Housing sales down 8% sequentially in Delhi, Mumbai, 5 other cities in April-June, reveals report; here are key takeaways
Real Estate Housing Trend: In the April-June quarter, housing sales in Delhi, Mumbai, and five other major Indian cities witnessed an 8.0 per cent sequential decline, marking a notable trend in the real estate sector, according to a report by property consultant ANAROCK. This downturn - reflected across key metropolitan hubs - underscores evolving market dynamics and economic influences impacting buyer sentiments.
Real Estate Housing Trend: Residential sales across seven Indian cities including the National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR) declined about 8.0 per cent in the April-June period compared with the previous three months, according to data collated by property consultant ANAROCK. The bull run in residential sales across the seven cities has lost momentum sequentially amid rising property prices and a high base, according to the report.
Here are some key takeaways from the ANAROCK report:
Quarterly housing sales decline by 9,830 units in 7 cities sequentially
Housing sales across the seven cities - the NCR, the MMR, Bengaluru, Kolkata, Chennai, Hyderabad and Pune - stood at approximately 1,20,340 units in the June quarter as against a record 1,30,170 units in the previous three months.
The sales grew 5.0 per cent on a year-on-year basis, according to the property consultant.
MMR & Pune account for over 52% of total sales in 7 cities
Sales in the MMR and Pune stood at about 62,685 units, which is roughly 52 per cent of total sales in the seven cities.
What caused the sequential decline in housing sales?
“The quarterly decline seen in housing sales is essentially because of the all-time high base considered in the previous quarter... 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," said Anuj Puri, Chairman, ANAROCK Group.
Average residential prices up 7% sequentially in June quarter
While average residential prices in the seven cities logged a jump of 7.0 per cent on a quarter-on-quarter basis, they surged 25 per cent compared with the corresponding period a year ago.
New launches across 7 cities stay at record-breaking levels
New launches in the seven cities increased 6.0 per cent on a quarter-on-quarter basis to 1,17,170 units in the April-June period, with the MMR and Pune enjoying the maximum new supply (54 per cent of the total new launches in the seven cities).