Housing sales in India tapered in the second quarter of 2024, posting an 8 percent fall on a quarter-on-quarter basis in the April-June quarter, according to the latest industry data.
Residential sales stood at approximately 120,340 units in Q2 2024 across the top 7 cities, against approximately 130,170 units sold in Q1 2024, the research report by Anarock, a leading real estate consultancy operating in India and GCC, said.
However, on a yearly basis, the sales figures showed a 5 percent rise, Anarock Research said.
Mumbai and Pune, two western Indian cities, accounted for over 52 percent of the total sales in the top 7 cities in the second quarter of this year.
Delhi-NCR is the only city to see a quarterly rise of 6 percent in housing sales in the second quarter against Q1 2024, the report said.
Data also indicated that average residential prices have seen a quarterly jump of 7 percent and an annual rise of a significant 25 percent in the top 7 cities in the second quarter.
Growth of residential rents has gone down in Q2 of 2024 in the top cities, according to ANAROCK Group. In this episode of Why Not Mint Money, Dr. Prashant Thakur, the group's regional director & head of research, discusses this https://t.co/kc3uSXnT4H
— ANAROCK (@ANAROCK) June 22, 2024
“Delhi-NCR witnessed the highest quarterly jump of 10 percent in Q2 2024, while Hyderabad saw the highest yearly jump of 38 percent in average residential prices,” Anuj Puri, Chairman, Anarock, said.
“However, if prices are kept in check henceforth, housing sales may not be majorly impacted in the upcoming quarters,” he said.
The report said new launches across the top 7 cities continued to break previous records with a 6 percent Q-o-Q rise – from approximately 110,870 units in Q1 2024 to approximately 117,170 units in Q2 2024.
The Mumbai Metropolitan Region (MMR) and Pune saw the maximum new supply, accounting for 54 percent of the total new launches across the top 7 cities.
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