Housing sales across India’s top eight residential markets experienced a notable 26% decline in the October-December quarter of 2024 compared to the same period in the previous year, according to a new report by PropTiger.com.
The report, Real Insight Residential: Annual Round-up 2024, attributes the slowdown to state elections in Maharashtra and Haryana key regions within the analysed markets and rising property prices. Barring the National Capital Region (NCR), all other cities witnessed a year-on-year decline in home sales.
Sales Figures at a Glance
Delhi NCR stood out as the only market to register positive growth, with 9,808 units sold in Q4 2024 a 50% surge from the 6,528 units sold during the same period in 2023. However, Mumbai Metropolitan Region (MMR), the country’s largest real estate market, retained its leadership with 33,617 units sold, despite seeing a 31% year-on-year drop.
Other major markets, including Pune, Bengaluru, and Hyderabad, also recorded significant declines in home sales:
- Pune: 18,240 units (-31% YoY)
- Bengaluru: 13,236 units (-23% YoY)
- Hyderabad: 13,179 units (-36% YoY)
Commenting on the trends, Mr. Dhruv Agarwala, Group CEO of Housing.com and PropTiger.com, said:
“While the festive season in October-December showed a quarter-on-quarter rise in sales, year-on-year figures reflect a decline across most regions. Key factors like state elections, global economic uncertainties, and elevated property prices prompted a cautious approach from both developers and buyers.”
Decline in New Launches
The impact of state elections was also evident in new home launches, which dropped by 33% year-on-year during Q4 2024. Hyderabad recorded the sharpest decline, with only 9,066 units launched—a 66% fall compared to Q4 2023. Ahmedabad (-61%) and Kolkata (-41%) also saw substantial decreases.
On the brighter side, Delhi NCR and Chennai bucked the trend, with NCR witnessing a 133% surge in launches (10,048 units), while Chennai posted a 34% rise (4,005 units). Bengaluru led the market with 15,157 units launched, marking a 20% year-on-year increase.
Market Outlook
Mr. Agarwala noted that the market is expected to remain cautious in the coming quarters, with no immediate signs of interest rate cuts and economic growth slowing down. Despite the challenges, he highlighted NCR’s performance as a promising sign for the housing sector.
The report covered key housing markets, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, NCR, MMR (Mumbai, Navi Mumbai, and Thane), and Pune.
Key Statistics
Home Sales (Q4 2024):
- Total: 106,038 units (-26% YoY)
- Largest Market: MMR with 33,617 units (-31% YoY)
- Best Performance: Delhi NCR with 9,808 units (+50% YoY)
New Launches (Q4 2024):
- Total: 88,661 units (-33% YoY)
- Largest Market: Bengaluru with 15,157 units (+20% YoY)
- Most Decline: Hyderabad with 9,066 units (-66% YoY)
