India recorded a dip in housing sales in April-June compared to the previous quarter, data shared by real estate consultancy Anarock said on Thursday.
Notably, the decline was for the first time in two years.
In the January-March period, a total of 1,30,370 units were sold as compared to 1,20,340 homes sold in the April-June quarter. This was a dip of 8%.
According to Anuj Puri, chairman of Anarock Group, the decline in April-June 2024 is due to an all-time high base in the previous quarter, when more than 1,30,000 units were sold.
The last such quarterly decline was in the April-June quarter of 2022 when sales fell by 15% to 84,925 units compared to 99,550 in the January-March quarter of that year.
Puri said most importantly, this drop is also due to the significant hike in property prices over the last year, which has prompted many investors to take a breather.
As per the Anarock’s data, home prices in India have increased 7% compared to the January-March quarter while compared to the April-June quarter of 2023, the rise was steeper at 25%.
Sequentially, the National Capital Region (NCR) recorded the highest price hike of 10%, followed by Hyderabad at 9% and Bengaluru at 8%.
NCR was also the only major place that saw a rise in home sales compared to the previous quarter at 6%. Mumbai, Bangalore, Pune, Hyderabad, Chennai, and Kolkata also saw a dip in sales.
The data also showed that on a year-on-year (Y-o-Y) basis, the April-June quarter had a 5% jump in sales compared to 115,090 units in the April-June quarter of 2023.
In the city-wise sales rise Y-o-Y, the highest increase was in Hyderabad at 11%, followed by 9% each in Mumbai and Bangalore.
In Chennai and Kolkata, sales were down by 9% and 20%, respectively.