Between July and September, sales in India’s top eight principal housing markets (first-sale) fell by 1%, mostly as a result of decreased demand in Delhi-NCR, Pune, and Mumbai.
Despite a little decline in demand for residential real estate in all eight major cities, PropTiger reports that sales of residential properties in Hyderabad, Bengaluru, and Chennai combined increased by 47% during the July–September period.
During the September quarter, housing sales in Hyderabad, Bengaluru, and Chennai, three major southern cities, totaled 38,644 units, a 47 percent increase from 26,284 units during the same time last year.
A recent acquisition by listed company Aurum PropTech Ltd of real estate consultancy PropTiger revealed that Hyderabad’s residential property sales increased by 53% to 17,658 units from 11,564 units.
Housing sales in Bengaluru increased by 18%, from 11,160 units to 13,124 units.
During the July–September period of this year, Chennai’s housing sales more than quadrupled to 7,862 units, up from 3,560 units during the same time last year.
According to the consultant, sales in India’s top eight principal housing markets (first-sale) fell by 1% overall between July and September, mostly as a result of decreased demand in Mumbai, Pune, and Delhi-NCR.
According to the statistics, house sales in eight major cities decreased by 95,547 units in the third quarter of this year compared to 96,544 units in the same time last year.
Out of the eight cities, the Mumbai Metropolitan Region (MMR) had a 22% decrease in house sales during the time under review, from 30,010 units to 23,334 units during the previous year.
Pune had a 28% drop in sales from 18,004 units to 12,990 units.
Delhi-NCR had a 21% drop in residential property sales, from 10,098 units to 7,961 units.
Sales in Ahmedabad decreased by 5%, from 9,352 units to 8,889 units.
Last but not least, from July to September of this year, sales of residential properties in Kolkata rose 33% to 3,729 units from 2,796 units during the same time last year.
Regarding the prognosis, Aurum PropTech Executive Director Onkar Shetye said that favorable circumstances, such interest rate stability and proactive policy changes like the recent cement GST decrease, have strengthened developer confidence and served as a vital buffer against growing input prices.
“The next holiday quarter, which will be a crucial gauge of customer demand, gives us hope. But, he said, it will also be a real test of the market’s capacity to strike a balance between this growing velocity and new affordability issues, especially in the mid and entry-level categories.
In addition to PropTiger, Aurum PropTech also owns and runs the rental marketplace NestAway Technologies, the data analytics company Aurum Analytica, and the sales automation platform Sell.do.