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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 top seven Indian cities in the third quarter of calendar year 2024 (Q3 2024) dipped 11 per cent on a yearly basis, said a report on Thursday, noting that the market is stabilising.
Data provided by ANAROCK, a property consulting company, showed that sales declined from more than 120,000 units in Q3 2023 to about 107,000 the same period this year.
ANAROCK attributed the decline to high prices and monsoon. “…the ‘shraad’ period also suppressed demand to an extent as many Indians defer home buying in this period. Overall, the housing market is stabilising after creating a new peak in Q1 2024,” it said, referring to a time of solemnity for many Hindus.
The top seven cities are Mumbai Metropolitan Region (MMR), Delhi National Capital Region (NCR), Hyderabad, Bengaluru, Chennai, Kolkata and Pune.
As many as 93,750 houses were launched in Q3 2024 compared to 116,220 units the same time last year, marking a 19 per cent annual drop.
“The fact that sales remained higher than launches indicates that the demand-supply equation remains robust,” said Anuj Puri, chairman of ANAROCK Group.
MMR led the seven cities in terms of new launches and housing sales. Some 29,615 units were launched in MMR in Q3 2024, marking a 33 per cent year-on-year (Y-o-Y) decline. Sales declined too, by 13 per cent Y-o-Y to 36,190 units. New housing supply in NCR and Chennai increased by 53 per cent and 51 per cent, respectively.
Luxury houses, those priced more than Rs 1.5 crore, comprised 33 per cent, the most, of new launches. Affordable housing’s share was about 13 per cent, the lowest. Average house prices in the seven cities grew 23 per cent Y-o-Y in Q3 2024.
Housing inventory declined 8 per cent as sales exceeded new launches in the quarter, according to ANAROCK.
First Published: Sep 26 2024 | 12:56 PM IST
