Housing Sales Surge 5% Annually In Top 7 Cities Amidst Q2 Challenges: Report
Annually, Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad experienced increased sales, whereas Chennai and Kolkata observed a decline in demand
Housing sales in seven major cities increased by 5 per cent year-over-year to approximately 120,340 units in the April-June 2024 period from 1,15,090 units in the same period last year, according to a report released on Thursday. However, demand decreased by 8 per cent compared to the previous quarter due to a surge in prices, according to Anarock, a real estate consulting firm’s report on current housing market trends.
However, sales are projected to have declined by 8 per cent from the January-March quarter, during which 130,170 units were sold.
"The quarterly decline seen in housing sales is essential because of the all-time high base considered in the previous quarter when more than 1.30 lakh units were sold. Most importantly, this drop is also due to the significant hike in property prices over the last one year, which in turn has prompted many investors to take a breather," Anarock Chairman Anuj Puri explained.
Annually, Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad experienced increased sales, whereas Chennai and Kolkata observed a decline in demand. However, on a quarterly basis, only Delhi-NCR saw an uptick in sales, with the other six cities experiencing decreased demand.
Data indicates that housing sales in Delhi-NCR rose by 1 per cent to 16,550 units in April-June compared to 16,450 units in the same period last year. Sequentially, sales grew by 6 per cent from 15,650 units in the previous quarter.
In the MMR, housing sales saw a 9 per cent increase to 41,540 units in April-June compared to 38,085 units in the same period last year. However, sales in MMR dropped by 3 per cent from the previous quarter's 42,920 units. In Bengaluru, housing sales totalled 16,360 units in April-June, a 9 per cent rise from 15,045 units a year ago. Nevertheless, sales declined by 8 per cent from the preceding quarter's 17,790 units, states the report.
Pune experienced a 2 per cent growth in housing sales, reaching 21,145 units in April-June compared to 20,680 units in the previous year. However, sales in Pune fell by 8 per cent this quarter from 22,990 units in January-March.
Hyderabad saw an 11 per cent increase in housing sales, reaching 15,085 units in April-June, up from 13,565 units a year ago. Nonetheless, sales dropped by 23 per cent from the preceding quarter's 19,660 units. In Chennai, housing sales declined by 9 per cent, accounting for 5,020 units in April-June compared to 5,490 units a year earlier. Demand also fell by 9 per cent from 5,510 units in January-March this year, as per the report.
Kolkata saw a significant decline in housing sales, dropping 20 per cent to 4,640 units in April-June from 5,775 units a year ago. Sales in Kolkata are estimated to have decreased by 18 per cent this quarter from 5,650 units in the preceding January-March period.
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