India’s actual property market witnessed an eleven per cent decline in housing gross sales through the third quarter of 2024, in keeping with a report by ANAROCK Analysis. Whereas the highest seven cities (NCR, MMR, Bengaluru, Pune, Hyderabad, Kolkata, and Chennai) accounted for 80% of complete gross sales, Mumbai Metropolitan Area (MMR) remained the top-performing market with 36,190 models bought, regardless of a 13% quarterly decline.
Bengaluru, Pune, Hyderabad, Kolkata, and Chennai additionally skilled declines in gross sales in comparison with the earlier quarter and 12 months. Obtainable stock throughout the highest 7 cities decreased by 2% on a quarterly foundation to roughly 5,64,415 models.
” After a 2-year bull run, residential actual property exercise throughout the highest cities stabilized in Q3 2024 – sometimes a gradual quarter because of the monsoon and perceived inauspiciousness. Newest information reveals that housing gross sales throughout the highest 7 cities declined by 11% yearly. , clocking in at approx 1,07,060 models in Q3 2024 towards approx 1,20,290 models in Q3 2023. Nonetheless, gross sales continued to outstrip new provide in Q3 2024.
Among the many prime 7 cities, MMR recorded the very best gross sales of approx. 36,190 models, adopted by Pune with approx. 19,050 models. Cumulatively, the 2 western cities accounted for 52% of the whole gross sales throughout the highest 7 cities in Q3 2024.
Key highlights:
- 1.07+ lakh models bought throughout the highest 7 cities in Q3 2024, towards 1.20+ lakh models again in Q3 2023
- MMR noticed highest gross sales of approx. 36,190 models, adopted by Pune with approx. 19,050 models; collectively, these cities accounted for 52% of complete gross sales in Q3 2024
- New provide additionally witnesses a 19% drop, falling under the 1 lakh mark for 1st time since Q1 2023
- MMR tops new provide with approx. 29,615 models launched in Q3 2024, adopted by Bengaluru with approx. 15,915 models
- Share of latest luxurious houses provide (priced >Rs 1.5 Cr) highest at 33%; inexpensive housing provide share dips to its lowest at 13%
- Current stock throughout the highest 7 cities declines 8% yearly – from 6.10+ lakh models in Q3 2023 to five.64+ lakh models in Q3 2024
- Avg. residential costs in prime 7 cities noticed double-digit development of 23% in Q3 2024 towards Q3 2023: Hyderabad noticed highest 32% annual development; Bengaluru & NCR see 29% rise every
All the highest cities individually recorded a dip in housing gross sales
The highest 7 cities additionally witnessed a drop in new housing provide, with approx. 93,750 models launched in Q3 2024 towards 1,16,220 models within the corresponding interval in 2023 – a 19% annual drop.
When it comes to finances segments, the >Rs 1.5 Cr luxurious housing phase witnessed the very best new provide of 33%, adopted by the premium (Rs 80 lakh – Rs 1.5 crore) phase with a 30% share. The mid phase (Rs 40– 80 lakh) contributed a 23% share of the whole new provide through the quarter, whereas the inexpensive phase’s share fell additional to simply 13% – the bottom in 1 / 4.
Common residential costs within the prime 7 cities collectively noticed double-digit development of 23% in Q3 2024 towards Q3 2023. Hyderabad recorded the very best 32% annual development, adopted by Bengaluru and NCR with 29% will increase every.
“As a consequence of escalating enter prices in addition to important gross sales development, common residential property costs throughout the highest 7 cities collectively rose by 23% yearly – from Rs 6,800 per sq. ft. in Q3 2023 to Rs 8,390 per sq. ft. in Q3 2024. Among the many prime 7 cities, Hyderabad noticed the very best 32% soar in common costs. On a quarterly foundation, common costs within the prime 7 cities rose by 4%,” famous the report.
““Housing gross sales within the third quarter tapered down amid excessive costs and the monsoon season. “As all the time on this interval, the ‘shraad’ interval additionally suppressed demand to an extent as many Indians defer residence shopping for on this interval. General, the housing market is stabilizing after creating a brand new peak in Q1 2024,” stated Anuj Puri, Chairman – ANAROCK Group.
Housing Gross sales Overview
- NCR, MMR, Bengaluru and Pune collectively accounted for 80% of the gross sales within the quarter.
- MMR recorded the very best gross sales among the many prime 7 cities in Q3 2024, with approx. 36,190 models bought – a quarterly lower of 13% and a 6% yearly drop
- Pune noticed approx. 19,050 models bought in Q3 2024, a lower of 10% over Q2 2024 and a 17% annual decline over Q3 2023
- NCR noticed approx. 15,570 models bought in Q3 2024, a marginal decline of two% over final 12 months and of 6% on a quarterly foundation
- Bengaluru bought approx. 15,025 models in Q3 2024, a quarterly and yearly decline of 8% every
- Hyderabad recorded approx. 12,735 models bought in Q3 2024, reducing by 16% over Q2 2024 and 22% over Q3 2023
- Kolkata noticed approx. 3,980 models bought in Q3 2024, declining by 14% over the earlier quarter and by 25% over the corresponding quarter in 2023
- Chennai noticed approx. 4,510 models bought through the quarter- declining by 10% quarterly and by 9% yearly
First Printed: Sep 30 2024 | 11:00 AM ist
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