Southern Cities See Significant Rise in Housing Sales: PropTiger Report
Hyderabad, Bengaluru, and Chennai together have seen a 47 per cent increase in sales of residential properties during the July-September period, despite an overall marginal fall in demand across eight major cities, according to PropTiger.
Housing sales in these three major southern cities — Hyderabad, Bengaluru, and Chennai — stood at 38,644 units during the September quarter, up 47 per cent from 26,284 units in the year-ago period. This significant rise in sales is a positive indicator for the real estate market in these regions.
Real estate consultant PropTiger, which has recently been acquired by listed entity Aurum PropTech Ltd, data showed that the sales of residential properties in Hyderabad grew 53 per cent to 17,658 units from 11,564 units. This substantial growth can be attributed to the city's robust economic development and increasing job opportunities, making it an attractive destination for homebuyers.
In Bengaluru, the housing sales rose 18 per cent to 13,124 units from 11,160 units. Bengaluru's tech-driven economy and the presence of numerous IT companies have contributed to the city's strong real estate market. The city continues to attract a large number of young professionals, driving the demand for residential properties.
Housing sales in Chennai more than doubled to 7,862 units during the July-September period this year from 3,560 units in the corresponding period of the preceding year. The city's strategic location and well-developed infrastructure have made it a preferred choice for both investors and homebuyers.
Overall, India's top-eight primary housing markets (first-sale) saw a 1 per cent decline in sales during July-September, mainly due to lower demand in Mumbai, Pune, and Delhi-NCR, the consultant said. As per the data, the housing sales across eight major cities fell to 95,547 units during the third quarter of this calendar year from 96,544 units in the corresponding period of the preceding year.
Among the eight cities, housing sales in the Mumbai Metropolitan Region (MMR) fell 22 per cent to 23,334 units during the period under review from 30,010 units in the year-ago period. In Pune, the sales declined 28 per cent to 12,990 units from 18,004 units. Sales of residential properties in Delhi-NCR decreased 21 per cent to 7,961 units from 10,098 units. Ahmedabad saw a 5 per cent dip in sales to 8,889 units from 9,352 units.
Lastly, sales of residential properties in Kolkata increased 33 per cent to 3,729 units during July-September this year from 2,796 units in the year-ago period. This growth in Kolkata can be attributed to the city's improving infrastructure and the government's focus on urban development.
On the outlook, Aurum PropTech Executive Director Onkar Shetye noted that favourable conditions, such as the stability in interest rates and proactive policy reforms like the recent GST reduction on cement, have provided a crucial buffer against rising input costs and bolstered developer confidence. 'We are optimistic about the upcoming festive quarter, which will serve as a key indicator of consumer demand. However, it will also be a true test of the market's ability to balance this growth momentum with emerging affordability challenges, particularly in the mid and entry-level segments,' he observed.
Aurum PropTech owns and operates a rental marketplace NestAway Technologies, data analytics firm Aurum Analytica, and sales automation platform Sell.do, besides PropTiger. The company's diverse portfolio and strategic investments in the real estate sector position it well to capitalize on the growing opportunities in the housing market.
