New Delhi : There was an 11 percent decline in housing sales from July to September in seven major cities, with 1.07 lakh units sold, due to reduced property launches and a 23 percent increase in average prices annually, as reported by Anarock. Anarock, a real estate advisor, recently published data indicating a decrease of 11 pc in residential property sales from 1,20,290 units to 1,07,060 units during July-September compared to the previous year. Anuj Puri, Chair of Anarock, mentioned that each of the major cities experienced a decrease in property sales.
In July-September 2024, the leading 7 cities experienced a 19 pc reduction in new housing supply, with 93,750 units introduced compared to 1,16,220 units in the same period in 2023. Puri stated that sales staying higher than launches shows the demand-supply balance is strong. He mentioned that housing sales decreased in the third quarter due to expensive prices and the rainy season.
In this period, like always, the 'shraad' period also reduced demand somewhat because many Indians postpone purchasing homes during this time. In general, Puri stated that the housing market is beginning to stabilize following a new high in January-March 2024. Anarock reported that developers have multiple projects planned for the festive quarter (October-December), when an increase in demand is anticipated in the market.
Puri stated that growth in sales for the next few quarters might not be as high as it was in the last 1-2 years. Residential prices also appear to have reached their highest point and are now slowly leveling off in various cities. It is expected that developers will introduce multiple promotions and deals in the upcoming holiday season to entice customers. According to the data, Mumbai Metropolitan Region (MMR) had the highest sales among the top 7 cities in the July-September quarter with 36,190 units, showing a decrease of 6 pc from 38,505 units.
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