India's Housing Market Sees Sales Slowdown, Prices Surge
Home sales decline 8% sequentially in Q2 2024, while prices rise sharply in Delhi-NCR and Mumbai Metro Region
India Housing MarketHome SalesProperty PricesDelhincrMumbai Metro RegionAnarock Property ResearchReal Estate MumbaiAug 31, 2024
In the June quarter (Q2), 2024, some 120,340 housing units were sold, which was 8% lower than the 130,170 unit sales in the January-March quarter (Q1). Among the key markets, Hyderabad reported the steepest decline - down 23% quarter-on-quarter. Followed by Kolkata (-18%), Chennai (-9%), Bengaluru (-8%) and Pune (-8%). In the Mumbai Metro Region, the largest real estate market in the country, sales declined 3% sequentially.
However, Delhi-NCR was the only market that saw a growth in home sales, up 6% to 16,550 units. Despite this, the market in Delhi-NCR has shrunk considerably over the past two years and is now ranked 5th in the pecking order.
Prices, on the other hand, continue to rise. Homes in Delhi-NCR and Mumbai Metro Region have become costlier by half over the last five years. In NCR, the average price has jumped 49% between H1, 2019, and H1, 2024. While in MMR, homes have become costlier by 48% during the same period.
According to analysts at Anarock, the bull run in residential sales across the top 7 cities tamed down marginally in the second quarter of 2024, on the backdrop of increasing property prices and a high base record of the previous quarter (Q1 2024).
Frequently Asked Questions
What is the current trend in India's housing market?
India's housing market is showing signs of fatigue, with home sales declining 8% sequentially in Q2 2024.
Which cities saw the steepest decline in home sales?
Hyderabad, Kolkata, Chennai, Bengaluru, and Pune saw significant declines in home sales, with Hyderabad reporting the steepest decline of 23% quarter-on-quarter.
What is the reason behind the decline in home sales?
The decline in home sales is attributed to the significant hike in property prices over the last one year, which has prompted many investors to take a breather.
Which market saw a growth in home sales?
Delhi-NCR was the only market that saw a growth in home sales, up 6% to 16,550 units.
How have property prices changed in Delhi-NCR and Mumbai Metro Region over the last five years?
Homes in Delhi-NCR and Mumbai Metro Region have become costlier by half over the last five years, with prices rising 49% and 48% respectively.
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