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Year-ender 2024: Housing sales expected to fall by 21% annually; Hyderabad likely to witness maximum drop in sales
The total sales of residential properties are likely to decline to 1,08,261 units in the current quarter as against 1,37,225 units in the same period last year.
Housing sales are expected to plunge 21 per cent annually across nine major cities during the October-December quarter to 1.08 lakh units, according to a report by PropEquity on December 21.
According to the data, the total sales of residential properties across the nine cities are likely to decline to 1,08,261 units in the current quarter from 1,37,225 units in the same period last year.
Samir Jasuja, CEO and founder of PropEquity, said sales have declined annually because of the high base effect. He said sales are likely to rise quarter-on-quarter due to festive demand.
Also Read: Housing sales across 7 cities including Delhi NCR, Mumbai, Bengaluru expected to touch 3.05 lakh units
"A closer look at the numbers reveals that despite the drop, the supply-to-absorption ratio in 2024 remains the same as in 2023, which indicates that the fundamentals of the real estate sector are strong and healthy," Jasuja said.
The top nine cities include Delhi-NCR, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, and Thane.
Hyderabad likely to witness maximum drop in sales
Housing sales in Hyderabad are estimated to have fallen 47 per cent to 12,682 units during October-December 2024 from 24,044 units in the year-ago period.
In Bengaluru, sales could drop 13 per cent to 14,957 units from 17,276 units, while Chennai might see a 9 per cent drop to 4,266 units from 4,673 units.
Housing sales in Mumbai are likely to fall 27 per cent to 10,077 units from 13,878 units.
Also Read: Housing sales up 5% at 87,000 units across top 8 cities in Jul-Sep with Mumbai topping the list
A 13 per cent decline is anticipated in Navi Mumbai to 7,478 units from 8,607 units, while a 16 per cent drop is expected in Thane to 21,893 units from 26,099 units.
Kolkata is likely to witness a drop of 33 per cent to 3,763 units from 5,653 units.
Sales of residential properties in Pune could decline 24 per cent to 20,230 units from 26,641 units.
However, the Delhi-NCR market is set to buck the trend. Sales in the NCR market are set to rise 25 per cent to 12,915 units during the December quarter of 2024 from 10,354 units in the year-ago period.
