Residential Sales To Plunge 21 Per Cent In Dec In Top 9 Cities, Says PropEquity Survey

The survey looked into the sales data for the top nine housing markets in India such as Delhi NCR, Navi Mumbai, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Thane, and Hyderabad

On the other hand, the Delhi-NCR market is set to break this expectation. The region is anticipated to see a 25 per cent jump in sales to 12,915 units in the reviewing quarter.

Source : 99acres

Housing sales are projected to decline 21 per cent annually across nine major cities during the October-December period, a study by PropEquity revealed. The survey showed that housing sales are estimated to plunge to 1.08 lakh units on high base effect during the period under review.

The data from the real estate analytics firm, PropEquity, projected that house sales are estimated to climb only in Delhi-NCR, reported PTI. The survey looked into the sales data for the top nine housing markets in India such as Delhi NCR, Navi Mumbai, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Thane, and Hyderabad.

The study showed that the overall sales of residential properties across the major cities are likely to decrease to 1,08,261 units in the Oct-Dec quarter, in comparison to 1,37,225 units in the same quarter a year earlier.

However, the data showed that sales are expected to climb 5 per cent from 1,03,213 units sold in the preceding September quarter. 

Samir Jasuja, CEO and Founder, PropEquity, noted, “The sales have declined on annual basis because of high base effect. The sales are likely to rise quarter-on-quarter on the back of festive demand. A closer look at the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as in 2023 which indicates that the fundamentals of the real estate sector are strong and healthy.”

In Hyderabad, residential sales are projected to slip by 47 per cent to 12,682 units during the period under review, against 24,044 units recorded in the same period a year earlier. Meanwhile, Bengaluru is expected to see a 13 per cent fall in housing sales in the period and Chennai could see a 9 per cent decline in the sales in the period under review.

On the other hand, the Delhi-NCR market is set to break this expectation. The region is anticipated to see a 25 per cent jump in sales to 12,915 units in the reviewing quarter, from 10,354 units logged in the same quarter a year earlier.