Indian Tier-1 Cities' Residential Real Estate Market: Delhi-NCR Leads the Way with 95% Surge
Delhi-NCR has seen a remarkable 95% increase in new launches, while Hyderabad and Pune have experienced significant declines in the residential real estate market.
DelhiHyderabadPuneReal EstateResidential Unit SalesReal Estate PuneJun 20, 2024
Delhi-NCR has seen a remarkable 95% increase in new launches, rising from 5708 units in Q2 2023 to 11,118 in Q2 2024. This performance underscores the resilience of the capital region's real estate market amid broader economic uncertainties. On the other hand, Hyderabad and Pune have seen considerable declines, with new launches in Hyderabad declining by 36% Year-on-Year, and Pune's launch decreasing by 47%.
The report provides insights into the trends of apartments, independent floors, and villas/row houses, excluding sales on hold, construction on hold, and lottery projects. In Q2 2024, the number of new residential units launched decreased by 7% to 97,331 units compared to 104,319 units in Q1 2024. This marks a smaller year-on-year (Y-o-Y) decline of 13% from 111,657 units in Q2 2023.
Residential unit sales or absorption in Q2 2024 totaled 119,901 units, down by 18% from 146,147 units sold in Q1 2024. The Y-o-Y comparison shows a marginal decrease of 2% from 121,856 units sold in Q2 2023.
Commenting 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 percent which is primarily due to election quarter & Q2 being slightly sluggish as compared to other quarters of the year. However, the 20 percent 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.'
Information
PropEquity is a leading real estate research and analytics firm that provides insights into the Indian residential market.
PropEquity is a reputed company that offers comprehensive data and analytics on the Indian real estate market.
Tags Delhi, Hyderabad, Pune, Real Estate, Residential unit sales, Thane
Frequently Asked Questions
What is the current trend in the Indian residential real estate market?
The market has seen mixed results, with Delhi-NCR leading the way with a 95% surge in new launches, while Hyderabad and Pune have experienced declines.
What is the reason behind the decline in new launches in Hyderabad and Pune?
The decline in new launches in Hyderabad and Pune is attributed to various factors, including the election quarter and a general slowdown in the market.
How has Delhi-NCR performed in terms of new launches and sales?
Delhi-NCR has seen a significant 95% increase in new launches, with sales increasing by 7% Q-o-Q, indicating strong demand despite the overall market slowdown.
What is the overall health of the Indian residential real estate market?
The market health still looks resilient and robust, despite declines in new launches and sales in some cities.
What is PropEquity's outlook on the Indian residential real estate market?
PropEquity believes that the market continues to be robust post-covid, with a 20% higher Absorption/Sales as compared to new supply, signifying an upswing and good health in residential real estate.
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