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Residential sales in India's eight major housing markets dipped one per cent in the July-September quarter, largely due to slower demand in Mumbai, Pune, and Delhi-NCR, while cities like Bengaluru, Hyderabad, Chennai, and Kolkata recorded growth. Despite lower sales volumes, the total value of properties sold rose 14 per cent to INR 1.52 lakh crore. The report highlighted stable interest rates, GST reductions on cement, and supportive policies as factors boosting developer confidence. New housing supply fell five per cent, while the premium segment continued to demonstrate resilience.
India's eight leading housing markets experienced a slight decline in residential sales during the July-September quarter, dropping one per cent to 95,547 units. The decrease was mainly driven by slower demand in Mumbai, Pune, and Delhi-NCR, according to data released by PropTiger, a real estate consultancy recently acquired by Aurum PropTech Ltd. Advertisement
The quarterly report indicated that housing transactions fell from 96,544 units in the same period last year. Despite the small dip in volume, the overall value of properties sold surged by 14 per cent year-on-year, reaching INR 1.52 lakh crore. Aurum PropTech's Executive Director Onkar Shetye observed that the residential market is transitioning from a broad-based, volume-led recovery to a more mature phase focused on value-driven growth. He also noted that the premium segment showed resilience, supported by stable macroeconomic conditions and strong buyer sentiment.
Breaking down city-level performance, Mumbai Metropolitan Region saw a 22 per cent decline in sales to 23,334 units from 30,010 units. Pune recorded a 28 per cent fall, reaching 12,990 units from 18,004 units, while Delhi-NCR sales dropped 21 per cent to 7,961 units from 10,098 units. Ahmedabad's housing transactions decreased slightly by five per cent to 8,889 units from 9,352 units.
On the other hand, sales in Bengaluru, Hyderabad, Chennai, and Kolkata showed notable growth. Bengaluru's sales increased 18 per cent to 13,124 units from 11,160 units. Chennai more than doubled its transactions to 7,862 units from 3,560 units. Hyderabad recorded a 53 per cent rise, reaching 17,658 units from 11,564 units, while Kolkata saw a 33 per cent increase to 3,729 units from 2,796 units.
Shetye highlighted that stable interest rates and supportive policy measures, such as the recent GST reduction on cement, have helped mitigate rising input costs and strengthened developer confidence. Looking ahead, he expressed optimism about the upcoming festive quarter, stating that it will be a crucial indicator of consumer demand, while also testing the market's ability to maintain growth amid affordability challenges, especially in mid and entry-level segments.
The report also noted that new housing supply across the top eight cities declined by five per cent year-on-year, totaling 87,179 units in the latest quarter. Aurum PropTech operates several platforms, including rental marketplace NestAway Technologies, data analytics firm Aurum Analytica, sales automation tool Sell.do, and the brokerage PropTiger, providing an integrated ecosystem for India's real estate sector.
Source PTI
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