New launches in the July-September 2024 quarter fell to 93,693 units from 1,05,655 units in the same period last year, while sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.
New housing launch and sales in the third quarter of the calendar year 2024 in top-9 cities showed a decline of 11 per cent and 18 per cent, respectively, according to a report by real estate data analytics firm PropEquity. New launches in the July-September 2024 quarter fell to 93,693 units from 1,05,655 units in the same period last year, while sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.
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PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
Samir Jasuja, CEO & founder of PropEquity, said, “The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation. In Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical.”
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Data Source: PropEquity.
According to the data, on Y-o-Y basis, only NCR, Mumbai and Thane saw rise in new supply at 221%, 18% and 11% respectively in this quarter compared to Q3 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) witnessed a significant drop compared to Q3 2023. However the drop is not steep when compared to the previous quarter i.e. Q2 2024.
The data further pointed out that, on Y-o-Y basis, the total absorption rose only in Delhi NCR (22%) and Navi Mumbai (4%) while falling in other seven cities with Hyderabad recording the highest fall at 42%, followed by Bengaluru (26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%) and Thane (10%).
Sanju Bhadana, managing director of 4S Developers, said, “In the past couple of years, the NCR market has seen tremendous growth in infrastructure development. The result of which is evident from the rising investment from both private equity players and homebuyers. The rise in demand for luxury homes across several micro markets in NCR reflects the impact the infrastructure projects like Dwarka expressway, Delhi-Mumbai expressway, Noida International airport, metro expansion and high-speed rail network among others are having on the property market in the region. We anticipate that the real estate market in the region will continue to perform well and maintain the sales momentum seen over the past few years.”
Shiwang Suraj, founder and director of Gurugram-based property consulting firm InfraMantra, said, “The real estate market has traditionally been slow in the third quarter with developers holding up their launches for the festive quarter. However, NCR market has defied this trend. The enquiries from homebuyers have been encouraging and we are hopeful that the next quarter sales could potentially be higher than previous festive quarters.”
