Indian Real Estate Market Expects Slowdown in New Housing Supply and Sales
The top nine cities in India, including Pune and Thane, are expected to witness a 13% drop in new housing supply and a 2% decline in sales in the April-June period compared to last year.
Real EstateHousing SupplySalesPropequityDelhi NcrMumbaiPuneThaneBengaluruChennaiHyderabadKolkataReal Estate PuneJun 20, 2024
The Delhi-NCR real estate market has emerged as the best performer in terms of launches and sales, with a 95% year-on-year increase in new launches expected in Q2, 2024. However, cities like Hyderabad and Pune may experience a notable decline, with new launches in Hyderabad decreasing by 36% year-on-year and Pune's new launches may dip by 47%.
The reason for the supply coming down marginally is attributed to the fact that Q2, 2024 is an election quarter, and some developers held back their launches during this time. Despite this, the 20% higher sales as compared to new supply signify an upswing and good health in residential real estate continues, and the market continues to be robust post-Covid-19.
In terms of city-wise performance, Mumbai is expected to report a six percent fall in terms of launches on both quarter-on-quarter and year-on-year basis, followed by sales going down by 25% on quarter-on-quarter basis and 1% on year-on-year basis. Navi Mumbai, on the other hand, is likely to witness a 36% growth to 9,035 units from 6,640 units. Housing sales in Pune are expected to fall 15% to 22,482 units from 26,586 units, while sales in Bengaluru are likely to rise to 15,127 units from 15,088 units.
information on PropEquity PropEquity is a real estate data and analytics firm that provides in-depth insights and analysis on the Indian real estate market.
PropEquity is a renowned real estate data and analytics firm that offers comprehensive data and insights on the Indian real estate market, enabling stakeholders to make informed decisions.
Frequently Asked Questions
What is the expected drop in new housing supply in the top nine cities in India?
The top nine cities in India are expected to witness a 13% drop in new housing supply in the April-June period compared to last year.
Which city is expected to perform well in terms of launches and sales?
The Delhi-NCR real estate market has emerged as the best performer in terms of launches and sales, with a 95% year-on-year increase in new launches expected in Q2, 2024.
Why is the supply coming down marginally in Q2, 2024?
The reason for the supply coming down marginally is attributed to the fact that Q2, 2024 is an election quarter, and some developers held back their launches during this time.
How is the Mumbai real estate market expected to perform?
Mumbai is expected to report a six percent fall in terms of launches on both quarter-on-quarter and year-on-year basis, followed by sales going down by 25% on quarter-on-quarter basis and 1% on year-on-year basis.
What is the expected growth in housing sales in Navi Mumbai?
Navi Mumbai is likely to witness a 36% growth to 9,035 units from 6,640 units.
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