India's Real Estate Sector Sees a Slump: Housing Sales Dip 18% in Top 9 Cities
New housing launches and sales in India's top 9 cities fell 11% and 18% respectively in the third quarter of 2024, according to PropEquity.
Indian Real EstateHousing SalesNew LaunchesPropequitySamir JasujaReal Estate MumbaiSep 20, 2024
Sales also took a hit, falling to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year. PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata.
Samir Jasuja, CEO & Founder, PropEquity, attributed the decline in new launches in Hyderabad and Navi Mumbai to the majority of new real estate launches being in plots rather than apartments.
Frequently Asked Questions
What is the decline in new housing launches in the top 9 cities in Q3 2024?
New housing launches fell 11% in Q3 2024 compared to the same period last year.
Which cities saw a rise in new supply in Q3 2024?
NCR, Mumbai, and Thane saw a rise in new supply at 221%, 18%, and 11% respectively in Q3 2024.
What is the decline in sales in Hyderabad in Q3 2024?
Sales fell 42% in Hyderabad in Q3 2024 compared to the same period last year.
Which company tracks housing supply and absorption data in major cities across India?
PropEquity tracks housing supply and absorption data in major cities across India.
What is the expected outcome for the Indian real estate sector in the coming years?
The sector is expected to witness a revival in the coming years with the government's push for affordable housing and infrastructure development.
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