India's Housing Market Sees Slump: Top 9 Cities Witness 11% Decline in New Launches
Hyderabad and Navi Mumbai see majority of new real estate launches in plots rather than apartments, indicating a decline in apartment supply and absorption.
Indian Real EstateHousing MarketPropequityNew LaunchesSalesReal Estate MumbaiSep 22, 2024
The NSE-listed firm tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata. According to the data, only NCR, Mumbai, and Thane saw a rise in new supply at 221%, 18%, and 11% respectively in this quarter compared to Q3 2023.
However, other cities witnessed a significant drop in new launches, with Hyderabad recording a 54% decline, followed by Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%), and Pune (12%). The drop is not steep when compared to the previous quarter, i.e., Q2 2024.
On the other hand, the total absorption rose only in Delhi NCR (22%) and Navi Mumbai (4%) while falling in other seven cities. Hyderabad recorded the highest fall at 42%, followed by Bengaluru (26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%), and Thane (10%).
Frequently Asked Questions
What is the decline in new launches and sales in the top 9 cities in Q3 CY 2024?
New launches declined by 11% and sales declined by 18% in Q3 CY 2024.
Which cities saw a rise in new supply in Q3 CY 2024?
NCR, Mumbai, and Thane saw a rise in new supply at 221%, 18%, and 11% respectively.
What is the reason for the decline in new launches in Hyderabad?
The majority of new real estate launches in Hyderabad are in plots rather than apartments, indicating a decline in apartment supply and absorption.
Which city recorded the highest fall in absorption in Q3 CY 2024?
Hyderabad recorded the highest fall at 42%.
What is the outlook for the Indian real estate market?
According to Samir Jasuja, Founder & CEO, PropEquity, the demand for real estate continues to be robust, and the marginal drops in this quarter are a historic trend and not symptomatic of any adverse situation.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.