Residential sales across the top cities stabilized in July-Sep quarter with sales declining to 11%, according to Anarock data.
About 1,07,060 units were sold in Q3 2024 against 1,20,290 units in Q3 2023. However, sales continued to outstrip new supply in Q3 2024, reflecting continued health in the market.
“Among the top 7 cities, MMR recorded the highest sales of 36,190 units, followed by Pune with 19,050 units. Cumulatively, the two western cities accounted for 52% of the total sales across the top 7 cities in Q3 2024. All the top cities individually recorded a dip in housing sales,” said Anuj Puri, chairman, Anarock group.
The top 7 cities also witnessed a drop in new housing supply, with 93,750 units launched in Q3 2024 against 1,16,220 units in the corresponding period in 2023 - a 19% annual drop.
In terms of budget segments, the Rs 1.5 crore and above luxury housing segment witnessed the highest new supply of 33%, followed by the premium (Rs 80 lakh – Rs 1.5 crore) segment with a 30% share.
The mid segment (Rs 40– 80 lakh) contributed a 23% share of the total new supply during the quarter, while the affordable segment's share fell further to just 13% – the lowest in a quarter.
Available housing inventory saw an 8% yearly decline across the top 7 cities amid strong sales – from over 6.10 lakh units as on Q3 2023-end to over 5.64 lakh units by Q3 2024- end. The inventory decline is largely attributable to sales exceeding new launches in the quarter.
Average residential prices in the top 7 cities collectively saw double-digit growth of 23% in Q3 2024 against Q3 2023. Hyderabad recorded the highest 32% annual growth, followed by Bengaluru and NCR with 29% increases each.
"As always in this period, the ‘shraad’ period also suppressed demand to an extent as many Indians defer home buying in this period. Overall, the housing market is stabilizing after creating a new peak in Q1 2024,” Puri said.
Developers have several projects lined up during the festive quarter (Oct-Dec) during which the market is expected to see an uptick in demand.
Residential prices too seem to have peaked out and are now gradually stabilizing across cities. Developers are likely to roll out several offers and discounts during the upcoming festive quarter to attract buyers.
The top 7 cities saw 93,750 units launched in Q3 2024, against 1,16,220 units in Q3 2023 – a 19% annual decline. On a quarterly basis, there was a 20% drop. In Q2 2024, approx. 1,17,170 units were launched across the top 7 cities.
Available inventory across the top 7 cities collectively declined by 2% on a quarterly basis, standing at 5,64,415 units by Q3 2024-end. On an annual basis, inventory declined by 8% in Q3 2024 across the top 7 cities.
Due to escalating input costs as well as significant sales growth, average residential property prices across the top 7 cities collectively rose by 23% annually - from Rs 6,800 per sq. ft. in Q3 2023 to Rs 8,390 per sq. ft. in Q3 2024. Among the top 7 cities, Hyderabad saw the highest 32% jump in average prices. On a quarterly basis, average prices in the top 7 cities rose by 4%.
About 1,07,060 units were sold in Q3 2024 against 1,20,290 units in Q3 2023. However, sales continued to outstrip new supply in Q3 2024, reflecting continued health in the market.
“Among the top 7 cities, MMR recorded the highest sales of 36,190 units, followed by Pune with 19,050 units. Cumulatively, the two western cities accounted for 52% of the total sales across the top 7 cities in Q3 2024. All the top cities individually recorded a dip in housing sales,” said Anuj Puri, chairman, Anarock group.
The top 7 cities also witnessed a drop in new housing supply, with 93,750 units launched in Q3 2024 against 1,16,220 units in the corresponding period in 2023 - a 19% annual drop.
In terms of budget segments, the Rs 1.5 crore and above luxury housing segment witnessed the highest new supply of 33%, followed by the premium (Rs 80 lakh – Rs 1.5 crore) segment with a 30% share.
The mid segment (Rs 40– 80 lakh) contributed a 23% share of the total new supply during the quarter, while the affordable segment's share fell further to just 13% – the lowest in a quarter.
Available housing inventory saw an 8% yearly decline across the top 7 cities amid strong sales – from over 6.10 lakh units as on Q3 2023-end to over 5.64 lakh units by Q3 2024- end. The inventory decline is largely attributable to sales exceeding new launches in the quarter.
Average residential prices in the top 7 cities collectively saw double-digit growth of 23% in Q3 2024 against Q3 2023. Hyderabad recorded the highest 32% annual growth, followed by Bengaluru and NCR with 29% increases each.
"As always in this period, the ‘shraad’ period also suppressed demand to an extent as many Indians defer home buying in this period. Overall, the housing market is stabilizing after creating a new peak in Q1 2024,” Puri said.
Developers have several projects lined up during the festive quarter (Oct-Dec) during which the market is expected to see an uptick in demand.
Residential prices too seem to have peaked out and are now gradually stabilizing across cities. Developers are likely to roll out several offers and discounts during the upcoming festive quarter to attract buyers.
The top 7 cities saw 93,750 units launched in Q3 2024, against 1,16,220 units in Q3 2023 – a 19% annual decline. On a quarterly basis, there was a 20% drop. In Q2 2024, approx. 1,17,170 units were launched across the top 7 cities.
Available inventory across the top 7 cities collectively declined by 2% on a quarterly basis, standing at 5,64,415 units by Q3 2024-end. On an annual basis, inventory declined by 8% in Q3 2024 across the top 7 cities.
Due to escalating input costs as well as significant sales growth, average residential property prices across the top 7 cities collectively rose by 23% annually - from Rs 6,800 per sq. ft. in Q3 2023 to Rs 8,390 per sq. ft. in Q3 2024. Among the top 7 cities, Hyderabad saw the highest 32% jump in average prices. On a quarterly basis, average prices in the top 7 cities rose by 4%.
