Indian Real Estate Market Sees Dip in Housing Sales and New Launches
According to PropEquity, new housing launches and sales in top nine cities fell 11% and 18% respectively in Q3 2024. Hyderabad and Navi Mumbai saw a decline in apartment supply and absorption.
Indian Real Estate MarketHousing SalesNew LaunchesPropequityNcrReal Estate PuneSep 20, 2024
The data revealed that new launches in the July-September quarter of CY 2024 fell to 93,693 units from 1,05,655 units in the same period last year. Sales also took a hit, falling to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.
PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata. The firm's CEO and Founder, Samir Jasuja, noted that in Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments. This indicates a decline in supply and absorption of apartments in these cities.
Frequently Asked Questions
What was the decline in new housing launches in the top nine cities in Q3 2024?
New housing launches fell 11% in Q3 2024 compared to the same period last year.
Which cities saw a rise in new supply in Q3 2024?
NCR, Mumbai, and Thane saw a rise in new supply at 221%, 18%, and 11% respectively.
What was the decline in sales in Hyderabad in Q3 2024?
Sales in Hyderabad fell 42% in Q3 2024 compared to the same period last year.
Which firm tracks housing supply and absorption data in major Indian cities?
PropEquity is a leading real estate data analytics firm that tracks housing supply and absorption data in major Indian cities.
What was the decline in sales in the top nine cities in Q3 2024?
Sales fell 18% in Q3 2024 compared to the same period last year.
Related News Articles
The Visionary Entrepreneur: How Atul Ruia Transformed Phoenix Mills into a Real Estate Empire
From textile troubles to real estate triumphs, Atul Ruia's journey is a testament to his innovative vision and determination.
Google India extends 5-year lease in Mumbai’s BKC for ₹304 crore
Mumbai real estate update: Google India has renewed its 5-year lease at the First International Financial Centre (FIFC) in Bandra Kurla Complex (BKC) for a hefty rent of ₹304 crore.
The Rise of Plotted Developments in India: A New Era in Real Estate
The real estate sector in India is witnessing a significant shift with the surge in plotted developments. Developers are responding to the changing market dynamics and consumer preferences, marking a new era in the industry.
Senior Advocate Arun Kathpalia Acquires Prime Bungalow in Delhi’s Golf Links for ₹69 Crore
Prominent legal luminary Arun Kathpalia seals a significant real estate deal, purchasing a luxurious bungalow in Delhi's prestigious Golf Links area for a whopping ₹69 crore.
Why NRIs are Outpacing Local Buyers in India’s Real Estate Market
Non-Resident Indians (NRIs) are increasingly dominating India's property market, leveraging global financial trends and rapid changes in the real estate sector to buy homes faster than the average Indian. This article explores the reasons behind this trend and its implications.
Pune-Bengaluru Expressway: A 700km Route Set to Transform Real Estate and Economic Growth
The Pune-Bengaluru Expressway, a 700-kilometer greenfield highway, is set to reduce travel time between Pune and Bengaluru from 15 to 7 hours. This transformative project is expected to boost real estate growth and regional economic development in Maharashtra and Karnataka.