In a not-so-positive development for India’s burgeoning real estate sector, new housing launches and sales in the third quarter (July-September) of the 2024 calendar year in the top nine cities fell 11% and 18% respectively, according to data by real estate data analytics firm PropEquity.
The data revealed that new launches in the July-September quarter of CY 2024 fell to 93,693 units from 1,05,655 units in the same period last year while sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year. PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
Samir Jasuja, CEO & Founder, PropEquity, said that in Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities. “It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical,” he added.
According to the data, on Y-o-Y basis, only NCR, Mumbai and Thane saw rise in new supply at 221%, 18% and 11% respectively in this quarter compared to Q3 of 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) witnessed a significant drop compared to Q3 2023. However the drop is not steep when compared to the previous quarter (Q2 2024).
The data further pointed out that, on Y-o-Y basis, sales rose only in Delhi NCR (22%) and Navi Mumbai (4%) while falling in the other seven cities with Hyderabad recording the highest fall at 42%, followed by Bengaluru (26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%) and Thane (10%).