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

Indian Real Estate Sector Sees Mixed Performance in Q2 2024
Real Estate Pune:The Indian real estate sector has experienced a mixed performance in Q2 2024, with some cities witnessing a significant decline in new launches and sales, while others have seen robust growth. According to the latest PropEquity report, Delhi-NCR has shown a remarkable 95% year-on-year increase in new launches, rising from 5,708 units in Q2 2023 to 11,118 units in Q2 2024. This strong performance highlights the resilience of the capital region's real estate market amid broader economic uncertainties.

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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