Housing sales witnessed a quarterly decline of 8 per cent and stood at nearly 1,20,340 units in the second quarter of 2024 across the seven major cities. 1,30,170 units sold in the first quarter of this year.
However, annually, there has been a 5 percent increase in residential sales, according to the latest data from Anarock Research.
The two western cities, Mumbai Metropolitan Region (MMR) and Pune, accounted for over 52 per cent of the total sales in the top 7 cities, with over 62,685 units sold in total in these cities in Q2 2024.
NCR is the only city that saw a quarterly increase (6 percent) in home sales in the quarter over the first quarter of 2024.
New launches in the top seven cities continued to break previous records with a rise of 6 per cent - 1,10,870 units in the first quarter to 1,17,170 units in the second.
MMR and Pune recorded the maximum new supply, accounting for 54 per cent of the total new launches, the report said.
Individually, the two cities saw quarterly increases of 31 percent and 1 percent in their new supply, respectively.
Notably, Delhi-NCR witnessed a 134 per cent (q-o-q) rise in new supply in Q2 over Q1.
"The quarterly decline seen in housing sales is essentially due to the record base seen in the previous quarter when over 1.30 lakh units were sold," said Anuj Puri, Chairman, Anarock Group.
Most importantly, this drop is also due to the significant rise in real estate prices over the past year, which in turn has led many investors to take a breather, he added.
Delhi-NCR witnessed the highest quarterly residential price jump of 10 per cent in the second quarter, while Hyderabad witnessed the highest annual jump of 38 per cent in average residential prices.
"However, if prices remain under control from now on, home sales may not be affected much in the coming quarters," Puri said.
– na/rad
However, annually, there has been a 5 percent increase in residential sales, according to the latest data from Anarock Research.
The two western cities, Mumbai Metropolitan Region (MMR) and Pune, accounted for over 52 per cent of the total sales in the top 7 cities, with over 62,685 units sold in total in these cities in Q2 2024.
NCR is the only city that saw a quarterly increase (6 percent) in home sales in the quarter over the first quarter of 2024.
New launches in the top seven cities continued to break previous records with a rise of 6 per cent - 1,10,870 units in the first quarter to 1,17,170 units in the second.
MMR and Pune recorded the maximum new supply, accounting for 54 per cent of the total new launches, the report said.
Individually, the two cities saw quarterly increases of 31 percent and 1 percent in their new supply, respectively.
Notably, Delhi-NCR witnessed a 134 per cent (q-o-q) rise in new supply in Q2 over Q1.
"The quarterly decline seen in housing sales is essentially due to the record base seen in the previous quarter when over 1.30 lakh units were sold," said Anuj Puri, Chairman, Anarock Group.
Most importantly, this drop is also due to the significant rise in real estate prices over the past year, which in turn has led many investors to take a breather, he added.
Delhi-NCR witnessed the highest quarterly residential price jump of 10 per cent in the second quarter, while Hyderabad witnessed the highest annual jump of 38 per cent in average residential prices.
"However, if prices remain under control from now on, home sales may not be affected much in the coming quarters," Puri said.
– na/rad