propnewstime.com-India's top cities witness 9% decline in residential real estate sales in 2024
The residential real estate market in India's nine leading cities recorded a modest 9% decline in sales, reaching 470,899 units in 2024, while new supply dropped by 15% to 411,022 units, as per a report by NSE-listed real estate data analytics firm PropEquity. This slowdown was attributed to two quarters of subdued activity caused by the General Elections and Monsoon.
In comparison, 2023 saw 514,820 units sold and 481,724 units launched. Despite the decline, the market's fundamentals remained robust, with the supply-to-absorption ratio consistent with the previous year. Samir Jasuja, CEO and Founder of PropEquity, remarked that the drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year for the sector.
Out of the nine cities, housing sales rose in Navi Mumbai by 16% to 33,870 units and in Delhi-NCR by 5% to 43,923 units. Conversely, Hyderabad witnessed a 25% decline to 61,722 units, while Bengaluru and Chennai experienced reductions of 9% and 11%, respectively. In the western region, sales dropped by 6% in Mumbai, 13% in Pune, and 5% in Thane. Kolkata recorded the smallest decline at 1%.
