Hyderabad, Bengaluru, Chennai Witness 47% Surge in Housing Sales in Q3: PropTiger
Hyderabad, Bengaluru, and Chennai have collectively witnessed a 47% increase in residential property sales during the July-September period, despite a marginal decline in demand across eight major cities, according to PropTiger. The data from the real estate consultant, which has recently been acquired by listed entity Aurum PropTech Ltd, shows that housing sales in these three southern cities stood at 38,644 units during the September quarter, up from 26,284 units in the year-ago period.
Hyderabad saw the largest growth, with housing sales increasing by 53% to 17,658 units from 11,564 units. Bengaluru also experienced a significant rise, with housing sales growing by 18% to 13,124 units from 11,160 units. Chennai recorded the most dramatic increase, with housing sales more than doubling to 7,862 units from 3,560 units during the July-September period.
Overall, India's top-eight primary housing markets (first-sale) saw a 1% decline in sales during July-September, mainly due to lower demand in Mumbai, Pune, and Delhi-NCR. The data shows that housing sales across these eight major cities fell to 95,547 units during the third quarter of this calendar year from 96,544 units in the corresponding period of the preceding year.
Among the eight cities, housing sales in the Mumbai Metropolitan Region (MMR) fell by 22% to 23,334 units during the period under review from 30,010 units in the year-ago period. In Pune, sales declined by 28% to 12,990 units from 18,004 units. Sales of residential properties in Delhi-NCR decreased by 21% to 7,961 units from 10,098 units. Ahmedabad saw a 5% dip in sales to 8,889 units from 9,352 units. Lastly, sales of residential properties in Kolkata increased by 33% to 3,729 units during July-September this year from 2,796 units in the year-ago period.
On the outlook, Aurum PropTech Executive Director Onkar Shetye noted that favorable conditions, such as stability in interest rates and proactive policy reforms like the recent GST reduction on cement, have provided a crucial buffer against rising input costs and bolstered developer confidence.
'We are optimistic about the upcoming festive quarter, which will serve as a key indicator of consumer demand. However, it will also be a true test of the market's ability to balance this growth momentum with emerging affordability challenges, particularly in the mid and entry-level segments,' he observed.
Aurum PropTech owns and operates a rental marketplace NestAway Technologies, data analytics firm Aurum Analytica, and sales automation platform Sell.do, besides PropTiger. The company's diverse portfolio positions it well to navigate the evolving real estate landscape and support sustained growth in the sector.
