- 14 percent decrease in April-June quarter
- 6 percent drop nationwide.
- PropTiger.com study reveals.
The Hyderabad real estate market has seen a slight slowdown. There has been a decline in home sales in the city. According to a recent report by PropTiger.com, a leading real estate brokerage firm, home sales in the April-June period have decreased by 14% compared to the January-March quarter.
In the January-March quarter, 14,298 units were sold, while only 12,296 units were sold in the June quarter. Nationwide, home sales across eight major cities have dropped by 6%. During the January-March quarter, a total of 120,642 homes were sold in these cities, but sales fell by 6% to 113,768 units in the June quarter, as reported by PropTiger. Notably, sales in these eight cities have increased by 42% compared to the 80,245 units sold in the April-June quarter of the previous year.
Additionally, there has been a significant 58% decline in the supply of new homes in Hyderabad. In the January-March quarter of this year, 15,095 new units were launched, whereas only 6,365 units were launched in the June quarter. Across the country, the supply of new homes decreased by 1% in the June quarter compared to the previous quarter, totaling 101,677 units, according to the PropTiger report.
Looking at home sales by city, in Ahmedabad, home sales in the April-June quarter decreased by 26%, limiting sales to 9,500 units. In the January-March quarter of this year, sales were at 12,915 units. In Bengaluru, 10,381 units were sold in the March quarter, while the June quarter saw a 30% increase with 13,495 units sold. Chennai experienced a 10% increase in home sales, reaching 3,984 units, compared to 4,427 units sold in the March quarter. In Delhi, home sales increased by 10% to 11,065 units. Kolkata saw 3,237 units sold, with sales at 3,857 units in the January-March quarter.
In the Mumbai Metropolitan Region (MMR), home sales declined by 8%, limiting sales to 38,266 units. In the Pune market, sales also fell by 5%, totaling 21,925 units. Despite a generally positive attitude towards real estate among consumers, the demand for homes remained moderate during the April-June period due to the general elections. Developers also acted with some caution, resulting in fewer new project launches. With expectations of a pro-investment budget from the new central government, it is anticipated that home sales will increase in the coming quarters, especially during the festive season, said Vikas Wadhawan, CFO of RERA India Group.
