Indian Housing Market Sees Decline in Sales and New Launches in Q3 2024
Housing sales and new launches in India's top nine cities are expected to decline in Q3 2024, according to real estate analytics firm PropEquity.
Indian Housing MarketPropequityReal Estate AnalyticsHousing SalesNew LaunchesReal EstateSep 20, 2024
New housing launches in the top nine cities are expected to decline by 11% to 93,693 units in Q3 2024, compared to 1,05,655 units in the same period last year. Sales, on the other hand, are expected to decline by 18% to 1,04,393 units in Q3 2024, compared to 1,26,848 units in the same period last year.
The decline in sales is expected to be witnessed in most cities, with Hyderabad recording the highest fall at 42%, followed by Bengaluru at 26%, Kolkata at 23%, Pune at 19%, Chennai at 18%, Mumbai at 17%, and Thane at 10%. Only Delhi NCR and Navi Mumbai are expected to see an increase in sales, with Delhi NCR witnessing a 22% rise and Navi Mumbai seeing a 4% increase.
PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata. According to the data, the demand for real estate continues to be robust, with the absorption/sales being higher than the new launches.
Frequently Asked Questions
What is the expected decline in housing sales in Q3 2024?
Housing sales are expected to decline by 18% in Q3 2024.
Which cities are expected to see an increase in sales?
Delhi NCR and Navi Mumbai are expected to see an increase in sales.
What is the expected decline in new launches in Q3 2024?
New launches are expected to decline by 11% in Q3 2024.
Which cities are expected to see the highest decline in sales?
Hyderabad is expected to see the highest decline in sales at 42%.
What is the name of the real estate analytics firm that provided the data?
PropEquity
Related News Articles
Reinvigorating Indian Economy: Budget Expectations for Real Estate, Coworking, and Managed Office Spaces
As the Indian economy navigates a period of sluggish growth, the upcoming budget presents a crucial opportunity to revive the real estate and coworking sectors.
Why DLF is a Promising Bet in India's Booming Real Estate Market
As the S&P BSE Realty index surges 90% in a year, DLF's recent breakout makes it an attractive buy for investors
Minor-On-Minor Crime Rocks Pune Housing Society: A 5-Year-Old's Ordeal
In a shocking incident, a 5-year-old child from a housing society in Pune has alleged sexual assault by minors from the same society, leaving the community reeling.
CBI Launches Inquiry Against Real Estate Company in Multi-Crore Bank Fraud
The Central Bureau of Investigation (CBI) has initiated an investigation into a Pune-based real estate firm for a multi-crore bank fraud involving the misappropriation of funds and alleged misconduct by a bank official.
Pune: Vehicle Owners Resist Applying for HSRP Due to High Costs and Technical Issues
Pune vehicle owners are expressing their frustration with the implementation of the High Security Registration Plate (HSRP) system. High costs and frequent technical glitches are the primary reasons for their resistance. The Transport Commissioner's offic
17% Rise in Property Prices in Hyderabad from Sept to Dec 2024
Hyderabad's commercial real estate market continues to witness robust growth, with property prices surging by 17% during the September to December quarter of 2024.