Shift in real estate trends! Surge in homebuyers opting for new launches in 2024

Homebuyers are showing increased interest in newly launched residential properties rather than ready-to-move-in homes, with prominent listed developers leading the new launches, restoring confidence in the property sector.
According to an ET report, Anarock data reveals that newly launched projects constituted over 42% of 4.60 lakh homes sold in 2024, a substantial increase from 26% of roughly 2.61 lakh homes sold in pre-pandemic 2019.
In 2020, 28% of 1.38 lakh units sold in the top 7 cities were new launches, whilst in 2021, new launches accounted for 34% of 2.37 lakh sold units.
The trend continued with 36% of 3.65 lakh units sold being new launches in 2022, and in 2023, new launches comprised 40% of approximately 4.77 lakh sold units.
"NCR has clearly left its years of unsold speculative oversupply in the past - over 44% or 61,900 units sold there in 2024 were launched in the same year," said Santhosh Kumar, vice chairman, Anarock group.
"Given its troubled history, NCR homebuyers' growing preference for new launches over ready or close-to-completion homes is particularly remarkable. Just 22% of the homes sold there in 2019 were newly launched. This is a rapidly rising trend - helped by a strong pipeline of supply from financially strong and market-proven developers," said Kumar.
Bengaluru and Chennai recorded the highest proportion of new supply absorption at 53% each in 2024. Of 65,230 units sold in Bengaluru, 53% were launched that year, whilst in Chennai, 53% of 19,220 units sold were new launches.
Previously, NCR homebuyers favoured ready-to-move-in (RTMI) homes due to frequent project delays during the pre-RERA period.
Currently, the increased presence of reputable, branded developers in the Indian residential sector is attracting investors to premium projects. Notably, Bengaluru, Hyderabad and Chennai experienced significant growth in new launch sales, with investors seeking affordable entry opportunities.
Developers are now introducing projects that align with market requirements, featuring suitable locations, unit dimensions and layouts. Leading developers are procuring land in strategic urban areas to develop residential projects that meet customer expectations.