India's Residential Real Estate Market Soars, Kolkata Bucks Trend

India's real estate market saw a 55% rise in new launches to 159,455 units in the first half of 2024. However, Kolkata experienced an 11% drop in new launches. Major cities like Bengaluru, Mumbai, Delhi NCR, and Hyderabad led the surge, while Chennai and Pune also saw declines.

India's residential real estate market flourished in the first half of 2024, with a remarkable 55 percent increase in new launches, totaling 159,455 units, according to a recent report.

However, Kolkata presented a stark contrast, showing an 11 percent drop in new launches, recording only 4,388 units compared to the 4,942 units during the same period in 2023. Notably, Kolkata's new launch inventory accounted for a mere three percent among the top seven cities.

On the national level, cities including Bengaluru, Mumbai, Delhi NCR, and Hyderabad drove the increase in new launches. Conversely, Chennai and Pune experienced a 10 percent and 22 percent decline respectively. Residential prices surged year-on-year by 5 to 20 percent in the top seven cities during Q2 2024.

(With inputs from agencies.)