Indian Real Estate Sector Sees Mixed Performance in Q2 2024
Delhi-NCR witnessed a 95% surge in new launches, while Hyderabad and Pune saw declines, according to the latest PropEquity report
Real EstateIndian Real EstateDelhi NcrHyderabadPunePropequityReal Estate PuneJun 20, 2024
On the other hand, cities like Hyderabad and Pune have experienced notable declines, with new launches in Hyderabad decreasing by 36% year-on-year and Pune's new launches dipping by 47%. The decline in new supply in Q2 is attributed to the election quarter, during which developers often hold back on new project launches.
Despite the decline in new launches and sales, the overall market health remains positive. The fact that absorption rates are 20% higher than new supply signals sustained demand and the continuing robustness of the residential real estate sector post-COVID-19. \n\nCommenting on the Q2 report, Samir Jasuja, CEO & MD of PropEquity, stated, 'The marginal drop of new launch supply in top tier 1 cities is just 8% which is primarily due to election quarter & Q2 being slightly sluggish as compared to other quarters of the year. However, the 20% higher Absorption/Sales as compared to new supply signifies upswing and good health in residential real estate continues and the market continues to be robust post covid.'
Frequently Asked Questions
What was the year-on-year increase in new launches in Delhi-NCR?
95%
Which cities saw declines in new launches?
Hyderabad and Pune
What is the reason for the decline in new supply in Q2?
Election quarter
Is the overall market health of the residential real estate sector positive?
Yes
What is the absorption rate compared to new supply?
20% higher
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