Housing Sales Dip in Top Cities, Dec Quarter 2024

New Delhi, Jan 16 (PTI) Housing sales declined 26 per cent to 1,06,038 units across eight major cities during the December quarter on lower demand mainly due to high prices, according to PropTiger.

Sales stood at 1,43,482 units in the year-ago period.

Real estate consultant PropTiger, however, said that sales of residential properties in 2024 rose 6 per cent to 4,36,992 units from 410,791 in the year-ago period across eight major cities --Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai & Thane) and Pune.

Commenting on the report, Dhruv Agarwala, Group CEO, Housing.com & Proptiger.com said, "While the October-December festive period, saw a Q-o-Q increase in sales as expected, there was a Y-o-Y decline in both sales and new launches across most regions. Factors such as global economic uncertainties, major state elections, and property price increase across the country led to a wait-and-watch approach by both developers and buyers."

Looking ahead, he said the market is expected to remain cautious in the coming quarters with no immediate signs of interest rate cuts and with economic growth slowing down.

During the October-December period, PropTiger data showed that the Delhi-NCR market was the only region among the top eight cities to register positive growth in new home sales.

Sales in NCR increased to 9,808 units during the fourth quarter of the 2024 calendar year from 6,528 units in the same period of the preceding year.

The MMR (Mumbai Metropolitan Region) retained its position as the market leader with 33,617 units sold, though it witnessed a 31 per cent Y-o-Y (year-on-year) decline to 33,617 units from 48,553 units.

Pune followed with 18,240 units sold, also down 31 per cent Y-o-Y.

In the South, Bengaluru recorded 13,236 units sold (down 23 per cent Y-o-Y), Hyderabad 13,179 units (down 36 per cent YoY), and Chennai 4,073 units (down 5 per cent Y-o-Y).

Sales fell in Ahmedabad by 34 per cent to 10,170 units from 15,310 units.

In Kolkata, the sales of residential properties declined to 3,715 units during the October-December period of 2024 from 4,735 units in the year-ago period.