Housing sales dip by 9% in 2024; Hyderabad sees maximum decline: PropEquity

Housing sales dip by 9% in 2024; Hyderabad sees maximum decline: PropEquity


Housing sales in the top nine cities declined by 9% to almost 4.7 lakh units. At the same time, new supply fell by 15% to 4.11 units in 2024 due to two-quarters of under activity due to general elections and the monsoon, a report by NSE-listed real estate data analytics firm PropEquitysaid.

Housing sales in the top nine cities declined by 9% to almost 4.7 lakh units, a report by Propequity showed. (Picture for representational purposes only)(Pixabay)
Housing sales in the top nine cities declined by 9% to almost 4.7 lakh units, a report by Propequity showed. (Picture for representational purposes only)(Pixabay)

The number of units sold in 2023 was 5.14 lakh, while the number launched in 2023 was 4.81 lakh.

Housing sales rose in only two of the nine cities in 2024, with Navi Mumbai recording the highest growth and Hyderabad recording the highest decline.

The report showed that housing sales in Navi Mumbai increased by 16% to 33,870 units in 2024. In Delhi-NCR, housing sales rose 5% to 43,923 units in 2024. Housing sales in Bengaluru fell by 9% to 60,506 units in 2024. In Chennai, housing sales dropped by 11% to 19,212 units, while in Hyderabad, they fell by 25% to 61,722 units.

In the western region, housing sales fell in Mumbai by 6% to 50,140 units in 2024, in Pune by 13% to 92,643 units, and in Thane by 5% to 90,288 units. Housing sales in Kolkata fell by 1% to 18,595 units in 2024.

Housing sales and supply increased in Delhi-NCR

New supply rose in four out of nine cities, with Delhi-NCR recording the highest growth and Hyderabad recording the highest decline.

“The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year. A detailed analysis of the numbers reveals that despite the drop, the supply-to-absorption ratio in 2024 remains the same as in 2023, which indicates that the fundamentals of the real estate sector are strong and healthy,” said Samir Jasuja, CEO and Founder of PropEquity.

“Hyderabad remained the under-performer, both in terms of supply and sales, during the year dragging down the overall numbers. The cities in NCR saw a fairly good growth in new supply and sales during the year,” he said.

“Weak demand may have prompted developers to go slow on new launches. Bengaluru, Chennai, and Delhi-NCR saw new supply exceeding absorption this year,” he added.

The report showed that new supply in Delhi-NCR grew by 54% to 45503 units in 2024, followed by Bengaluru, where supply grew by 27% to 72,111 units, Chennai by 6% to 20,522 units, and Mumbai by 4% to 40,963 units.

It said new supply fell in Hyderabad (49%), Kolkata (28%), Navi Mumbai (10%), Pune (27%), and Thane (25%).



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