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Despite challenges, the housing market in India's top nine cities demonstrated a strong performance in the financial year 2024-25, with deliveries of completed homes surging by 33 percent year-on-year to over 4 lakh units.

According to data from NSE-listed data analytics firm PropEquity, Western India accounted for 55 percent of the homes delivered in FY25. However, Delhi-NCR property market bucked the trend as it saw a YoY decline of 8 percent in the number of homes delivered in FY25. In FY24 as many as 48,388 units were delivered in Delhi NCR while it came down to 44,423 units in FY25.

The other eight cities saw YoY growth of between 22 and 88 percent in the number of homes delivered in FY25 with Kolkata (88 percent) rising the most and Mumbai (22 percent) rising the least in FY25. The top nine cities of India include Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Kolkata, Thane, Navi Mumbai and Pune.

Data showed that Western India (Mumbai, Navi Mumbai, Thane and Pune) accounted for 55 percent of the total homes delivered in FY25, a rise from 53 percent in FY24 while Southern India (Bengaluru, Chennai and Hyderabad) accounted for a 30 percent share, up from 28 percent in FY24. Kolkata accounted for a 4 percent share in FY25, a rise from 3 percent in FY24. Delhi-NCR accounted for an 11 percent share in FY25, a decline from 16 percent in FY24.

The most number of homes were delivered in Pune at 81,563 units (41 percent YoY growth), followed by 77,017 units in Thane (39 percent YoY growth), 57,304 units in Hyderabad (61 percent YoY growth), 46,103 units in Bengaluru (26 percent YoY growth), 41,999 units in Mumbai, 21,112 units in Navi Mumbai (37 percent YoY growth), 19,650 units in Chennai (49 percent YoY growth) and 17,718 units in Kolkata.

SWAMIH Fund and RERA ensured faster deliveries of homes

Samir Jasuja, Founder and CEO, PropEquity said that the cause of this surge is due to the delivery of homes launched in 2018-19, the construction of which experienced some slowdown due to the pandemic and other factors.

“The deliveries have also been expedited due to the government’s SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund. The strict compliance and implementation under RERA have also played a major role in developers adhering to project delivery timelines,” he said.

He said that the positive market sentiments over the past couple of years have ensured strong cash-flows and faster project executions.

“As reputed and branded developers increase their market share, this trend in delivery of homes is expected to continue. SWAMIH 2.0 will also play a significant role in expediting delivery of stalled projects,” he said.

Umesh Gowda H A, Chairman and Founder at Bengaluru-based real estate developer Sanjeevini Group, said that reforms like RERA and the SWAMIH fund have accelerated the delivery of homes amidst soaring demand from growing corporate presence and employment.

“Micro-markets in the periphery such as Varthur and Gunjur in Bengaluru are amongst the top priority markets for residential demand as developers focus on expediting construction, ensuring quicker delivery and enhancing brand equity,” he said.

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