India's Housing Market: Delhi-NCR Emerges as Top Performer Amidst Slowing Supply
The Delhi-NCR real estate market has emerged as the best performer in terms of launches and sales, despite a 13% drop in new housing supply across top nine cities and a 2% fall in sales year-over-year.
Housing MarketReal EstateDelhi NcrPropequityIndiaReal Estate NewsJun 20, 2024
The Delhi-NCR real estate market has emerged as the best performer in terms of launches and sales, with a 95% year-over-year increase in new launches expected. Cities like Hyderabad and Pune, on the other hand, may experience a notable decline, with new launches in Hyderabad decreasing by 36% year-over-year and Pune's new launches may dip by 47%.
The report profiles nine cities, including Delhi-NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Navi Mumbai, Pune, and Thane. While the January-March period was an extraordinary quarter with the highest absorption/sales ever witnessed in India, the April-June quarter is usually the slowest quarter compared to other quarters with respect to supply and absorption/sales.
PropEquity Managing Director and Chief Executive Officer Samir Jasuja attributed the slowdown in supply to the election quarter, with some developers holding back their launches during the time. However, he noted that the 20% higher sales as compared to new supply signify an upswing and good health in residential real estate, which continues to be robust post Covid-19.
The report also highlights the performance of each city, with Mumbai expected to report a six percent fall in terms of launches on both quarter-over-quarter and year-over-year basis, followed by sales going down by 25% on quarter-over-quarter basis and 1% on year-over-year basis. Navi Mumbai is likely to witness a 36% growth, while Pune is expected to fall 15%. Thane and Bengaluru are expected to rise 9% and 21%, respectively, while Chennai and Hyderabad are expected to fall 15% and 20%, respectively. Kolkata is likely to rise 9%.
The report provides a comprehensive overview of the Indian housing market, highlighting the trends and prospects of each city. With the Delhi-NCR real estate market emerging as the top performer, it is clear that the city is leading the way in terms of launches and sales.
Frequently Asked Questions
What is the expected drop in new housing supply across top nine cities in the April to June period?
13%
Which city is expected to emerge as the top performer in terms of launches and sales?
Delhi-NCR
What is the expected year-over-year increase in new launches in Delhi-NCR?
95%
What is the expected decline in new launches in Hyderabad?
36% year-over-year
What is the expected growth in sales in Navi Mumbai?
36%
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