Same situation in all cities except Delhi
21% decline in home sales
47% decline in Hyderabad
Report by Prop Equity
Home sales have declined across the country, with supply also decreasing. According to the latest report from Prop Equity, home sales in nine major cities have decreased by 21% in the last quarter of the previous year compared to the same period this year, except in the capital city of Delhi, which saw a 25% increase.
In the nine major cities of the country (Delhi, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, and Thane), 137,225 units were sold in the last quarter of the previous year, but only 108,261 units were sold in the same quarter this year. However, a 5% increase was observed compared to the September quarter, when 103,213 units were sold.
Delhi showed strong performance in the last quarter of this year, with sales rising by 25% to 12,915 units. Supply also increased by 59% to 11,223 units. In the remaining eight cities, both home sales and supply saw a decline, as per Prop Equity.
In Hyderabad, a significant decline in home sales was recorded. While 24,044 units were sold in the October-December period of last year, this year, the number dropped by a substantial 47% to just 12,682 units. In Bengaluru, sales declined by 13%, from 17,276 to 14,957 units. In Mumbai, sales dropped by 27%, from 13,878 to 10,077 units. Kolkata saw a 33% decline, while Chennai saw a 9% drop.
Prop Equity founder and CEO Sameer Jasuja mentioned that one reason for the lower sales in the current quarter is the higher sales recorded in the same quarter of the previous year (base effect). Manoj Gaur, CMD of Gaur Group, explained that the better performance in the Delhi NCR market is due to continued demand from consumers, investors, and NRIs.
