Q3 housing sales fall 21% in top 9 cities, demand up 25% in NCR: PropEquity

Housing sales are estimated to fall 21 per cent annually across nine major cities during October-December period to 1.08 lakh units on high base effect, according to PropEquity.

Real estate data analytics firm PropEquity on Saturday released the sale numbers for India's top nine housing markets -- Delhi-NCR , Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, Thane. It has estimated sales to rise only in Delhi-NCR.

As per the data, the total sales of residential properties across the nine cities are likely to decline to 1,08,261 units in the current quarter as against 1,37,225 units in the same period last year.

 

However, sales are likely to rise 5 per cent from 1,03,213 units in the preceding September quarter.

Samir Jasuja, CEO & Founder of PropEquity, said the sales have declined on annual basis because of high base effect.

He said the sales are likely to rise quarter-on-quarter on the back of festive demand.

"A closer look at the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as in 2023 which indicates that the fundamentals of the real estate sector are strong and healthy," Jasuja said.

Housing sales are estimated to fall in Hyderabad by 47 per cent to 12,682 units during October-December 2024 from 24,044 units in the year-ago period.

In Bengaluru, sales could drop 13 per cent to 14,957 units from 17,276 units, while Chennai might see a 9 per cent drop to 4,266 units from 4,673 units.

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

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

Kolkata is likely to witness a drop of 33 per cent to 3,763 units from 5,653 units.

Sales of residential properties in Pune could decline 24 per cent to 20,230 units from 26,641 units.

However, the Delhi-NCR market is set to buck the trend. Sales in the NCR market are set to rise 25 per cent to 12,915 units during December quarter 2024 from 10,354 units in the year-ago period.

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

He said the demand of luxury homes in Gurugram has been unprecedented in the last few years.

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

"The rise in sales and launches from previous quarter indicates that the festive season demand was broadly in line with our expectations," Jha added.

P E Analytics, an NSE-listed company, owns and operates PropEquity that covers over 1,70,000+ projects of 57,000+ developers across 44 cities in India.