19% decline in Hyderabad for the September quarter
5% decline across eight major cities in the country
Report by PropTiger revealed
Home sales in Hyderabad have declined again. In the July-September quarter, residential sales in the city dropped by 19%, while there was a 5% decline across eight major cities in the country. A total of 96,544 units were sold nationwide during this period, compared to 101,221 units sold last year. The supply of new homes also fell by 25% in the September quarter, totalling just 91,863 units, as reported by real estate brokerage firm PropTiger. The decrease in new home supply and rising prices are attributed to the decline in sales. With home prices in these eight cities increasing by 20%, there has been an impact on sales. In the current financial year, Hyderabad recorded sales of 11,564 residential units from July to September, down from 14,191 units during the same period last year, indicating a 19% decline.
Bengaluru also saw an 11% drop, with sales of 11,160 units. Chennai recorded 3,560 units sold, reflecting an 8% decrease. Kolkata had sales of 2,796 units, down 22% compared to last year. The Mumbai Metropolitan Region saw a 1% decline, with 30,010 units sold. Pune’s sales decreased by 3% to 18,004 units. However, in the Delhi NCR market, home sales increased by 29%, totalling 10,098 units, compared to 7,800 units last year. Ahmedabad experienced a 9% decline, with sales of 9,352 units.
Vikas Wadhawan, Business Head at PropTiger, noted that home prices in some areas have increased by 3% to 50% over the past few quarters, impacting immediate purchasing decisions. He mentioned that with the festive season starting with Devi Navratri, they expect sales to rise.
