Slowing Demand: Indian Housing Market to Witness 2% Decline in Sales
The Indian housing market is expected to experience a slowdown in sales, with a 2% decline predicted in the top 9 cities.
Indian Housing MarketReal EstateHousing SalesDelhi NcrMumbaiReal Estate MumbaiJun 20, 2024
The report highlights that the top 9 cities, including Delhi NCR, Mumbai, Hyderabad, and others, will witness a significant decline in housing sales. Mumbai, which is one of the most expensive property markets in the country, is expected to be hit the hardest. The report predicts that the city will witness a 3% decline in sales, with only around 22,000 units being sold during the quarter.
Delhi NCR, which is the second-largest real estate market in the country, is also expected to experience a slowdown. The report predicts that the region will witness a 2% decline in sales, with around 35,000 units being sold during the quarter.
Hyderabad, which has been a bright spot in the Indian real estate market, is also expected to experience a decline in sales. The report predicts that the city will witness a 1% decline in sales, with around 10,000 units being sold during the quarter.
The decline in housing sales is attributed to various factors, including the ongoing pandemic, rising interest rates, and increasing inflation. The pandemic has led to a decline in consumer sentiment, with many potential homebuyers preferring to wait and watch before making a purchase. Additionally, the rising interest rates and increasing inflation have made it difficult for many homebuyers to afford a house.
However, despite the decline in sales, the report notes that the Indian real estate market is expected to recover soon. The government's initiatives to boost the sector, including the extension of the credit-linked subsidy scheme and the reduction in GST rates, are expected to improve consumer sentiment and boost sales.
About PropEquity PropEquity is a leading real estate data analytics firm that provides detailed information on the Indian real estate market. The firm's reports are widely followed by stakeholders in the sector, including developers, investors, and policymakers.
Keywords Indian housing market, real estate, housing sales, Delhi NCR, Mumbai, Hyderabad, PropEquity
Frequently Asked Questions
Which cities are expected to witness a decline in housing sales?
The top 9 cities, including Delhi NCR, Mumbai, Hyderabad, and others, are expected to witness a decline in housing sales.
What is the predicted decline in housing sales in Mumbai?
The report predicts that Mumbai will witness a 3% decline in sales, with only around 22,000 units being sold during the quarter.
What are the factors contributing to the decline in housing sales?
The decline in housing sales is attributed to various factors, including the ongoing pandemic, rising interest rates, and increasing inflation.
Will the Indian real estate market recover soon?
Yes, the report notes that the Indian real estate market is expected to recover soon, driven by the government's initiatives to boost the sector.
What is PropEquity?
PropEquity is a leading real estate data analytics firm that provides detailed information on the Indian real estate market.
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