India's Real Estate Sector Sees a Slump in Housing Sales and New Launches
India's real estate sector has witnessed a decline in housing sales and new launches in the top nine cities between July and September, according to PropEquity.
Real EstateHousing SalesNew LaunchesPropequityIndiaReal Estate NewsSep 20, 2024
The data revealed that new launches in the July-September quarter of CY 2024 fell to 93,693 units from 1,05,655 units in the same period last year. Similarly, sales fell 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, said that in Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities.
Frequently Asked Questions
What is the decline in new housing launches in the top nine cities between July and September?
11%
What is the decline in housing sales in the top nine cities between July and September?
18%
Which cities saw a rise in new supply in Q3 2024 compared to Q3 2023?
NCR, Mumbai, and Thane
Which city recorded the highest fall in sales in Q3 2024 compared to Q3 2023?
Hyderabad
What is the significance of Hyderabad witnessing a historical high of 94,629 units of supply in 2023?
It indicates a decline in supply and absorption of apartments in the city.
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