Mumbai, December 21, 2024 – In a year-end analysis, real estate analytics firm PropEquity has revealed that housing sales across India’s nine major cities are poised to decrease by 21% annually, with an estimated 1.08 lakh units sold during the October-December quarter of 2024. This decline is attributed to the high base effect from last year’s sales figures, which stood at 1,37,225 units.
Despite the annual dip, the market shows resilience with a forecasted 5% increase in sales from the previous quarter, buoyed by festive demand. Samir Jasuja, CEO & Founder of PropEquity, commented, “The sales have declined on an annual basis because of the high base effect, but we are seeing a rise quarter-on-quarter due to the festive season.” He further noted that the supply-to-absorption ratio has remained consistent with 2023, indicating robust fundamentals in the real estate sector.
City-Specific Insights:
- Hyderabad: Expected to see the steepest decline with sales dropping by 47% to 12,682 units.
- Bengaluru: Anticipates a 13% decrease, projecting sales at 14,957 units.
- Chennai: Faces a 9% reduction, with sales estimated at 4,266 units.
- Mumbai: Forecasts a 27% fall to 10,077 units.
- Navi Mumbai: Predicts a 13% decline to 7,478 units.
- Thane: Likely to witness a 16% drop to 21,893 units.
- Kolkata: Expected to experience a 33% decrease to 3,763 units.
- Pune: Sees a projected 24% decline to 20,230 units.
Contrastingly, Delhi-NCR stands out with a projected 25% increase in sales to 12,915 units. Vivek Singhal, CEO of Smartworld Developers, highlighted the strong demand in Gurugram, noting, “The demand for luxury homes in Gurugram has been unprecedented in recent years.”
Vijay Harsh Jha, from VS Realtors, remains optimistic, stating, “The rise in sales and launches from the previous quarter indicates that the festive season demand was broadly in line with our expectations.”
PropEquity, operated by the NSE-listed P E Analytics, provides comprehensive data on over 1,70,000 projects by 57,000 developers across 44 cities in India, offering a detailed snapshot of the market’s health and trends.
This nuanced picture of the Indian real estate landscape underscores both challenges and opportunities in the sector as it navigates through post-festive demand and sets expectations for the forthcoming year.
