Housing sales drop 11% in top 7 Cities in Q3 2024: Here’s what you need to know!
Oct 7, 2024
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Dip in housing sales
A new report from ANAROCK Research reveals a surprising dip in housing sales across India’s top 7 cities (MMR, NCR, Pune, Bengaluru, Hyderabad, Kolkata, Chennai). Wondering about the details behind this shift? Let’s break it down.
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Housing sales take a hit in Q3 2024
Housing sales in the top 7 cities dropped 11% year-on-year, from 1.20 lakh units in Q3 2023 to 1.07 lakh units in Q3 2024.
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Mumbai & Pune lead sales
The Mumbai Metropolitan Region (MMR) recorded the highest sales with 36,190 units sold, followed by Pune with 19,050 units. Together, these two cities accounted for 52% of the total sales.
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A decline in new housing supply
New housing supply saw a 19% drop, with 93,750 units launched in Q3 2024, marking the first time the supply has fallen below 1 lakh units since Q1 2023.
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Mumbai Metropolitan Region tops the chart for new supply
MMR led with 29,615 new units launched, followed by Bengaluru with 15,915 units. However, NCR and Chennai witnessed impressive annual growth in new launches—53% and 51%, respectively.
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High demand for luxury homes
The share of luxury homes (priced over ₹1.5 Cr) in new supply rose to 33%, while the affordable housing segment fell to just 13%, its lowest in recent quarters.
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Inventory declines by 8%
The total available housing inventory across the top 7 cities declined by 8% year-on-year, from 6.10 lakh units in Q3 2023 to 5.64 lakh units in Q3 2024.
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Residential prices surge
Average residential prices saw a double-digit rise of 23% year-on-year. Hyderabad led the surge with a 32% increase, followed by Bengaluru and NCR, both seeing 29% growth.
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What’s next for the festive season?
With the festive season (Oct-Dec 2024) approaching, developers are expected to roll out big offers and discounts. Developers are expected to roll out discounts and offers during the festive season to boost demand. Price growth may stabilise, but will it be enough to boost demand? Let’s see!
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