Housing sales jump 14% in India’s top 7 cities in January-March 2024, Mumbai tops list: Anarock
Upstox
2 min read • Updated: March 27, 2024, 5:20 PM
Summary
An estimated total of 1,30,170 units were sold in this period across the seven cities – Delhi-NCR, Kolkata, Chennai, Bengaluru, Mumbai, Hyderabad and Bengaluru – as compared to 1,13,775 units sold in the year-ago period, Anarock said in its report. The average prices have moved up in the range of 10% to 32%, it added.
Housing sales in India’s top seven cities jumped by 14% in the first quarter – January to March period – of calendar year 2024, as per a report released by real estate consultancy group Anarock on March 27.
An estimated total of 1,30,170 units were sold in this period across the seven cities – Delhi-NCR, Kolkata, Chennai, Bengaluru, Mumbai Metropolitan Region (MMR), Hyderabad and Bengaluru – as compared to 1,13,775 units sold in the year-ago period, it said.
Mumbai led the chart, clocking total sales of 42,920 units in the period under review. This is 24% higher from an estimated total of 34,690 units sold in the January-March period of 2023.
Pune saw around 22,990 units sold in Q1 2024, increasing by 15% over the year-ago period. Hyderabad recorded sales of approximately 19,660 units in the first quarter, a 38% increase as compared to the corresponding period of 2023, whereas Bengaluru witnessed a 14% year-on-year surge in sales at 17,790 units, the report said.
Meanwhile, two among the top seven cities – Kolkata and Chennai – recorded a decline in housing sales of 14% and 6% year-on-year, respectively. In Kolkata, an estimated total of 6,185 units were sold in the first quarter, whereas, the number stood at 5,510 units in Chennai, as per the data shared by Anarock.
Property prices up
Average residential property prices across the top 7 cities have jumped in the range of 10% to 32% in Q1 2024 when compared to Q1 2023, mainly due to increase in the prices of construction raw materials and an overall rise in demand. Hyderabad and Bengaluru recorded the highest annual price jump of over 32% and 25%, respectively, the report said.
The top 7 cities recorded new launches of around 1,10,865 units in the January-March period of 2024, as against 1,09,570 units in the year-ago period. This marked an increase of just 1%. The key cities contributing to new launches were Mumbai, Hyderabad, Pune, and Bengaluru, which together accounted for 83% of the quarter's supply addition.
Despite the new supply added to the top 7 cities, the overall available inventory declined by 7% in Q1 2024 when compared to Q1 2023. The total available inventory as of March-end stood at approximately 5.81 lakh units. At 27%, Delhi-NCR witnessed the highest reduction in available inventory, the report noted.