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Housing demand in India's top seven cities softened in July-September, with sales projected to fall 9% year-on-year to 97,080 units, according to Anarock. Seasonal factors like monsoons and the Shradh period impacted volumes, though transaction values rose 14% to INR 1.52 lakh crore, driven by premium and luxury housing. Mumbai, Pune, Delhi-NCR, and Hyderabad saw double-digit declines, while Bengaluru dipped marginally. In contrast, Kolkata rose 4% and Chennai surged 33%. Average prices increased 9% to INR 9,105 per sq ft, while unsold stock edged down slightly. Analysts expect festive season demand, stronger GDP growth, and GST 2.0 reforms to revive momentum in coming quarters.
Housing demand across major Indian cities remained subdued during the July-September quarter, largely impacted by the monsoon season and the Shradh period. According to Anarock, residential sales were expected to drop by 9 per cent to 97,080 units across the top seven markets. In contrast, overall transaction values were projected to grow 14 per cent, reaching INR 1.52 lakh crore in the third quarter of the year, compared with INR 1.33 lakh crore from 1,07,060 units sold during the same quarter a year earlier. Advertisement
Anarock's Chairman, Anuj Puri, observed that sales continued to outpace new supply, indicating sustained market resilience. The consultant noted that the increase in value terms stemmed from a surge in premium and luxury housing sales, alongside an appreciation in prices over the past year.
City-wise analysis showed significant variations. Sales in the Mumbai Metropolitan Region were expected to fall 16 per cent to 30,260 units from 36,195 units, while Pune recorded a projected 13 per cent dip to 16,620 units. Delhi-NCR witnessed a fall of 11 per cent to 13,920 units. Bengaluru experienced only a marginal 1 per cent drop to 14,835 units, whereas Hyderabad faced an 11 per cent decline to 11,305 units.
In contrast, Kolkata registered a 4 per cent rise with 4,130 units sold, while Chennai posted the strongest growth with a 33 per cent jump to 6,010 units.
Commenting on NCR trends, Pioneer Urban Land and Infrastructure Ltd COO, Rakesh Bohra, said that sentiments during the third quarter had been muted due to the wider economic climate and issues linked to trade tariffs. He remarked that the presented data largely reflected pre-Shradh transactions and that once the Navratri festive period sales were added, results would look more positive. He also noted that consumer interest in lifestyle-driven projects remained robust.
Bohra further added that with GDP growth exceeding expectations and consumer liquidity improving under GST 2.0, housing demand was likely to strengthen in the coming quarters.
Anarock highlighted that average residential prices rose 9 per cent annually, from INR 8,390 per square foot a year ago to INR 9,105 per square foot during the current quarter. Unsold inventory across the top seven markets fell slightly to 5,61,756 units compared with 5,62,148 units at the end of the preceding quarter.
Although housing sales volumes softened during the past quarter due to seasonal and cultural factors, the overall market maintained buoyancy, with transaction values recording a double-digit rise. Premium and luxury housing continued to drive growth, supported by rising prices. While some markets witnessed contractions, others like Chennai and Kolkata displayed strong momentum. With improving economic indicators and festive season demand, industry players anticipate a healthier performance in the forthcoming quarters.
Source - PTI
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