Housing sale fell by 21% in the October-December period
Housing supply in top 9 cities is expected to drop 33% and housing sales by 21% in the October-December period of CY2024, according to PropEquity. The NSE-listed real estate data analytics firm said that housing supply fell to 85,765 units in Q4 CY2024 (October-December) as against 1,27,936 units in the same period last year. However, supply rose 7% in Q4 CY2024 from 80,284 units in Q3 CY2024 (July-September).The housing sales fell to 108261 units in Q4 CY2024 as against 137225 units in the same period last year. However, sales rose 5% in Q4 CY2024 from 103213 units in Q3 CY2024. The top nine cities include Bengaluru, Hyderabad, Chennai, Kolkata, Pune, Thane, Navi Mumbai, Mumbai and Delhi-NCR.Housing supply rose 59% to 11223 units in Q4 CY2024 from 7072 units in the same period last year while sales rose 25%to 12915 units in Q4 CY2024 from 10354 units in the same period last year.“The housing supply and sales are up in Q4 CY2024 owing to the festive season demand. However, the Y-o-Y basis drop is due to the high base effect, as 2023 was a peak year for both sales and launches. A closer look at the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as 2023 which indicates that the fundamentals of the real estate sector are strong and healthy,” said Samir Jasuja, CEO & Founder, PropEquity. On Y-o-Y basis, housing supply fell the most in Hyderabad (52%), followed by Thane (48%), Pune (41%), Kolkata (37%), Navi Mumbai (30%), Mumbai (25%), Chennai (17%) and Bengaluru (11%). On Q-o-Q basis, housing supply rose in five cities, namely Kolkata (148%), Navi Mumbai (52%), Pune (42%), Thane (24%) and Hyderabad (22%) while it fell in four cities namely Chennai (32%), Bengaluru (22%), Mumbai (10%) and Delhi-NCR (9%).On Y-o-Y basis, housing sales fell in Hyderabad (47%), followed by Kolkata (33%), Mumbai (27%), Pune (24%), Thane (16%), Navi Mumbai (13%), Bengaluru (13%) and Chennai (9%). On Q-o-Q basis, housing sales rose in six cities, namely Delhi-NCR (20%), Bengaluru (14%), Hyderabad (9%), Thane (7%), Kolkata (2%), Mumbai (0%) while it fell in three cities.
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