Residential property sales have declined by five percent in eight major cities of the country during the July-September quarter. Real estate ‘brokerage’ platform PropTiger.com gave this information in a report titled Real Insight on India’s residential market on Tuesday. PropTiger is part of Australia’s REA Group. It was told that this was due to lack of new offers in residential sales and rise in prices. According to Bhasha news, a total of 96,544 units were sold in July-September, which is five percent less than 1,01,221 units sold during the same period in 2023. REA India owns Housing.com.
Sales reduced to so many units
According to the news, the number of new residential units launched in the major eight markets declined by 25 percent to 91,863 units from 1,23,080 units on an annual basis during the period under review. PropTiger also highlighted in the report the sharp rise in house prices impacting affordability. Prices in the top eight cities increased by an average of about 20 percent.
House sales increased only in Delhi-NCR
According to the data, house sales have increased only in Delhi-National Capital Region (NCR). There has been a decline in the remaining seven major cities. Sales in Delhi-NCR during July-September increased by 29 percent year-on-year to 10,098 units. It was 7,800 units in the same period last year. However, sales in Ahmedabad declined by nine per cent to 9,352 units from 10,305 units, in Bengaluru by 11 per cent to 11,160 units from 12,588 units, in Chennai by eight per cent to 3,560 units from 3,874 units, in Hyderabad by 19 per cent to 11,564 units from 14,191 units and in Kolkata It declined by 22 percent from 3,607 units to 2,796 units. In the Mumbai Metropolitan Region, sales of residential properties declined by one per cent to 30,010 units from 30,299 units during the period under review. Residential sales in Pune declined three per cent to 18,004 units as against 18,557 units in the same period a year ago.
There is a healthy slowdown in market activity
Vikas Wadhawan, chief financial officer (CFO) of REA India and business head of PropTiger.com, said the year-on-year decline in both sales and new offers reflects the market’s response to rising prices. He said that we are seeing a healthy slowdown in market activity, which is beneficial for the end user as it brings sustainable growth. Prices have increased by three per cent to 50 per cent in some key areas of major markets over the past few quarters, impacting immediate purchase decisions. However, Wadhawan expects buyers to gradually adjust to the new price realities. Delhi-NCR includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad. Whereas Mumbai Metropolitan Region (MMR) includes Mumbai, Navi Mumbai and Thane.
