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Residential project completions across India's top nine cities rose by 33% in FY24, reaching 4,06,889 units, according to PropEquity. The combined total for the past three years has now crossed 10 lakh units. Kolkata led with an 88% rise, followed by Hyderabad (61%) and Chennai (49%). Pune (81,563 units) and Thane (77,017 units) topped overall deliveries. Western India (Mumbai, Thane, Pune, Navi Mumbai) accounted for 55% of total completions, while Southern markets (Bengaluru, Chennai, Hyderabad) contributed 30%. Delhi-NCR was the only region to see a decline, with an 8% drop. Factors driving this growth include revived projects through the SWAMIH Fund, stricter RERA enforcement, and strong market sentiment. The momentum is expected to continue with SWAMIH 2.0 and increasing dominance of branded developers.
The most recent report from PropEquity, a real estate data analytics platform owned by NSE-listed P.E. Analytics Ltd., shows that home completions in India's top nine cities increased by a strong 33% over the previous fiscal year, totaling 4,06,889 units. This notable growth was primarily led by eight out of the nine metros, while only Delhi-NCR posted a decline of 8% in year-on-year numbers. Advertisement
The combined total of completed residential units over the past three financial years has now surpassed the 10 lakh mark. The top-performing cities include Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Thane, Navi Mumbai, and Pune.
Interestingly, the standout performer was Kolkata, which recorded an impressive 88% rise in home deliveries. Hyderabad followed with a 61% growth, while Chennai registered a 49% jump. Pune, Thane, and Navi Mumbai also reported substantial gains of 41%, 39%, and 37%, respectively. Bengaluru saw a more modest rise of 26%, and Mumbai witnessed a 22% increase.
Delhi-NCR was the only outlier with its home delivery numbers declining to 44,423 units from 48,388 units the previous year, thereby reducing its share from 16% to 11% of the national tally.
According to PropEquity's founder and CEO Samir Jasuja, over 1 lakh homes were delivered during the financial year, and he attributed this surge to the backlog of launches from 2018 and 2019, which had faced pandemic-induced slowdowns. He observed that deliveries were fast-tracked by the government's SWAMIH Fund, which helped revive delayed projects, alongside stricter RERA enforcement that pushed developers to meet deadlines.
Jasuja further noted that strong market sentiment over the past two years had boosted cash flows, facilitating quicker construction and handovers. He added that the increasing dominance of reputed and branded developers would likely ensure this delivery momentum continues, especially with SWAMIH 2.0 poised to further support stalled projects.
On the regional front, Western India - comprising Mumbai, Navi Mumbai, Thane and Pune - continued to dominate, accounting for 55% of all homes delivered, up from 53% in the prior fiscal. Southern India - represented by Bengaluru, Chennai, and Hyderabad - made up 30%, up from 28%, while Kolkata improved its share to 4%.
The occupancy certificate data covers apartments, row houses, and villas. Pune topped the list with 81,563 units delivered, followed closely by Thane (77,017 units), Hyderabad (57,304 units), Bengaluru (46,103 units), and Mumbai (41,999 units). Navi Mumbai and Chennai delivered 21,112 and 19,650 units, respectively, while Kolkata reported 17,718 units.
PropEquity, with its over 17-year database covering more than 1,70,000 projects from 57,000+ developers across 44 Indian cities, continues to be a crucial source for tracking real estate trends. The company adds around 700 new projects to its platform every month, reinforcing its position as a premium business intelligence tool in the realty sector.
The data reveals a clear shift towards faster project execution and improved accountability, especially in markets dominated by branded developers. With the introduction of SWAMIH 2.0 and rising investor confidence, this trend is expected to gain further traction in the coming quarters, particularly in Western and Southern India, which are fast becoming the epicentres of real estate momentum.
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