Home sales in December 2024 quarter to fall 21% in top 9 cities; Demand up 25% in the NCR: PropEquity

Last update:December 21, 2024, 3:34 p.m. IST

Total residential property sales across the nine cities are expected to decline to 1,08,261 units in the current quarter from 1,37,225 units during the same period last year.

Housing sales are expected to increase by 5% from 1,03,213 units in the previous September 2024 quarter.

Housing sales are estimated to fall 21% annually in nine major cities between October and December to 1.08 lakh units on a high base effect, according to PropEquity. Real estate data analytics firm PropEquity on Saturday released sales figures for India’s top nine real estate markets: Delhi-NCR, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, Thane. He estimated that sales would increase only in Delhi-NCR.

According to the data, the total sales of residential properties in the nine cities are expected to decline to 1,08,261 units in the current quarter from 1,37,225 units during the same period last year.

However, sales are expected to increase by 5 per cent from 1,03,213 units in the previous September quarter.

Samir Jasuja, CEO and founder of PropEquity, said sales declined on an annual basis due to a high base effect.

He said sales are expected to increase quarter-on-quarter on the back of festive demand.

“A closer look at the numbers reveals that despite the decline, the supply-absorption ratio in 2024 remains the same as in 2023, indicating that the fundamentals of the real estate sector are strong and healthy,” Jasuja said.

Housing sales are estimated to fall by 47% in Hyderabad to 12,682 units between October and December 2024, compared to 24,044 units last year.

In Bangalore, sales may fall 13 per cent to 14,957 units from 17,276 units, while Chennai may see a decline of 9 per cent to 4,266 units from 4,673 units.

Housing sales in Mumbai are expected to fall 27 per cent to 10,077 units from 13,878 units.

A 13 per cent drop is seen in Navi Mumbai at 7,478 units from 8,607 units, while a 16 per cent drop is imminent in Thane at 21,893 units from 26,099 units.

Kolkata is expected to see a decline of 33 per cent to 3,763 units from 5,653 units.

Residential property sales in Pune may decline by 24 per cent to 20,230 units from 26,641 units.

However, the Delhi-NCR market is poised to reverse the trend. Sales in the NCR market are expected to increase by 25% to 12,915 units in the December 2024 quarter, compared to 10,354 units last year.

Vivek Singhal, CEO, Smartworld Developers, said the Delhi-NCR market, especially Gurugram, is witnessing high demand from end-users as well as investors.

He said the demand for luxury homes in Gurugram was unprecedented in recent years.

Vijay Harsh Jha, founder and CEO of real estate brokerage firm VS Realtors, said the real estate market continues to show strong growth.

“The increase in sales and launches compared to the previous quarter indicates that demand for the festive season was broadly in line with our expectations,” Jha added.

PE Analytics, an NSE listed company, owns and operates PropEquity which covers over 1,70,000 projects from over 57,000 developers across 44 cities in India.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)