Residential sales across top seven cities in India tamed down marginally in the second quarter this year, amid increasing property prices and a high base record of the previous quarter. Housing sales witnessed a quarterly drop of 8 per cent and stood at nearly 1,20,340 units in Q2 2024 across the top seven cities — against about 1,30,170 units sold in Q1 this year.<\/p>\n\n\n\n
However, on a yearly basis, there has been a 5 per cent rise in residential sales, according to latest Anarock Research data.<\/p>\n\n\n\n
The two western cities – Mumbai Metropolitan Region (MMR) and Pune – accounted for over 52 per cent of the total sales in the top 7 cities with over 62,685 units sold altogether in these cities in Q2 2024.<\/p>\n\n\n\n
NCR is the only city to see a quarterly rise (of 6 per cent) in housing sales in the quarter against Q1 2024.<\/p>\n\n\n\n
New launches across the top seven cities continued to break previous records with a 6 per cent rise — from about 1,10,870 units in Q1 to 1,17,170 units in Q2.<\/p>\n\n\n\n
MMR and Pune saw the maximum new supply, accounting for 54 per cent of the total new launches, according to the report.<\/p>\n\n\n\n
Individually, the two cities saw 31 per cent and 1 per cent quarterly increases in their new supply, respectively.<\/p>\n\n\n\n
Notably, Delhi-NCR witnessed a 134 per cent jump (on-quarter) in new supply in Q2 against Q1.<\/p>\n\n\n\n
\u201cThe quarterly decline seen in housing sales is essentially because of the all-time high base considered in the previous quarter, when more than 1.30 lakh units were sold,\u201d said Anuj Puri, Chairman, Anarock Group.<\/p>\n\n\n\n
Most importantly, this drop is also due to the significant hike in property prices over the last one year, which in turn has prompted many investors to take a breather, he added.<\/p>\n\n\n\n
Delhi-NCR witnessed the highest quarterly residential price jump of 10 per cent in Q2 while Hyderabad saw the highest yearly jump of 38 per cent in average residential prices.<\/p>\n\n\n\n
\u201cHowever, if prices are kept in check henceforth, housing sales may not be majorly impacted in the upcoming quarters,\u201d said Puri.<\/p>\n\n\n\n
AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"
Residential sales across top seven cities in India tamed down marginally in the second quarter this year, amid increasing property prices and a high base record of the previous quarter. Housing sales witnessed a quarterly drop of 8 per cent and stood at nearly 1,20,340 units in Q2 2024 across the top seven cities — […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[87],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n