 "Home sales in India cool down after two years on high base, rising prices")
India, for the first time in two years, recorded a dip in housing sales in April-June compared to the previous quarter, according to data shared by real estate consultancy Anarock on Thursday.
As many as 120,340 homes were sold in the April-June quarter against 130,370 units sold in January-March, dipping 8 per cent.
The last such quarterly decline was in the April-June quarter of 2022 when sales fell by 15 per cent to 84,925 units compared to 99,550 in the January-March quarter of that year.
The decline in April-June 2024 is due to an all-time high base in the previous quarter, when more than 130,000 units were sold, according to Anuj Puri, chairman of Anarock Group.
"Most importantly, this drop is also due to the significant hike in property prices over the last year, which has prompted many investors to take a breather," he said.
Anarock's data showed that home prices in India have increased 7 per cent compared to the January-March quarter. Compared to the April-June quarter of 2023, the rise was steeper at 25 per cent.
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Sequentially, the National Capital Region (NCR) recorded the highest price hike of 10 per cent, followed by Hyderabad at 9 per cent and Bengaluru at 8 per cent.
"However, if prices are kept in check henceforth, housing sales may not be majorly impacted in the upcoming quarters," said Puri.
NCR was also the only major place that saw a rise in home sales compared to the previous quarter at 6 per cent. Mumbai, Bangalore, Pune, Hyderabad, Chennai, and Kolkata saw a dip in sales.
The data also showed that on a year-on-year (Y-o-Y) basis, the April-June quarter had a 5 per cent jump in sales compared to 115,090 units in the April-June quarter of 2023.
Major cities saw sales rise Y-o-Y. The highest increase was in Hyderabad at 11 per cent, followed by 9 per cent each in Mumbai and Bangalore. In Chennai and Kolkata, sales were down by 9 per cent and 20 per cent, respectively.
Housing sales in top 7 cities
Housing sales in top 7 cities
| Quarter | Units sold |
| Q1 2022 | 99,550 |
| Q2 2022 | 84,925 |
| Q3 2022 | 88,235 |
| Q4 2022 | 92,160 |
| Q1 2023 | 113,770 |
| Q2 2023 | 115,090 |
| Q3 2023 | 120,280 |
| Q4 2023 | 127,380 |
| Q1 2024 | 130,370 |
| Q2 2024 | 120,340 |
Source: Anarock Research