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Housing sales in India's top nine cities fell 4% year-on-year last quarter to 1,00,370 units, marking the tenth straight decline, according to PropEquity. New launches remained muted at 92,229 units-flat annually but down 10% quarter-on-quarter. Maharashtra markets, including Mumbai, Navi Mumbai, Thane and Pune, drove the contraction with drops of 6-28%, though Pune still led with 17,762 units sold. Bengaluru saw sales rise 21%, while Chennai and Kolkata posted 16% and 25% growth. Launches surged in Kolkata (173%) but slumped in Delhi-NCR and Chennai. PropEquity expects about 4 lakh launches and 4.5 lakh sales for the year, with festive demand likely to drive recovery.
Housing sales in India's top nine cities dropped by 4% on a year-on-year basis during the past quarter, with absorption settling at 1,00,370 units. This marked the tenth consecutive decline, according to real estate data analytics firm PropEquity. At the same time, new launches remained muted, with 92,229 units introduced across these markets, a flat performance compared with the same period last year but a 10% contraction on a quarter-on-quarter basis. Advertisement
The cities covered in the report included Bengaluru, Chennai, Hyderabad, Mumbai, Navi Mumbai, Pune, Thane, Kolkata and Delhi-NCR. The Maharashtra region - comprising Mumbai, Navi Mumbai, Thane and Pune - drove the year-on-year contraction, registering declines between 6% and 28%. Pune led overall sales with 17,762 units, although this reflected a 16% fall. Bengaluru followed with 16,840 units sold, reflecting a robust 21% rise. Chennai and Kolkata also witnessed strong annual growth of 16% and 25% respectively, while Hyderabad and Delhi-NCR each recorded a 4% improvement.
Quarter-on-quarter, sales across the top nine markets were down 1%. Delhi-NCR posted the steepest contraction of 24%, followed by Thane at 11%, while the other seven cities registered incremental growth.
In terms of new supply, Bengaluru accounted for nearly one-fifth of total launches, despite recording a 10% year-on-year decline. Kolkata, on the other hand, saw a significant surge of 173% in new launches, while Chennai, Pune and Navi Mumbai also posted year-on-year increases. Conversely, Mumbai, Thane, Hyderabad and Delhi-NCR registered double-digit declines. On a sequential basis, launches fell 10%, led by a 31% contraction in Delhi-NCR, 29% in Chennai and 15% in Pune.
Samir Jasuja, Founder and CEO of PropEquity, observed that despite lower new launches, sales volumes continued to surpass supply, which indicated that market fundamentals remained stable. He further noted that total launches and sales for the full year were likely to stay close to 2024 levels, with about 4 lakh launches and 4.5 lakh sales expected. He also remarked that festive season demand was anticipated to support a rebound in both launches and absorption levels in the coming months.
Although overall launches stayed flat year-on-year, quarterly contractions, particularly in Delhi-NCR and Chennai, indicate developer caution. Nonetheless, sustained sales momentum relative to supply and the anticipated festive season boost suggest that underlying demand for residential property remains intact.
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