Housing market continued its domination in the first quarter of the year as the sales are at an all-time decadal high with approximately 1,30,170 units sold in Q1 of the Calendar Year 2024 across the top seven cities, said the ANAROCK data.
This marks a 14 per cent yearly rise against approx. 1,13,775 units sold back in the first quarter of 2023.
Hyderabad saw a 57 per cent yearly increase in new supply in Q1 2024 while Mumbai Metropolitan Region (MMR) saw its new supply decline by 9 per cent in the period, the report of the leading Indian real estate services company said.
The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket homes priced Rs 1.5 cr and above, it added.
The report highlighted that despite new launches remaining above the one lakh mark in this quarter, available inventory in the top seven cities dropped by 7 per cent annually. It dropped to approx 5,80,890 units by Q1 2024-end from approx 6,26,750 units by Q1 2023-end.
Among the top cities, NCR saw the highest decline of 27 per cent in its unsold stock in Q1 2024. NCR’s unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad, the report said.
ANAROCK Group Chairman Anuj Puri, said, “MMR and Pune accounted for over 51 per cent of the total sales in the top 7 cities, with MMR recording a 24 per cent yearly jump and Pune witnessing an over 15 per cent yearly rise. New launches across the top seven cities continued above the one lakh mark but witnessed a mere 1 per cent yearly rise – from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024.”
The report highlighted that the top seven cities recorded new launches of around 1,10,865 units in Q1 2024 against 1,09,570 units in Q1 2023, increasing by just 1 per cent over the previous year’s corresponding period.
The key cities contributing to new launches in Q1 2024 were MMR, Hyderabad, Pune, and Bengaluru, which together accounted for 83 per cent of the quarter’s supply addition.
Further, approx 1,30,170 units were sold in Q1 2024 — an increase of 14 per cent over Q1 2023. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 91 per cent sales in the quarter.
Average residential property prices across the top 7 cities have seen a significant jump in the last one year — ranging between 10-32 per cent in Q1 2024 when compared to Q1 2023.