South Indian Realty market dips 14.5% while Delhi NCR witnesses rise of 35.5%

The real estate market of southern India which consists of metro cities like Bengaluru, Chennai and Hyderabad witnessed a decline in new launches, on the other hand, Delhi-NCR saw a sharp growth in the first half of CY2024. The report of proptech platform PropEquity showed that,the new launches declined by 14.5% at 64,430 units in H1 CY2024 against 75,360 units in the same period in 2023 in the southern market.

The report also showed Delhi-NCR saw a rise of 35.5% at 23,993 units in the first half of 2024 against 17,711 units in the same period in 2023. Hyderabad witnessed a decine in launches but Vebgakuru and Chennai saw significant rise. 

The chairman and managing director of BCD Group, Angad Bedi said, “We anticipate resurgence in sales and launch activities during the upcoming festive season.”

New launches in Bangalore increased to 28,661 units in 2024, up from 26,114 units in 2023. In Chennai, they rose to 12,654 units in 2024 compared to 10,282 in the previous year. However, the Hyderabad market experienced a decline, with 23,115 units in 2024, down from 38,964 units in 2023.

"Bengaluru has shown remarkable growth, fueled by steady demand and supply. Its strong economic performance, along with the expanding IT sector and ongoing infrastructure development, enhances its attractiveness as a real estate investment hub," said Bedi.

Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF Homes, noted that the new projects, with a greater emphasis on lifestyle, convenience, and modern amenities, are designed to meet the evolving expectations of discerning buyers.

He further added, “Delhi-NCR, especially Gurugram, has emerged as a key destination for real estate investment, marked by unprecedented demand for newly launched projects. The influx of NRIs and HNIs investing in the area is supported by favorable currency exchange rates and streamlined investment procedures, making it an appealing option for long-term capital growth. "We expect this market to continue its growth.”

Sanjoo, Managing Director of 4S Developers, emphasized that improvements in infrastructure across the region are a major driver of the vitality in the Delhi-NCR market.

Over the past few years, there has been significant growth in the property market of Delhi-NCR. This is evident from a surge in new launches during H1 2024, coupled with an increase in private equity investment that showcases this market's dynamism. As a result of advanced infrastructure development across Delhi Noida Gurgaon (the trio), various micro markets have sprung up - which not only stand self-sufficient but also offer developers scope to build communities and homebuyers access to state-of-the-art amenities & facilities.