all-time high with 155,000 units sold, a 22% increase from the same period in 2023, led by Bengaluru and Mumbai.