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Quarterly housing sales is believed to have reached an all-time decadal high with approximately 1,30,170 units sold in the January-March quarter of 2024 in the top 7 cities, according to data released by Anarock, a real estate consulting group. This is a 14% yearly rise against about 1,13,775 units sold in the same period last year, it said.
Anuj Puri, Chairman - Anarock Group, said, “Mumbai Metropolitan Region (MMR) and Pune accounted for over 51% of the total sales in the top 7 cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise.”
“New projects across the top 7 cities continued above the one lakh mark but witnessed a mere 1% yearly rise – from 1,09,570 units in January-March quarter of 2023 to over 1,10,865 units in January-March 2024,” he said.
He said MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities. New supply in NCR, Kolkata, MMR & Pune saw yearly drop in a quarter by 42%, 27%, 9% and 3%, respectively.
“Hyderabad saw a 57% yearly increase in new supply in January-March 2024, while MMR saw its new supply decline by 9% in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced ₹1.5 crore and above,” he said.
According to Anarock, despite new project introductions remaining above the 1-lakh mark in this quarter, available inventory in the top 7 cities dropped by 7% annually – from about 6,26,750 units by January-March 2023-end to about 5,80,890 units by January-March 2024-end.
Among the top cities, NCR saw the highest decline of 27% in unsold stock in the quarter. NCR’s unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad.
According to Anarock data, mid-segment homes priced from ₹40-80 lakh continue to dominate new supply with a 33% share, followed by luxury (₹1.5 crore) with 25% & premium (₹80 lakh-1.5 crore ) with 24%; affordable segment (₹40 lakh) supply share at 18%. The average property prices in top 7 cities saw 18% yearly rise, with Hyderabad and Bengaluru recording highest annual hikes at 31% and 24%, respectively, Anarock said.
