The need genuine estate remains to be durable as also in this quarter the absorption/sales is greater than the brand-new launches and such minimal decrease in this quarter is a historical fad and not symptomatic of any kind of unfavorable scenario. (Representative photo)
New launches in the July-September 2024 quarter was up to 93,693 systems from 1,05,655 systems in the exact same duration in 2015, while sales was up to 1,04,393 systems in Q3 CY2024 from 1,26,848 systems in the exact same duration in 2015.
New real estate launch and sales in the 3rd quarter of the fiscal year 2024 in top-9 cities revealed a decrease of 11 percent and 18 percent, specifically, according to a record by property information analytics solid PropEquity. New launches in the July-September 2024 quarter was up to 93,693 systems from 1,05,655 systems in the exact same duration in 2015, while sales was up to 1,04,393 systems in Q3 CY2024 from 1,26,848 systems in the exact same duration in 2015.
PropEquity tracks real estate supply and absorption information in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
Samir Jasuja, CHIEF EXECUTIVE OFFICER & & owner of PropEquity, claimed, “The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation. In Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical.”
According to the information, on Y-o-Y basis, just NCR, Mumbai and Thane saw increase in brand-new supply at 221%, 18% and 11% specifically in this quarter contrasted to Q3 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) observed a substantial decrease contrasted to Q3 2023. However the decrease is not high when contrasted to the previous quarter i.e. Q2 2024.
The information better mentioned that, on Y-o-Y basis, the complete absorption climbed just in Delhi NCR (22%) and Navi Mumbai (4%) while dropping in various other 7 cities with Hyderabad tape-recording the highest possible loss at 42%, complied with by Bengaluru (26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%) and Thane (10%).
Sanju Bhadana, taking care of supervisor of four Developers, claimed, “In the past couple of years, the NCR market has seen tremendous growth in infrastructure development. The result of which is evident from the rising investment from both private equity players and homebuyers. The rise in demand for luxury homes across several micro markets in NCR reflects the impact the infrastructure projects like Dwarka expressway, Delhi-Mumbai expressway, Noida International airport, metro expansion and high-speed rail network among others are having on the property market in the region. We anticipate that the real estate market in the region will continue to perform well and maintain the sales momentum seen over the past few years.”
Shiwang Suraj, owner and supervisor of Gurugram- based home seeking advice from company In fraMantra, claimed, “The real estate market has traditionally been slow in the third quarter with developers holding up their launches for the festive quarter. However, NCR market has defied this trend. The enquiries from homebuyers have been encouraging and we are hopeful that the next quarter sales could potentially be higher than previous festive quarters.”
