Housing sales in India declined during the second quarter of 2024, showing an 8 percent drop compared to the previous quarter, according to the latest data from Anarock, a prominent real estate consultancy operating in India and the GCC.
The report indicated that approximately 120,340 residential units were sold across the top 7 cities in Q2 2024, down from about 130,170 units sold in Q1 2024.
However, on a year-on-year basis, there was a 5 percent increase in sales figures, as noted by Anarock Research.
Mumbai and Pune, both located in western India, collectively represented more than half (52 percent) of the total sales in the top 7 cities during the second quarter of the year.
In contrast, Delhi-NCR was the sole city to experience a quarterly rise of 6 percent in housing sales during Q2 2024 compared to Q1 2024, according to the report.
Data also revealed a significant 7 percent quarterly increase and a notable 25 percent annual rise in average residential prices across the top 7 cities during the second quarter.
Anuj Puri, Chairman of Anarock, highlighted that Delhi-NCR saw the largest quarterly price surge of 10 percent in Q2 2024, while Hyderabad recorded the highest annual increase of 38 percent in average residential prices.
Puri added, “However, if prices remain stable moving forward, housing sales may not face significant impact in the coming quarters.”
The report further noted that new residential launches across the top 7 cities continued to set new records, increasing by 6 percent quarter-on-quarter, rising from approximately 110,870 units in Q1 2024 to about 117,170 units in Q2 2024.
The Mumbai Metropolitan Region (MMR) and Pune accounted for the majority (54 percent) of the total new launches across the top 7 cities.