NEW DELHI, Dec 21: Housing sales are projected to decrease by 21 percent annually in nine major cities during the October-December period, resulting in an estimated total of 1.08 lakh units, primarily due to a high base effect, according to PropEquity.
Real estate analytics firm PropEquity released the sales figures on Saturday for India’s leading housing markets — Delhi-NCR, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, and Thane. They expect only Delhi-NCR to see an increase in sales.
According to the data, total residential property sales across the nine cities are anticipated to fall to 1,08,261 units in the current quarter, down from 1,37,225 units during the same timeframe last year.
Nonetheless, sales are predicted to rise by 5 percent compared to the preceding September quarter, which recorded 1,03,213 units.
Samir Jasuja, CEO & Founder of PropEquity, stated that the annual decline in sales is attributed to the high base effect.
He mentioned that quarter-on-quarter sales are expected to improve due to heightened festive demand.
“A detailed examination of the figures shows that even with the decrease, the supply to absorption ratio in 2024 remains consistent with 2023, indicating robust and healthy fundamentals in the real estate sector,” Jasuja remarked.
In Hyderabad, housing sales are projected to plummet by 47 percent to 12,682 units in the October-December 2024 period, down from 24,044 units in the same quarter the previous year.
Bengaluru may see a 13 percent decline in sales to 14,957 units from 17,276 units, while Chennai could experience a 9 percent drop to 4,266 units from 4,673 units.
In Mumbai, housing sales are expected to decrease by 27 percent to 10,077 units compared to 13,878 units last year.
A 13 percent reduction is anticipated in Navi Mumbai, bringing sales down to 7,478 units from 8,607 units, while Thane is likely to face a 16 percent decline to 21,893 units, down from 26,099 units.
Kolkata is expected to see a 33 percent decrease to 3,763 units from 5,653 units.
Residential property sales in Pune may decline by 24 percent to 20,230 units from 26,641 units.
Conversely, the Delhi-NCR market is expected to defy the downward trend, with sales projected to rise by 25 percent to 12,915 units during the December quarter of 2024, compared to 10,354 units in the same quarter last year.
Vivek Singhal, CEO of Smartworld Developers, noted strong demand in the Delhi-NCR market, especially in Gurugram, from both end-users and investors.
He emphasized that the demand for luxury homes in Gurugram has reached unprecedented levels in recent years.
Vijay Harsh Jha, founder and CEO of property brokerage firm VS Realtors, remarked that the real estate market continues to show significant growth.
“The increase in sales and new launches compared to the previous quarter suggests that festive season demand broadly met our expectations,” Jha added.
P E Analytics, a publicly listed company, manages PropEquity, which tracks over 1,70,000+ projects from 57,000+ developers across 44 cities in India. (PTI)
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