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.
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