Rajasthan Property Market Sees Slump in September Quarter: Industry Experts Weigh In
Jaipur: After an uptick in the March and June quarters, property sales in Rajasthan contracted in the September quarter, transaction data from the Registration & Stamps department shows. Although representatives of the real estate industry say that the contraction in one quarter should not be considered a definitive trend, they remain jittery about a downward trend triggered by the impact of high US tariffs.
From Rs 2,206 crore worth of property deals in the December 2024 quarter, the total value of transactions rose to Rs 2,330 crore and Rs 2,569 crore in the March and June quarters, respectively. The September quarter saw growth shrink marginally to about Rs 2,553 crore.
Rajendra Singh Pachar, vice chairman of the Confederation of Real Estate Developers' Association of India (Credai), Rajasthan, said, 'We should not read much into the performance of just one quarter. Some slowdown is expected after the continued growth the sector witnessed since its recovery after Covid-19'.
Asked about the potential impact of high US tariffs affecting exports and jobs in those sectors, Pachar said, 'These are early days. The December quarter will present a clear picture. Even if there is an impact, it is unlikely to be strong enough to cause alarms in the industry'.
In Jaipur, new large residential project announcements have been muted for some time. Insiders said there is a shift from the expansion of residential projects to developing new plots. Abhishek Mishra, director at Trimurty Builders, said, 'People have realised that residential housing units do not fetch returns. So, the demand has shifted to plots. Investors now prefer land plots to flats for good returns. To that extent, the building frenzy, which characterised earlier growth cycles, has subsided and demand for housing units has come down'.
Mishra remains optimistic about the December quarter being better for the industry even though growth figures remain in single digits.
