Housing sales in Q2 2024 fall 18% in nine major cities in India

In the April to June quarter of 2024, housing sales in 9 major cities in India have declined 18%, according to a report by PropEquity, a real estate data analytics firm. The nine major cities include Mumbai, Delhi NCR, Bengaluru, Chennai, Hyderabad, Kolkata, Pune, Navi Mumbai and Thane.

Housing sales decline

As per the data, as many as 1,19,901 units were sold across nine major cities in Q2 2024, which is a decline of 18% compared to the previous quarter. However on a year-on-year basis, the housing sales witnessed a marginal dip of only 2%.

The April-June quarter of 2024 witnessed sale of 1,19,901 housing units compared to 1,21,856 units sold in Q2 2023, the data showed.

Highest decline in Hyderabad

Hyderabad saw the maximum fall of 36% followed by Mumbai that witnessed 25% decline. In Hyderabad, as many as 15,016 housing units were sold in Q2 2024 while 23,595 residences were sold in Q1 2024. Mumbai witnessed sale of 13,032 units between April and June (till date) in 2024 as against 17,307 in Q1 2024.

Likewise, Bengaluru saw a decline of 14% QoQ in housing sales as only 15,127 units were sold in Q2 2024 as against 17,547 units in Q1 2024. The data also revealed that absorption of housing units has gone down by around 16% QoQ in Kolkata.

Meanwhile, Delhi-NCR is the only region that witnessed an increase in new supply and sales on QoQ basis with 2% and 7% respectively. In Delhi NCR, Q2 2024 witnessed sale of 10,198 housing units as compared to 9,510 units in Q1 2024, which is a growth of around 7%, the data showed.

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