Housing sales slipped 6% in top Indian cities during Jul-Sep quarter: Report
In the July-September quarter, residential property sales in nine key Indian cities dipped by six percent, totaling just 1.03 lakh units, a stark contrast to last year's figures. This decline signifies lower demand alongside a decrease in new housing supply. While Bengaluru and Hyderabad saw slight growth in sales, many other cities faced significant drops, reflecting a broader slump in the…
Residential property sales in India's nine major cities experienced a six percent decline during the July-September quarter, according to a report by real estate research platform PropEquity. The sales across these cities dropped to 1,03,170 units, down from 1,09,420 units in the same quarter last year. The reduction in sales can be primarily attributed to weak demand and a decrease in fresh housing supply.
New housing supply contracted by 1,965 units, falling from 1,00,330 units to 98,165 units over the quarter. The July-September quarter usually sees slower housing sales due to the monsoon season, which discourages developers from launching new projects. However, demand and sales typically pick up in the October-December quarter, driven by festive-season buying.
Bengaluru and Hyderabad experienced modest growth, with Bengaluru seeing a one percent rise in sales to 17,340 units, and Hyderabad's sales climbing 11 percent to 15,470 units. Navi Mumbai also posted healthy growth, with sales increasing by 12 percent to 9,810 units.
However, most other cities saw a downturn. Mumbai's residential sales fell eight percent to 9,830 units, while Thane, part of the Mumbai Metropolitan Region, witnessed an 11 percent decline to 16,230 units. Pune recorded the steepest fall among the larger markets, with sales down 16 percent to 17,860 units. Delhi-NCR saw a 12 percent drop to 8,090 units, and Chennai and Kolkata both registered a 17 percent decline in sales.
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