Daijiworld Media Network- Mumbai
Mumbai, April 16: Housing sales across the top eight cities of India fell by 19% in the January-March quarter, amounting to 98,095 units, as high property prices and reduced launches impacted the market. The figures were revealed in a report by PropTiger, a leading real estate consultant under REA India, which also owns Housing.com.
The decline in sales was attributed to rising property prices and slower growth, which caused buyers to exercise caution in the face of uncertainty, including global trade tensions.
Key findings from PropTiger's "Real Insight" Report:
• New supply of housing dropped 10% in the first quarter, with developers adjusting to market conditions.
• The report noted that the global trade war and the spike in property prices were key factors influencing buyer hesitation.
Performance across cities:
• Ahmedabad saw a 17% drop in sales, with 10,730 units sold compared to 12,915 units in Q1 2024.
• Bengaluru and Chennai were the only cities to record higher sales. Bengaluru saw a 13% increase, with 11,731 units sold, while Chennai saw an 8% rise, with 4,774 units sold.
• Delhi-NCR (which includes Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad) saw a 16% decline, with 8,477 units sold.
• Hyderabad reported a 26% drop in sales, with 10,647 units sold.
• Kolkata experienced a slight 1% fall in sales, with 3,803 units sold.
• Mumbai Metropolitan Region (MMR) witnessed a 26% drop, with 30,705 units sold.
• Pune saw a 25% decline in sales, with 17,228 units sold.
Overall, new supply of housing dropped by 10%, falling to 93,144 units from 1,03,020 units in the same period last year.
The report highlighted that while Bengaluru and Chennai performed better, the overall sentiment in the market remained cautious due to rising prices and global economic uncertainties.