Quarterly housing sales during the January-March 2024 period (Q1 2024) have been at an all-time decadal high, with approx. 1,30,170 units sold across the top 7 cities, according to property consultant ANAROCK.
This is a 14% yearly rise against approx. 1,13,775 units sold back in Q1 2023.
The top 7 cities are - National Capital Region, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Pune, Chennai and Kolkata.
MMR and Pune accounted for over 51% of the total sales in the top 7 cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise. New launches across the top 7 cities continued above the one lakh mark but witnessed a mere 1% yearly rise – from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024.
Anuj Puri, Chairman - ANAROCK Group, says "Notably, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities. Hyderabad saw a 57% yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9% in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced Rs 1.5 Cr and above.”
MMR saw the highest housing sales of approx. 42,920 units in Q1 2024, increasing by 24% over Q1 2023. Pune saw approx. 22,990 units sold in Q1 2024, increasing by 15% over Q1 2023 when approx. 19,920 units were sold.
Hyderabad recorded the sale of approx. 19,660 units in Q1 2024, a 38% increase, while NCR saw a 9% decline in housing sales – from approx. 17,160 units in Q1 2023 to approx. 15,650 units in Q1 2024.
Kolkata also saw a decline of 9% in housing sales in the period – from approx. 6,185 units in Q1 2023 to approx. 5,650 units in Q1 2024. Bengaluru saw housing sales increase by 14% in Q1 2024 against Q1 2023, with approx. 17,790 units sold in Q1 2024 and approx. 15,660 units sold back in same period last year
Chennai saw approx. 5,510 units sold in Q1 2024 – a decline of 6% over Q1 2023, at least partially attributable to factors like introduction of Tamil Nadu government’s three-tier guideline values for apartment complexes in late 2023, and high stamp duty and registration charges.
Despite new launches remaining above the 1 lakh mark in this quarter, available inventory in the top 7 cities dropped by 7% annually – from approx. 6,26,750 units by Q1 2023-end to approx. 5,80,890 units by Q1 2024-end. Among the top cities, NCR saw the highest decline of 27% in its unsold stock in Q1 2024. NCR's unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad.
The key cities contributing to new launches in Q1 2024 were MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, which together accounted for 83% of the quarter's supply addition. NCR saw new supply dip by over 42% against Q1 2023, with approx. 7,270 units launched in Q1 2024 against 12,450 units in Q1 2023. Notably, 55% of the new supply was added in the ultra-luxury segment (homes priced above 2.5 Cr.)
Average residential property prices across the top 7 cities have seen significant jump in the last one year – ranging between 10-32% in Q1 2024 when compared to Q1 2023, mainly due to increase in the prices of construction raw materials and overall rise in demand. Hyderabad and Bengaluru recorded the highest annual price jump of over 32% and 25%, respectively.