In the seven major cities of India, housing sales fell 11 per cent during July-September to 1.07 lakh units. The fall is driven by lower launches and an annual 23 per cent growth in average prices, according to real estate consultant Anarock.

Anarock data showed the fall in sales of residential properties in July-September to 1,07,060 units from 1,20,290 units in the year-ago period.

The top seven cities witnessed a drop of 19 per cent in new housing supply, with 93,750 units launched in July-September 2024 against 1,16,220 units in the corresponding period in 2023.

Anarock said that developers have several projects lined up during the festive quarter (October-December) during which the market is expected to see an uptick in demand.

According to the Anarock data, Mumbai Metropolitan Region (MMR) recorded the highest sales among the top 7 cities at 36,190 units, a 6 per cent drop from 38,505 units in the year-ago period.

Pune saw a 17 per cent decline in sales to 19,050 units from 22,885 units during the period under review.

Further the housing sales in Delhi-NCR fell 2 per cent to 15,570 units from 15,865 units, and in Bengaluru, the housing sales decreased 8 per cent to 15,025 units from 16,395 units.

Hyderabad recorded sales of 12,735 units, a 22 per cent fall from 16,375 units in the third quarter of 2023 calendar year. Kolkata witnessed a decline of 25 per cent to 3,980 units from 5,320 units.

In Chennai, housing sales fell 9 per cent to 4,510 units during July-September from 4,945 units in the year-ago period.

Anarock Chairman Anuj Puri pointed out that housing sales in the third quarter tapered down amid high prices and the monsoon season.

“As always in this period, the ‘shraad’ period also suppressed demand to an extent as many Indians defer home buying in this period.”

Puri said the housing market is stabilising after creating a new peak in January-March 2024.

Sales growth in the upcoming quarters may not be as steep as seen in the last 1-2 years,” said Puri.

“Residential prices too seem to have peaked out and are now gradually stabilising across cities. Developers are likely to roll out several offers and discounts during the upcoming festive quarter to attract buyers,” he added.