Avg price of new launch projects in top 10 cities surges by 88%
A recent report by the real estate data analytics firm PropEquity said the average price of new launch projects in India’s top 10 cities have surged 88 per cent in the past five years.
In a notable shift, the housing sales have declined by around 18 per cent across major Indian cities in April-June compared to the previous quarter in calendar year 2024.
According to a report by PropEquity, a real estate data analytics firm, as many as 1,19,901 units were sold across nine major cities in Q2 2024 compared to the previous quarter’s figure of 1,46,1947.
The nine major cities include Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai and Thane, the report highlighted.
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However, housing sales witnessed a marginal dip of only 2 per cent when computed on a year-on-year basis. The April-June quarter of 2024 witnessed sales of 1,19,901 housing units compared to 1,21,856 units sold in Q2 2023, the data showed.
The maximum QoQ dip in housing sales was seen in Hyderabad at 36 per cent followed by Mumbai 25 per cent.
As many as 15,016 housing units were sold in Q2 2024 while 23,595 residences were sold in Q1 2024 in Hyderabad. Mumbai witnessed sales of 13,032 units between April and June (till date) in 2024 as against 17,307 in Q1 2024, the report said.
Bengaluru saw a decline of 14 per cent QoQ in housing sales as only 15,127 units were sold in Q2 2024 as against 17,547 units in Q1 2024.
Absorption of housing units has gone down by around 16 per cent QoQ in Kolkata.
Delhi NCR is the only region that witnessed an increase in new supply and sales on QoQ basis with 2 per cent and 7 per cent respectively.
In Delhi NCR, Q2 2024 witnessed sales of 10,198 housing units as compared to 9,510 units in Q1 2024, which is a growth of around 7 per cent, the data showed.
New housing supply has also witnessed a seven per cent decline on a QoQ basis with 97,331 units launched in Q2 2024 as compared to 1,04,391 units in Q1 2024.
The supply in this quarter compared to the corresponding quarter of the previous year is down to 97,331 units from 1,11,657 units, a decline of 12.8 per cent YoY.
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