Housing Market Slows Down: Sales Expected to Drop 2% in Top 9 Cities
Real estate market, housing sales, PropEquity
Housing SalesReal Estate MarketPropequityIndian Housing MarketResidential PropertiesReal EstateJun 20, 2024
In Delhi NCR, residential property sales are likely to rise to 10,198 units, a slight increase from 9,635 units in the year-ago period. Bengaluru is also expected to see a rise in housing sales, with an estimated 15,127 units, up from 15,088 units. However, Chennai is expected to witness a decline in sales to 4,841 units, down from 4,950 units.
Sales in Hyderabad are estimated to decline by 20% to 15,016 units, down from 18,757 units. Kolkata, on the other hand, is expected to see a rise in sales to 5,130 units, up from 4,025 units. Mumbai's housing sales are expected to fall marginally to 13,032 units, down from 13,219 units.
Navi Mumbai is likely to witness a 36% growth in sales to 9,035 units, up from 6,640 units. However, Pune's housing sales are expected to fall by 15% to 22,482 units, down from 26,586 units. Thane is expected to see a 9% rise in sales to 25,041 units, up from 22,956 units.
PropEquity Managing Director and CEO Samir Jasuja stated that the January-March period was an extraordinary quarter with the highest absorption/sales ever witnessed in India. The April-June quarter is usually the slowest quarter compared to other quarters with respect to supply and absorption/sales.
Information
PropEquity is a real estate data and analytics company tracking over 1,73,000 projects of 57,500+ developers across 44 cities in India on a real-time basis.
Frequently Asked Questions
What is the expected decline in housing sales in the current quarter?
2% to approximately 120,000 units
Which cities are expected to see a decline in housing sales?
Hyderabad, Pune, and Chennai
Which cities are expected to see a rise in housing sales?
Delhi NCR, Bengaluru, Kolkata, and Navi Mumbai
What is the reason for the decline in housing sales?
Lower demand in Hyderabad and Pune
Which company released the housing sales data?
PropEquity
Related News Articles
Water-Logging in Mumbai: The Hidden Cost on Real Estate
Water-logging in Mumbai takes a toll on property values, with rental rates dropping by up to 20% in affected areas.
Revolutionizing Indian Real Estate: MIRAI JMAC and Prathamus Ventures Unveil Global Platform
MIRAI JMAC and Prathamus Ventures have launched a strategic partnership to establish a global real estate platform, focusing on the Indian market, with a significant presence in Mumbai, Pune, and Bangalore.
Understanding the Democrats' Proposed Tax Provisions: A Financial and Real Estate Impact Analysis
The Democrats' proposed tax provisions could significantly impact financials and real estate. Key proposals include raising the corporate tax rate, increasing the stock buyback tax, and eliminating like-kind exchanges in real estate.
APAC Investors Pour $1.3 Billion into Indian Real Estate in First Three Quarters of 2024
In the first nine months of 2024, APAC investors have injected $1.3 billion into the Indian real estate market. This significant investment is part of the overall $4.7 billion institutional investments received by the sector during the same period, with f
Maharashtra RERA Imposes Penalty on Spenta Enclave for Delay, Orders Interest Payment to Homebuyers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has ruled in favor of two homebuyers, ordering Spenta Enclave to pay interest for the delayed delivery of flats. The bench, comprising Manoj Saunik, found the developer liable for the delay and d
NCR Dominates Land Market in 2024 with 38 Major Transactions: Top 10 Deals
Adani Realty acquired 24 acres in Mumbai for Rs 8000 crore (Commercial). Godrej Properties purchased 62 acres in Bengaluru for a Township Project. Here are the top 10 land deals in NCR in 2024.