Home sales decline in Mumbai, Pune between July-September

Home sales in eight major cities in the country fell by 5 per cent in the July-September quarter compared to last year, while new launches fell by 25 per cent in the quarter. Property Tiger.com's 'Real Insight Residential Report' has pointed out that this decline is due to the sharp rise in house prices. PropTiger.com is a part of REA India which owns Housing.com.

A look at the key findings of the report shows that 1,01,221 homes were sold in the quarter in 2023, a 5 percent year-on-year decline to a total of 96,544 homes sold in the third quarter of 2024. Meanwhile, 91,863 new homes were launched in major cities of the country in the third quarter, which is 25 percent less than the 1,23,080 homes launched in the third quarter of 2023.

Big decline in Mumbai, Pune and Hyderabad:

The July-September quarter of 2024 saw a significant increase in sales in Delhi NCR of 29% compared to last year with 10,098 houses being sold in the quarter this year as against 7,800 houses sold in the same period last year.

Although Mumbai leads in terms of overall numbers, this year saw 30,010 sales of houses, marking a slight 1% decline compared to 30,299 houses sold in the third quarter of 2023.

Hyderabad has seen a big decline. 11,564 houses have been sold this year compared to 14,191 houses sold last year. Thus the sales have decreased by 19%. Sales in Bangalore declined by 11%, compared to 12,588 homes sold in the same quarter last year, while only 11,160 homes were sold in the same quarter of 2024. Similarly, the number of house sales in Ahmedabad fell by 9% from last year to 9,352 from 10,305 last year.

Comparison of new launches:

Mumbai saw a 13% drop in new housing supply. 31,123 houses have been launched this year compared to 35,923 houses last year. In Hyderabad, there has been a steep decline of 58% compared to last year. The number of newly launched houses was 20,481 last year and this year it is only 8,546. The supply of new houses in Pune also fell by 36% from 31,543 to 21,287. Although there has been an increase over the previous quarter in Kolkata, there has been a decline of 61% compared to the same quarter last year. In the third quarter of 2023, 3,850 new houses were launched, while only 1,516 new houses were launched in this quarter.

In contrast, Delhi NCR witnessed a robust growth of 76% in terms of new launches in the third quarter of 2024 as compared to the third quarter of 2023. As many as 11,955 new houses were launched this year compared to last year's 6810 houses. This shows tremendous confidence of the developers.