Housing sales across the country’s top eight metro cities dropped by around 26% YOY (year-on-year) in the October-December quarter of the calendar year 2024 as compared to a similar period last year. The YoY sales and new launches both dropped in Q4 2024, data by PropTiger.com, a digital real estate transaction and advisory firm, showed.
However, due to the festival season, the sales grew by around 10% when computed on Quarter-On-Quarter (QoQ) basis in October-December quarter. Real estate market observers said that the dip in sales and new launches can primarily be credited to assembly elections in Haryana and Maharashtra and also due to higher property prices.
Data showed that Delhi NCR bucked the trend and emerged as the only micro-market among the top eight cities to register an impressive positive growth in new home sales. The Delhi NCR region registered a growth of around 50% in home sales with 9,808 houses sold in October-December 2024 quarter, from 6,528 units in the same period in 2023. The top eight micro-markets included Delhi NCR, Mumbai Metropolitan Region (MMR), Pune, Hyderabad, Bengaluru, Kolkata, Chennai and Ahmedabad.
MMR witnessed a 31% YoY drop in sales from 48,553 units during the same period in 2023. However, the region still retained its position as the market leader with 33,617 units sold in Q4 2024. Housing sales in Pune dipped by 31% YoY with 18,240 units sold in Q4 2024.
In the South, Hyderabad sold 13,179 homes (down 36% YoY), Chennai saw sales of 4,073 units (down 5% YoY) and Bengaluru recorded a slum of 23% with 13,236 units being sold in Q4 2024. Similarly, only 3,715 units were sold in Kolkata in October-December 2024 quarter, registering a decline of 22% YoY from 4,735 houses during October-December 2023 quarter. Ahmedabad witnessed sales of 10,170 units (down 34%YoY) in Q4 2024.
Dhruv Agarwala, Group CEO, PropTiger.com and Housing.com said that there was generally a YoY decline in both sales and new launches except for Delhi NCR, however, the festive season of October to December saw an expected QoQ increase in sales.
“Factors such as global economic uncertainties, major state elections, and property price increase across the country led to a wait-and-watch approach by both developers and buyers. Looking ahead, with no immediate signs of interest rate cuts and with economic growth slowing down, the market is expected to remain cautious in the coming quarters,” Agarwala added.
New launches in Q42024 also experienced a drop of 33% YoY as the pace of project approvals slowed due to state assembly elections in Maharashtra and Haryana.
Hyderabad witnessed the steepest decline of 66% YOY, with 9,066 units launched in Q4 2024. It was followed by Ahmedabad with a 61% YOY drop in new launches in October-December 2024 as only 3,515 units were launched during this period. Similarly, only 3,091 units were launched in Kolkata, a dip of 41%.
However, Delhi NCR saw a surge of 133% YOY with 10,048 units launched in Q4 2024, Chennai witnessed a growth of 34% with the launch of 4,005 units, and Bengaluru saw the launch of 15,157 housing units, registering a growth of 20% YoY.
