Housing Sales Drop by 21% in Top 9 Cities Of India
In the October-December 2024 period, housing sales across nine major cities in India are expected to drop by 21%. The total sales are likely to fall to 1,08,261 units from 1,37,225 units during the same time last year. This drop is mainly due to the high number of sales in the previous year, making this year look lower in comparison.
Which Cities Are Seeing a Decline?
Sales in several major cities are expected to drop:
• Hyderabad: Sales could fall by 47%, going down to 12,682 units from 24,044 units last year.
• Mumbai: Sales are expected to drop by 27%, from 13,878 units last year to 10,077 units this year.
• Bengaluru: A 13% drop is expected, with sales going from 17,276 units to 14,957 units.
• Chennai: Sales could fall by 9%, from 4,673 units last year to 4,266 units.
• Navi Mumbai: There could be a 13% drop in sales, going down to 7,478 units from 8,607 units.
• Thane: Sales are likely to drop by 16%, from 26,099 units last year to 21,893 units this year.
• Kolkata: The biggest decline is expected here, with sales likely falling by 33% from 5,653 units to 3,763 units.
• Pune: Sales are expected to drop by 24%, going from 26,641 units last year to 20,230 units.
Delhi-NCR Is the Only Market with Growth
The Delhi-NCR (National Capital Region) market is an exception to the overall trend. Here, housing sales are expected to rise by 25%, from 10,354 units last year to 12,915 units this year. This growth is happening mainly because of strong demand in areas like Gurugram, where both buyers looking for homes to live in and investors are showing interest.
Why Is This Happening?
The drop in sales this year is mainly because of the high number of sales last year, making this year seem lower in comparison. However, despite the decline, the overall real estate market is still strong. The demand for housing remains solid, and sales in the last quarter of 2024 are expected to rise slightly from the previous quarter.
Looking Ahead
Experts believe that the demand for luxury homes, especially in Delhi-NCR and Gurugram, will continue to rise. The real estate market is still growing, with more launches and sales expected during the festive season. Even though some cities are seeing fewer sales, the market as a whole remains healthy.
