Mumbai, Dec 26 (IANS): The overall sales value of housing units saw a 16 per cent yearly jump in 2024 – from approximately Rs 4.88 lakh crore in 2023 to about Rs 5.68 lakh crore this year, according to a report on Thursday.

The housing sales in the top seven cities stood at nearly 4,59,650 units in 2024, against 4,76,530 units in 2023, according to the rpeort by Anarock Group.

Mumbai Metropolitan Region (MMR) witnessed the highest sales of nearly 1,55,335 units in 2024, registering a 1 per cent yearly rise. Pune followed with about 81,090 units sold.

MMR and Bengaluru saw the maximum new launches, together accounting for an almost 50 per cent of the new supply in the year.

“Compared to 2023, 2024 saw a 21 per cent rise in the average price in the top seven cities. Average residential prices hikes will stabilise in the coming year, though there will be steady growth amid increased input costs and high demand,” said Anuj Puri, Chairman, Anarock Group.

2025 will also see generous new supply infusions by listed developers, who have significant inventory lined up, he mentioned.

Among budget categories, luxury housing demand and new supply increased exponentially in 2024 as homebuyers demand continued the post-pandemic trend of bigger, better homes by branded developers.

The new luxury supply addition across the top 7 cities rose by 24 per cent in 2024 against 2023 and there is no reason to expect luxury housing demand to taper off in 2025, the report mentioned.

MMR also saw the highest number (about 1,34,500) of new units launched in 2024 among the top seven cities. Over 75 per cent of the new supply was in the sub-Rs 1.5 crore budget segment.

Delhi-NCR launched nearly 53,000 new units in 2024 - a significant 44 per cent rise over 2023. Over 59 per cent of the new supply was in the ultra-luxury segment priced above Rs 2.5 crore, the report said.

About 5.53 lakh units are currently on the primary sales market across the top seven cities, it added.