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Housing sales increase in just 2 out of the 9 cities in 2024 with Navi Mumbai videotaping the highest possible development while Hyderabad videotaping the highest possible decrease.
The decrease in real estate supply and sales in 2024 is because of the high base impact, as 2023 was a peak year.
The household realty market in India’s top-9 cities saw a low 9 percent decrease in sales to 4,70,899 devices in 2024, while brand-new supply dropped by 15 percent to 4,11,022 devices on the back of 2 quarters of under-activity because of basic political elections and downpour, according to the most recent record by NSE-listed realty information analytics strong PropEquity.
The variety of devices offered in 2023 stood at 5,14,820 devices while the variety of devices introduced in 2023 stood at 4,81,724 devices.
Housing sales increased in just 2 out of the 9 cities in 2024 with Navi Mumbai videotaping the highest possible development while Hyderabad videotaping the highest possible decrease, PropEquity claimed in its record.
New supply increased in 4 out of 9 cities with Delhi- NCR videotaping the highest possible development and Hyderabad videotaping the highest possible decrease.
Samir Jasuja, chief executive officer and owner of PropEquity, claimed, “The decrease in real estate supply and sales in 2024 is because of the high base impact, as 2023 was a peak year. A comprehensive evaluation of the numbers discloses that in spite of the decrease, the supply to absorption proportion in 2024 continues to be the like 2023 which suggests that the basics of the realty field are solid and healthy and balanced.”
Hyderabad remained the under-performer, both in terms of supply and sales, during the year dragging down the overall numbers. The cities in NCR saw a fairly good growth in new supply and sales during the year, he added.
“Weak demand may have prompted developers to go slow on new launches,” Jasuja claimed.
Bengaluru, Chennai and Delhi- NCR saw brand-new supply go beyond absorption throughout this year.
| Location | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Bengaluru | 60,506 | 66,600 | -9% |
| Chennai | 19,212 | 21,515 | -11% |
| Hyderabad | 61,722 | 82,350 | -25% |
| Kolkata | 18,595 | 18,697 | -1% |
| Mumbai | 50,140 | 53,208 | -6% |
| Navi Mumbai | 33,870 | 29,085 | 16% |
| Pune | 92,643 | 106,351 | -13% |
| Thane | 90,288 | 95,336 | -5% |
| Delhi NCR | 43,923 | 41,678 | 5% |
| Total | 470,899 | 514,820 | -9% |
| During the year, 7,830 DDA devices were soaked up. However, this is not made use of for calculation; Source: PropEquity | |||
Housing sales in Navi Mumbai rose by 16% to 33,870 devices in 2024.
In Delhi- NCR, real estate sales increased by 5% to 43,923 devices in 2024.
Housing sales in Bengaluru dropped by 9% to 60,506 devices in 2024. In Chennai, real estate sales stopped by 11% to 19,212 devices while in Hyderabad, it dropped by 25% to 61,722 devices in 2024.
In the western area, real estate sales dropped in Mumbai by 6% to 50,140 devices, while in Pune, it dropped by 13% to 92,643 devices and in Thane it dropped by 5% to 90,288 devices in 2024.
Housing sales in Kolkata dropped by 1% to 18,595 devices in 2024.
| Location | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Bengaluru | 72,111 | 56,769 | 27% |
| Chennai | 20,522 | 19,417 | 6% |
| Hyderabad | 48,164 | 94,889 | -49% |
| Kolkata | 14,764 | 20,645 | -28% |
| Mumbai | 40,963 | 39,468 | 4% |
| Navi Mumbai | 28,363 | 31,541 | -10% |
| Pune | 70,848 | 96,807 | -27% |
| Thane | 69,784 | 92,665 | -25% |
| Delhi NCR | 45,503 | 29,523 | 54% |
| Total | 411,022 | 481,724 | -15% |
| *During the year, 39,888 DDA devices were introduced. However, this is not made use of for calculation; Source: PropEquity | |||
New supply in Delhi- NCR expanded by 54% to 45503 devices in 2024 complied with by Bengaluru where supply expanded by 27% at 72,111 devices, Chennai by 6% at 20,522 devices and Mumbai by 4% at 40,963 devices.
New supply dropped in Hyderabad (49%), Kolkata (28%), Navi Mumbai (10%), Pune (27%) and Thane (25%).
Reacting to the realty information, Vijay Harsh Jha, owner and chief executive officer of VS Realtors, claimed, “Housing sales have actually gotten on a down trajectory considering that beginning of 2024. The decrease in India’s development, increase in rising cost of living and a careful strategy by capitalists owing to geo-political advancements might have caused weak need. As an outcome, supply as well have actually seen a decrease as costs remain to increase. We anticipate programmers to bring even more supply in the sector, primarily listed below Rs 1 crore, where there is a substantial need waiting to be touched.”
