India’s real estate sector faced notable challenges in the July-September quarter of 2024, as revealed in the latest report by PropTiger.com. The top eight housing markets experienced a significant 5% year-on-year drop in overall sales, resulting in the sale of 96,544 units, down from 101,221 units in Q3 2023. Contributing to this decline was a sharp increase in home prices, averaging nearly 20% across major cities, impacting affordability for potential buyers.
Moreover, new residential unit launches saw an alarming 25% decrease, falling from 123,080 units in Q3 2023 to just 91,863 units in the same quarter of 2024. The slowdown in approvals during the summer months and economic factors surrounding the recent General Elections have tempered demand and supply in the housing market. Notably, while Delhi NCR witnessed a 29% increase in sales, other key markets such as Mumbai, Hyderabad, and Pune experienced significant declines.
Despite the current market conditions, experts believe that the festive season may rejuvenate buyer interest. Developers are recalibrating their strategies to meet evolving demand, suggesting that opportunities for growth remain in the premium segments, catering to consumer expectations for quality and amenities.
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