Quarterly housing sales during the January-March 2024 period (Q1 2024) have been at an all-time decadal high, with approx. 1,30,170 units sold across the top 7 cities, according to property consultant ANAROCK.
This is a 14% yearly rise against approx. 1,13,775 units sold back in Q1 2023.
The top 7 cities are – National Capital Region, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Pune, Chennai and Kolkata.
MMR and Pune accounted for over 51% of the total sales in the top 7 cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise. New launches across the top 7 cities continued above the one lakh mark but witnessed a mere 1% yearly rise – from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024.
Anuj Puri, Chairman – ANAROCK Group, says “Notably, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities. Hyderabad saw a 57% yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9% in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced Rs 1.5 Cr and above.”
MMR saw the highest housing sales of approx. 42,920 units in Q1 2024, increasing by 24% over Q1 2023. Pune saw approx. 22,990 units sold in Q1 2024, increasing by 15% over Q1 2023 when approx. 19,920 units were sold.
Hyderabad recorded the sale of approx. 19,660 units in Q1 2024, a 38% increase, while NCR saw a 9% decline in housing sales – from approx. 17,160 units in Q1 2023 to approx. 15,650 units in Q1 2024.
Kolkata also saw a decline of 9% in housing sales in the period – from approx. 6,185 units in Q1 2023 to approx. 5,650 units in Q1 2024. Bengaluru saw housing sales increase by 14% in Q1 2024 against Q1 2023, with approx. 17,790 units sold in Q1 2024 and approx. 15,660 units sold back in same period last year