Housing sales across the top 7 Indian cities declined by 11 per cent in Q3 this year on an annual basis, clocking in at approx. 107,060 units in the third quarter, as against approx. 120,290 units in Q3 2023, a market report said.
However, sales continued to outstrip new supply in Q3 2024, reflecting continued health in the market, the report by Anarock, a leading real estate consultancy operating in India and GCC, said.
The decline comes after a 2-year bull run in India’s residential real estate sector.
Anuj Puri, Chairman, Anarock Group, said all the top cities individually recorded a dip in housing sales.
The top 7 cities also witnessed a drop in new housing supply, with approx. 93,750 units launched in Q3 2024 against 1,16,220 units in the corresponding period in 2023 – a 19 per cent annual drop, he added.
“Nevertheless, the fact that sales remained higher than launches indicates that the demand-supply equation remains robust,” Puri said.
The report said among the top 7 India cities, MMR (Mumbai Metropolitan Region) recorded the highest sales of approx. 36,190 units, followed by Pune with approx. 19,050 units.
Cumulatively, the two western cities accounted for 52 per cent of the total sales across the top 7 cities in Q3 2024, Anarock said.
In terms of budget segments, the high-priced segment – INR 15 million and above – luxury housing segment witnessed the highest new supply of 33 per cent, followed by the premium (INR 8 million – 15 million) segment with a 30 per cent share.
The report, however, said average residential prices in the top 7 cities collectively saw double-digit growth of 23 per cent in Q3 2024 against the same year-ago period. Hyderabad recorded the highest 32 per cent annual growth, followed by Bengaluru and NCR with 29 per cent increases each, Anarock said.
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