NEW DELHI : Quarterly housing sales during January-March 2024 period (Q1, 2024) are at decadal high with 1,30,170 units sold across the top 7 cities, showed latest data from property consultant ANAROCK. This is a 14% yearly rise compared to 1,13,775 units sold in Q1 of 2023.
Mumbai Metropolitan Region (MMR) and Pune accounted for over 51% of the total sales in top 7 cities in Q1 of 2024, with MMR recording a 24% and Pune witnessing a 15% yearly jump. New launches across the top 7 cities continued above the 1 lakh mark but witnessed a mere 1% yearly rise to 1,10,865 units in Q1 of 2024.
Anuj Puri, Chairman, ANAROCK Group, said, “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 crore and above.”
MMR saw the highest housing sales of 42,920 units in Q1 2024 while Pune saw 22,990 units sold in Q1 2024. Hyderabad recorded sales of 19,660 units in Q1 2024, a 38% increase while National Capital Region (NCR) saw a 9% decline in housing sales to 17,160 units.
Kolkata saw a decline of 9% in housing sales to Q1 2023 to 5,650 units. In Bengaluru, sales grew by 14% to 17,790 units sold. Chennai saw 5,510 units sold in Q1 2024 – a decline of 6% over Q1 2023 due 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.
Average residential property prices across the top 7 cities in the January-March 2024 period grew between 10-32% in Q1 2024 when compared to Q1 2023. Hyderabad and Bengaluru recorded the highest annual price jump of over 32% and 25%, respectively, as per Anarock.
“The current demand curve suggests that prices will continue to increase in FY25 as well, given that demand is still holding up across markets and price segments. Prices will continue to rise across mid, premium and luxury segments,” said Viswa Prathap Desu, COO-Residential, Brigade Group. Desu added that demand dynamics coupled with shifting customer preferences is expected to continue to drive robust sales along with healthy price increases.
Despite new launches remaining above 1 lakh mark in this quarter, inventory in top 7 cities fell by 7% annually – from 6,26,750 units by Q1, 2023-end to about 5,80,890 units by Q1, 2024-end. Among top cities, NCR saw highest fall of 27% in its unsold stock in Q1 2024.