Housing sales expected to decline by 18% in July-September annually across nine cities: PropEquity
Housing sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year, PropEquity data showed
New housing launches and sales in the July-September quarter of 2024 are expected to decline by 11% and 18% respectively across the top nine cities, according to data shared by real estate analytics firm PropEquity.
The NSE-listed firm said 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 while sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.
Also Read: Housing sales down 6% in April-June quarter; new supply remains flat in top 8 cities: PropTiger
Housing sales may decline by 18% during the July-September quarter across nine major cities to 1,04,393 units. Sales stood at 1,26,848 units in the same period last year.
As per the data, the housing sales are estimated to increase only in Delhi NCR (22%) and Navi Mumbai (4%) during July-September period of this year.
Sales are likely to decline in other seven cities with Hyderabad recording the highest fall at 42%, followed by Bengaluru at 26%, Kolkata at 23%, Pune at 19%, Chennai at 18%, Mumbai at 17% and Thane at 10%.
Also Read: New housing supply expected to witness 13% drop; sales down 2% y-o-y across top cities
PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
Real estate demand
“The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation," said Samir Jasuja, CEO and founder, PropEquity.
"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. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical,” he said.
According to the data, on a Y-o-Y basis, only NCR, Mumbai and Thane saw a rise in new supply at 221%, 18% and 11% respectively in this quarter compared to Q3 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) witnessed a significant drop compared to Q3 2023. However, the drop is not steep when compared to the previous quarter i.e. Q2 2024.