New Delhi
Just a few days ago, news came that production in the factories of smartphone manufacturing companies has been reduced. These factories are producing half of their capacity. Now similar news has come from the real estate sector also. During the last quarter of the calendar year 2024, a decline of 26 percent has been seen in the sales of houses in 8 big cities of the country. Not only this, a decline of 33 percent has also been seen in the launching of new projects during the same period.
whose report is it
This information has come to light from the latest report of digital real estate transaction and advisory platform PropTiger.com. According to this report, house sales in 8 major residential markets of India have declined by 26% in the October-December period of 2024 compared to the same quarter last year. The report titled ‘Real Insight Residential: Annual Roundup 2024 by PropTiger.com’ said the decline in sales numbers could be primarily attributed to the state elections in Maharashtra and Haryana, 3 out of the 8 cities included in the analysis. And are for high property prices.
Decline in other cities except NCR
Data from this report show that except the National Capital Region or NCR, home sales have declined in other cities on a year-on-year basis. During this period, sales have increased by 50 percent in Delhi NCR but have declined by 34 percent in Ahmedabad, 23 percent in Bengaluru, 5 percent in Chennai, 36 percent in Hyderabad, 22 percent in Kolkata, 31 percent in Mumbai and 31 percent in Pune. Is.
New projects also came less
It has been told in this report that the effect of the elections taking place in some states is also visible on the new supply. Launches declined 33% YoY in Q42024 due to slow pace of project approvals due to state elections. During this period, there has been a decline of 61 percent in the launch of new projects in Ahmedabad, 66 percent in Hyderabad, 41 percent in Kolkata, 39 percent in Mumbai and 39 percent in Pune. However, during the same period, the launch of new projects in Delhi NCR has increased by 133 percent, in Bengaluru by 20 percent and in Chennai by 34 percent.
Sales had increased during the festive season
Commenting on the report, Dhruv Agarwal, Group CEO, PropTiger.com, said, ‘The October-December festival season saw a quarter-on-quarter growth in sales, as expected. But most regions saw a year-on-year decline in sales and new launches. Factors such as global economic uncertainties, key state elections and rising property prices across the country led both developers and buyers to adopt a wait-and-watch approach.’
Houses sold well in Delhi NCR
The Delhi NCR market emerged as the only region among the top eight cities to register positive growth in new housing sales during this period. Here 9,808 units were sold in Q4 (October-December 2024). This is a significant increase from 6,528 units in the same period last year. Greater Mumbai or MMR retained its position as the market leader with sales of 33,617 units, although it saw a 31% YoY decline from 48,553 units. Pune took the second position with sales of 18,240 units, also down 31% YoY. In the south, Bengaluru sold 13,236 units (down 23% YoY), Hyderabad sold 13,179 units (down 36% YoY) and Chennai sold 4,073 units (down 5% YoY). Look at this in the table…
| City | Q4 24 | Q3 24 | Q4 23 | QoQ (%) | YoY (%) |
|---|---|---|---|---|---|
| Ahmedabad | 3,515 | 6,559 | 9,046 | -46% | -61% |
| Bangalore | 15,157 | 13,972 | 12,616 | 8% | 20% |
| Chennai | 4,005 | 4,649 | 2,997 | -14% | 34% |
| Delhi NCR | 10,048 | 11,955 | 4,313 | -16% | 133% |
| Hyderabad | 9,066 | 8,546 | 26,443 | 6% | -66% |
| Kolkata | 3,091 | 1,516 | 5,267 | 104% | -41% |
| Mumbai | 30,127 | 31,123 | 49,429 | -3% | -39% |
| Pune | 13,652 | 13,543 | 22,312 | 1% | -39% |
| Total | 88,661 | 91,863 | 132,423 | -3% | -33% |
Many new projects were also launched in Delhi NCR.
There has been a 33% decline in new home launches in India’s top eight residential markets during Q4 last year (October-December). The biggest decline was seen in Hyderabad, where 9,066 units were launched (66% decline), followed by Ahmedabad with 3,515 units launched (61% decline) and Kolkata with 3,091 units launched (41% decline). . On a positive note, 10,048 units were launched in Delhi NCR, where there was a growth of 133%. 4,005 units were launched in Chennai, and 15,157 units were launched in Bengaluru, showing a growth of 20%. look at this in the table
| City | Q4 24 | Q3 24 | Q4 23 | QoQ (%) | YoY(%) |
|---|---|---|---|---|---|
| Ahmedabad | 3,515 | 6,559 | 9,046 | -46% | -61% |
| Bangalore | 15,157 | 13,972 | 12,616 | 8% | 20% |
| Chennai | 4,005 | 4,649 | 2,997 | -14% | 34% |
| Delhi NCR | 10,048 | 11,955 | 4,313 | -16% | 133% |
| Hyderabad | 9,066 | 8,546 | 26,443 | 6% | -66% |
| Kolkata | 3,091 | 1,516 | 5,267 | 104% | -41% |
| Mumbai | 30,127 | 31,123 | 49,429 | -3% | -39% |
| Pune | 13,652 | 13,543 | 22,312 | 1% | -39% |
| Total | 88,661 | 91,863 | 132,423 | -3% | -33% |
Note: The numbers are rounded to the nearest thousand.
Source: Real Insight Residential – Annual Round Up 2024, Housing Research
