Indian Housing Market Sees 18% Decline in Q2 2024 Sales Across 9 Major Cities
Housing sales in nine major Indian cities, including Mumbai, Delhi NCR, and Bengaluru, fell by 18% in Q2 2024, with Hyderabad and Mumbai witnessing significant declines.
Indian Real EstateHousing SalesPropequityMumbaiDelhi NcrReal Estate MumbaiJun 27, 2024
The data reveals that a total of 1,19,901 units were sold across these nine cities in Q2 2024, which is a significant decline of 18% compared to the previous quarter. However, on a year-on-year basis, the housing sales witnessed a marginal dip of only 2%. This trend is attributed to various factors, including rising interest rates, increased Raw Material costs, and changing consumer behavior.
Hyderabad saw the maximum fall of 36% in housing sales, followed by Mumbai, which witnessed a 25% decline. In Hyderabad, only 15,016 housing units were sold in Q2 2024, a significant drop from the 23,595 units sold in Q1 2024. Mumbai, on the other hand, witnessed the sale of 13,032 units between April and June 2024, a decline of 25% from the 17,307 units sold in Q1 2024.
Bengaluru saw a decline of 14% in housing sales, with only 15,127 units sold in Q2 2024 compared to 17,547 units in Q1 2024. Kolkata also witnessed a decline of around 16% in the absorption of housing units.
However, Delhi-NCR bucked the trend, with a 7% increase in housing sales in Q2 2024. The region witnessed the sale of 10,198 housing units in Q2 2024, a growth of around 7% from the 9,510 units sold in Q1 2024.
The decline in housing sales is a cause for concern, especially as the industry was expecting a resurgence after the pandemic. However, experts believe that the market will recover in the coming quarters, driven by government initiatives and changing consumer behavior.
About PropEquity PropEquity is a leading real estate data analytics firm that provides actionable insights to stakeholders in the Indian real estate industry. With a team of experts and a robust data analytics platform, PropEquity helps developers, investors, and policymakers make informed decisions.
Frequently Asked Questions
Which cities witnessed a decline in housing sales in Q2 2024?
Nine major cities, including Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai, and Thane, witnessed a decline in housing sales in Q2 2024.
What was the percentage decline in housing sales in Hyderabad in Q2 2024?
Hyderabad witnessed a decline of 36% in housing sales in Q2 2024.
Which region bucked the trend and witnessed an increase in housing sales in Q2 2024?
Delhi-NCR witnessed a 7% increase in housing sales in Q2 2024.
What was the total number of units sold across nine cities in Q2 2024?
A total of 1,19,901 units were sold across nine cities in Q2 2024.
What is the name of the real estate data analytics firm that published the report?
The report was published by PropEquity, a leading real estate data analytics firm.
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