Reduction in housing sales by 5% starting from the months of July to September quarter over the eight cities due to drop-down in new supply while giving credit to the prices given in a statement by PropTiger.
Real estate brokerage platform PropTiger.com, part of Australia’s REA Group that owns Housing.com publish its report ‘ Real Insight’ on India’s residential market.
An overall number of 96,544 units have been sold out in the months of July to September down 5% from 101,221 units which were sold out in the month of July to September during last year.
The new number of residential units have been launched in the top 8 markets cut down to 25% to 91,863 units from 123,080 units.
Mentioning about a sharp increase in home prices, averaging nearly 20% increase over the eight cities that has been affected the affordability.
As per the data, housing sales rise only in Delhi-NCR and has lessen in the other seven major cities. Delhi-NCR spot a 29% growth in sales to 10,098 units during the months of July to September from 7,800 units during the same period in previous year.
However, there is a fall of 9% in Sales in Ahmedabad to 9,352 units from 10,305 units.
In Chennai, the housing sales have been dropped by 8% to 3,560 units from 3,874 units.
In Hyderabad, there was a registration for 19% decline in sales to 11,564 units while Kolkata saw a 22% fall to 2,796 units from 3,607 units.
In Mumbai Metropolitan Region, sales in residential properties dipped to 1% to 30,010 units from 30,299 units.
In Pune, sales in housing decreases 3% to 18,004 units during July-September from 18,577 units a year ago.
The CFO of REA India and Business Head of PropTiger.com ,Vikas Wadwa said that ‘’ The year-on-year decline in both sales and new launches reflects the markets response to rising prices. “He added in the same statement that they are observing a healthy moderation in market activity profitable for end users as it works on sustainable growth. Over the last few quarters, prices has been rise up to 3% to 50% in localities which is surrounded by key markets affecting the immediate purchasing decisions. In the meantime he expects the home-purchasers to adept with the new price realities. With upcoming festive season, renewed purchasers interest and spike in sales are expected. The market madness will decrease, managing a more steady environment for end-to-end users. Developers in Hyderabad and Pune rectify supply plans in order the shifting demand patterns.
Developers are ready to introduce new attractive offers in this festive season as per Wadwa has said.
Delhi-NCR includes Gurugram,Noida,Greater Noida,Ghaziabad and Faridabad.
Mohit Jain, Managing Director, Krisumi Corporation says, "The real estate sector is showing an upward trajectory, especially in the high-end and luxury segments, highlighting the sustained momentum for quality residences offering desirable amenities at prime locations for homebuyers. The major rise in housing prices in the NCR underscores the region's potential for sustainable growth and investment. As consumers are inclined towards modern amenities and an enhanced quality of life, developers who cater to these shifting expectations are poised to thrive".
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