Housing sales drop 11% in Q3 2024, while property prices rise by 23% year-on-year.
At a sector level, Indian real estate has witnessed a sales downturn in the housing market. According to ANAROCK Research, the third quarter of the year 2024 saw an 11% decline in housing sales in comparison to Q3 2023. The top seven cities included NCR, MMR, Bengaluru, Pune, Hyderabad, Kolkata, and Chennai. A total 1,07,060 units were sold against the Q3 2023 figure of 1,20,290 units. But right after the decline, the Mumbai Metropolitan Region (MMR) still took the top position with 36,190 units sold declining by 13% quarterly.
All top cities witnessed sales decline: The report further adds that sales declined in all the top cities. MMR and Pune together accounted for 52% of the total sales, thereby emphasizing their dominance over the market. Existing inventory of these cities dropped by 2% too to approximately 5,64,415 units.
New supply of housing declined by 19%, and for the first time since Q1 2023, the new supply had touched below the 1 lakh mark. MMR dominated with around 29,615 units launched, while the luxury housing segment priced above Rs 1.5 crore saw the highest new supply at 33%.
On the pricing front, average residential prices in the top seven cities grew 23% year-on-year largely on account of input cost escalation alongside solid demand. Hyderabad witnessed the maximum growth at 32%, followed closely by Bengaluru and NCR, which saw growth at 29% each.
Seasonal factors like the monsoon and the 'shraad' period tend to cool off demand as usual, market experts said. While sales have moderated, the market seems to be stabilizing, said Anuj Puri, Chairman of ANAROCK Group, after a record peak this year.
.webp)
.webp)
