Housing sales across the top seven cities in India declined by 11% annually during the July-September quarter of 2024 with approximately 1,07,060 units sold in Q3 2024 against approximately 1,20,290 units in Q3 2023. Property consultancy Anarock on September 26 released data that showed that the Mumbai Metropolitan Region recorded the highest sales at around 36,190 units, followed by Pune with approximately 19,050 units. Cumulatively, the two western cities accounted for 52% of the total sales across the top seven cities in Q3 2024.
Meanwhile, with 93,750 units launched in Q3 2024, against 1,16,220 units in Q3 2023 – the top seven markets saw a 19% annual decline in new launches. On a quarterly basis, there was a 20% drop. Also Read: Housing sales expected to decline by 18% in July-September annually across nine cities: PropEquity As a result the available inventory across the top seven cities declined collectively by 2% on a quarterly basis, standing at approximately 5,64,415 units by the end of Q3 2024.
On an annual basis, the inventory declined by 8%, the report said. The report highlighted that new supply fell below the 1 lakh mark for the first time since the January-March quarter of 2023. However, while most cities saw new supply decline annually during the June-September period, NCR and Chennai saw 53% and 51% increases, respectively.
“Housing sales in the third quarter tapered down amid high prices and the monsoon season. As always in this period, the ‘shraad’.