Housing sales have decreased across major cities, including Hyderabad. Compared to the first quarter of last year, housing sales in Hyderabad in the January-March period of this year have dropped by a significant 47%. According to real estate data analysis firm PropEquity, it is estimated that 11,114 units of housing will be sold in Hyderabad in the January-March period this year. During the same period last year, 20,835 units were sold.
Nationwide, PropEquity has estimated that in the nine major cities, housing sales will decline by 23% in the March quarter, with a total of 1,05,791 units sold. Last year, the sales during the same period in these cities were 1,36,702 units. The report highlights that the weakening demand due to high prices and concerns over economic growth are the main reasons for the decline in sales. It also mentions that sales have decreased in all cities except Delhi and Bengaluru.
The supply of new homes has also decreased by 34% during the January-March period, limited to 80,774 units, according to PropEquity founder and CEO Sameer Jasuja. In the first quarter of last year, the supply was 1,22,365 units. The report indicates that sales in Bengaluru during the January-March period could reach 18,508 units, which is a 10% increase compared to the 16,768 units sold in the first quarter of last year.
The report also suggests that Delhi could see a 10% growth, with sales reaching 11,221 units. In Chennai, sales during the first quarter of this year could decline by 2%, reaching 4,858 units compared to 4,962 units during the same period last year. In Kolkata, sales could decrease by 28%, with 4,219 units sold. In Mumbai, around 10,432 units might be sold, a decline from 16,204 units sold last year during the same period. Navi Mumbai’s sales could be 7% lower, limited to 8,551 units, while Pune is expected to have 33% fewer sales, with 17,634 units. Thane’s sales could also decrease by 27%, with 19,254 units sold.
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