Synopsis: India’s real estate sector witnessed a significant boom in FY24, with 18 major listed developers recording a staggering Rs 1.17 lakh crore in property sales. This marks a 33% increase compared to the previous fiscal year, driven by a surge in demand for residential properties, particularly luxury homes.
The Indian real estate market is experiencing a robust resurgence, with leading developers registering impressive sales figures in the 2023-24 financial year (FY24). According to data compiled from regulatory filings, 18 major listed realty firms achieved a combined sales booking value of approximately Rs 1,16,635 crore (Rs 1.17 lakh crore) in FY24. This represents a significant 33% growth compared to nearly Rs 88,000 crore recorded in the preceding year.
Analysts attribute this upswing primarily to a strong and sustained demand for residential properties across major Indian cities. Notably, luxury homes appear to be a major driver of this growth. Many developers reported record pre-sales figures in FY24, capitalizing on this positive consumer sentiment.
Godrej Properties emerged as the top performer among the listed developers, securing sales bookings of a remarkable Rs 22,527 crore. The positive performance reflects a broader trend within the industry, with most major players exceeding their sales targets compared to FY23.
Experts believe this growth is fueled by several factors, including a post-pandemic rise in housing demand and a shift towards established developers with proven track records in project execution. This trend signifies a growing preference for brands that ensure reliability and timely completion.
The robust performance of the Indian real estate sector in FY24 paints a promising picture for the industry’s continued growth. It remains to be seen whether this momentum can be sustained in the coming fiscal year.
