Quarterly housing sales in Bengaluru, Pune, 5 other cities up by record 14%: Property consultant

India's housing market sustained a bull run in the first quarter of 2024, with a record 14.4 per cent year-on-year rise in housing sales in the National Capital Region, the Mumbai Metropolitan Region, Chennai, Kolkata, Hyderabad, Bengaluru, and Pune, according to a report by property consultant ANAROCK.

Housing sales in the seven markets stood at 1,30,170 units for the year, as of March 27, as against 1,13,775 units for the corresponding period a year ago. Out of the seven cities, the NCR, the MMR, Bengaluru, Pune, and Hyderabad accounted for 91 per cent of the total sales during the three-month period, with the share of the MMR alone being at 51 per cent. Here are some of the other key findings of the ANAROCK report: 

• MMR registered highest growth in housing sales at record 24 per cent to approximately 42,920 units
• Pune clocked 15 per cent growth to 22,990 units
• Cumulatively, quarterly sales numbers at an all-time high (1.3 lakh units sold in Q1 2024 as against 1.14 lakh units in Q1 2023)
• MMR and Pune account for 51 per cent of total sales (MMR sales jump at record 24 per cent; Pune sales rise 15 per cent)
• New supply in NCR, Kolkata, MMR, Pune drops 42 per cent, 27 per cent, 9.0 per cent, 3.0 per cent respectively
• Despite new supply addition, available inventory in seven cities dropped 7.0 per cent to 5.81 lakh units
• Average property prices in seven cities up 18 per cent

"New launches across the top seven cities continued above the one lakh mark but witnessed a mere 1.0 per cent yearly rise, from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024," said Anuj Puri, Chairman, ANAROCK Group. 

"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 crore and above," Puri added. 

Chennai also saw a 6.0 per cent decline over Q1 2023, with approximately 5,510 units sold this quarter.

ANAROCK also stated that the decline could be partially attributed to factors like the introduction of the Tamil Nadu government’s three-tier guideline values for apartment complexes in late 2023, along with high stamp duty and registration charges.