Housing sales drops 21% annually across 9 major cities

According to a report released on December 21 by PropEquity, housing sales in nine major cities are predicted to fall by 21% annually to 1.08 lakh units during the October-December quarter. Based on the available data, it is anticipated that the overall sales of residential properties in all nine cities will decrease to 1,08,261 units this quarter from 1,37,225 units during the same period last year.

PropEquity's CEO and founder, Samir Jasuja, stated that the high base effect is the reason why sales have decreased yearly. He stated that the festive demand is likely to cause sales to increase on a quarterly basis.

The supply-to-absorption ratio in 2024 is the same as it was in 2023, despite the decline, which suggests that the real estate industry's foundations are sound and robust, according to a closer examination of the data, Jasuja said.

Delhi-NCR, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, and Thane are among the top nine cities.

Hyderabad's housing sales are predicted to decline by 47% from 24,044 units in the same period last year to 12,682 units from October to December of 2024.

Sales in Chennai may decline by 9% to 4,266 units from 4,673 units, while sales in Bengaluru may decline by 13% to 14,957 units from 17,276 units.

In Thane, a 16 percent decline to 21,893 units from 26,099 units is predicted, while a 13 percent decline to 7,478 units from 8,607 units is predicted in Navi Mumbai. The number of units in Kolkata is expected to decrease by 33 percent, from 5,653 to 3,763. Pune's residential property sales could drop from 26,641 to 20,230 units, a 24 percent decline.