Housing sales dip 11% YoY across top 7 Indian cities in Sept qtr: Report | News
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Housing sales in the third quarter of the calendar year 2024 (Q3 2024) dipped by 11 per cent. Photo: Shutterstock
Housing sales in the third quarter of the calendar year 2024 (Q3 2024) dipped by 11 per cent year-on-year across the top seven Indian cities, according to ANAROCK. The data showed that sales declined from over 120000 units in Q3 2023 to about 107000 units in Q3 2024.
The decline is attributed to high prices and the monsoon season. “As always during this period, the ‘shraad’ period also suppressed demand to an extent, as many Indians defer home buying during this time. Overall, the housing market is stabilising after reaching a new peak in Q1 2024.”
The top seven cities are the Mumbai Metropolitan Region (MMR), Delhi-National Capital Region (NCR), Hyderabad, Bengaluru, Chennai, Kolkata, and Pune.
Additionally, the data showed that these cities witnessed a drop in new housing supply, with approximately 93,750 units launched in Q3 2024, compared to 116,220 units in the corresponding period in 2023—a 19 per cent annual decline.
However, Anuj Puri, chairman of Anarock Group, stated, “The fact that sales remained higher than launches indicates that the demand-supply equation remains robust.”
City-wise, MMR topped both lists for new launches and housing sales. The region saw approximately 29,615 units launched in the quarter, although with a 33 per cent year-on-year decline. Meanwhile, sales declined by 13 per cent year-on-year to 36,190 units. While most cities experienced an annual decline in new supply, NCR and Chennai recorded significant increases of 53 per cent and 51 per cent, respectively.
In terms of segments, luxury houses priced above Rs 1.5 crore accounted for 33 per cent of the total new supply, the highest share, while the affordable segment accounted for about 13 per cent, the lowest share. Average prices in the seven cities grew by 23 per cent year-on-year in Q3 2024.
Furthermore, inventory saw an 8 per cent annual decline as sales exceeded new launches in the quarter, according to the research.
First Published: Sep 26 2024 | 12:56 PM IST
