New Delhi, Housing sales in seven major cities rose 5 per cent year-on-year to around 1.2 lakh units during the April-June period, while demand fell 8 per cent from the previous quarter due to rising prices, according to Anarock.
The real estate consultancy Anarock, one of the main real estate brokerage companies, published real estate market data for the current April-June quarter on Thursday.
In April-June 2024, housing sales in seven major cities are estimated at 1,20,340 units, up 5 per cent from 1,15,090 units in the same period last year. However, sales are estimated They fell 8 per cent compared to the January-March quarter, in which 1,30,170 units were sold. Anarock Chairman Anuj Puri said, "The quarterly decline seen in housing sales is essential given the historically high base seen in the previous quarter when over 1.30 lakh units were sold."
"The most important thing is that this drop is also due to the significant increase in real estate prices over the last year, which in turn has led many investors to take a break," Puri explained.
Annually, Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune and Hyderabad have seen growth in sales, while Chennai and Kolkata witnessed a drop in demand. However, on a quarterly basis, only Delhi- NCR has seen an increase in sales, while the remaining six cities have seen lower demand.
According to the data, housing sales in Delhi-NCR rose 1 per cent to 16,550 units in April-June from 16,450 units in the year-ago period. Sales grew 6 percent from 15,650 units in the previous quarter.
In MMR, housing sales rose 9 per cent to 41,540 units in April-June from 38,085 units in the same period last year. Sales at MMR fell 3 per cent from 42,920 units in the previous quarter. Housing sales in Bengaluru stood at 16,360 units in April-June, up 9 per cent from 15,045 units in the same period a year ago. But sales fell 8 percent compared to the previous quarter, in which demand was recorded at 17,790 units.
In Pune, housing sales rose 2 per cent to 21,145 units in April-June from 20,680 units in the year-ago period. Sales have fallen 8 percent this quarter from 22,990 units in the January-March period.
Housing sales in Hyderabad rose 11 per cent to 15,085 units in April-June from 13,565 units in the year-ago period. Sales fell 23 per cent this quarter from 19,660 units in the previous quarter. In Chennai, housing sales fell 9 per cent to 5,020 units in April-June from 5,490 units in the year-ago period. Demand fell 9 percent this quarter from 5,510 units in the January-March period this year.
Housing sales in Kolkata declined 20 per cent to 4,640 units in April-June from 5,775 units in the year-ago period. Sales in Kolkata are estimated to have declined by 18 per cent this quarter from 5,650 units in the previous January-March period.
Commenting on the trend, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Homes, said there has been an unprecedented surge in housing demand, which has reached an all-time high in the last two years, particularly after. of COVID.Ohri said: "This increase underlines a fundamental shift in people's perception of home ownership, where the value of having a place to call home has become more evident than ever."
Residential real estate has not only served as a sanctuary for end-users but has also emerged as an attractive investment avenue, he noted.
"The significant returns offered by residential properties, especially luxury homes, have fueled a growing trend of buying homes for investment purposes," observed Ohri. Founder and CEO of Bengaluru-based builder White Lotus Group, Pavan Kumar, said, "Bengaluru real estate market shows promising growth, up 8 per cent year-on-year in Q1FY24. A 9 per cent drop over the previous quarter reflects election-related delays in the project launches, a temporary setback caused by market sentiments."
Kumar expects the market to quickly offset the first-quarter decline and continue to grow, driven by "strong labor market trends, business expansions, higher executive income and stable governance."
Shiwang Suraj, founder and director of brokerage firm InfraMantra, said: "Recent data indicates a significant increase in housing sales in the NCR region during the April-June quarter. This increase can be attributed to the strong economic growth witnessed in key cities like Gurgaon and Noida."As these cities continue to attract investment and talent, he said, demand for residential properties has increased.
"The thriving job market, improving infrastructure and higher quality of life in these urban centers are key factors behind this upward trend in home sales," Suraj said.
The real estate consultancy Anarock, one of the main real estate brokerage companies, published real estate market data for the current April-June quarter on Thursday.
In April-June 2024, housing sales in seven major cities are estimated at 1,20,340 units, up 5 per cent from 1,15,090 units in the same period last year. However, sales are estimated They fell 8 per cent compared to the January-March quarter, in which 1,30,170 units were sold. Anarock Chairman Anuj Puri said, "The quarterly decline seen in housing sales is essential given the historically high base seen in the previous quarter when over 1.30 lakh units were sold."
"The most important thing is that this drop is also due to the significant increase in real estate prices over the last year, which in turn has led many investors to take a break," Puri explained.
Annually, Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune and Hyderabad have seen growth in sales, while Chennai and Kolkata witnessed a drop in demand. However, on a quarterly basis, only Delhi- NCR has seen an increase in sales, while the remaining six cities have seen lower demand.
According to the data, housing sales in Delhi-NCR rose 1 per cent to 16,550 units in April-June from 16,450 units in the year-ago period. Sales grew 6 percent from 15,650 units in the previous quarter.
In MMR, housing sales rose 9 per cent to 41,540 units in April-June from 38,085 units in the same period last year. Sales at MMR fell 3 per cent from 42,920 units in the previous quarter. Housing sales in Bengaluru stood at 16,360 units in April-June, up 9 per cent from 15,045 units in the same period a year ago. But sales fell 8 percent compared to the previous quarter, in which demand was recorded at 17,790 units.
In Pune, housing sales rose 2 per cent to 21,145 units in April-June from 20,680 units in the year-ago period. Sales have fallen 8 percent this quarter from 22,990 units in the January-March period.
Housing sales in Hyderabad rose 11 per cent to 15,085 units in April-June from 13,565 units in the year-ago period. Sales fell 23 per cent this quarter from 19,660 units in the previous quarter. In Chennai, housing sales fell 9 per cent to 5,020 units in April-June from 5,490 units in the year-ago period. Demand fell 9 percent this quarter from 5,510 units in the January-March period this year.
Housing sales in Kolkata declined 20 per cent to 4,640 units in April-June from 5,775 units in the year-ago period. Sales in Kolkata are estimated to have declined by 18 per cent this quarter from 5,650 units in the previous January-March period.
Commenting on the trend, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Homes, said there has been an unprecedented surge in housing demand, which has reached an all-time high in the last two years, particularly after. of COVID.Ohri said: "This increase underlines a fundamental shift in people's perception of home ownership, where the value of having a place to call home has become more evident than ever."
Residential real estate has not only served as a sanctuary for end-users but has also emerged as an attractive investment avenue, he noted.
"The significant returns offered by residential properties, especially luxury homes, have fueled a growing trend of buying homes for investment purposes," observed Ohri. Founder and CEO of Bengaluru-based builder White Lotus Group, Pavan Kumar, said, "Bengaluru real estate market shows promising growth, up 8 per cent year-on-year in Q1FY24. A 9 per cent drop over the previous quarter reflects election-related delays in the project launches, a temporary setback caused by market sentiments."
Kumar expects the market to quickly offset the first-quarter decline and continue to grow, driven by "strong labor market trends, business expansions, higher executive income and stable governance."
Shiwang Suraj, founder and director of brokerage firm InfraMantra, said: "Recent data indicates a significant increase in housing sales in the NCR region during the April-June quarter. This increase can be attributed to the strong economic growth witnessed in key cities like Gurgaon and Noida."As these cities continue to attract investment and talent, he said, demand for residential properties has increased.
"The thriving job market, improving infrastructure and higher quality of life in these urban centers are key factors behind this upward trend in home sales," Suraj said.
