India's real estate market experienced notable fluctuations in Q3 2024, with major cities recording a significant annual decline in housing sales. Housing sales across the top seven cities decreased by 11% year-on-year, totaling approximately 1,07,060 units sold compared to around 1,20,290 units during the same quarter in 2023. However, Delhi-NCR and Chennai defied this trend, witnessing impressive increases of 53% and 51% in fresh supply, respectively.
According to data from property consultancy Anarock, the Mumbai Metropolitan Region led the sales figures with around 36,190 units sold, accounting for a substantial portion of total sales. Pune followed closely with approximately 19,050 units sold, with both cities collectively contributing to over half of the sales in these top seven cities. New launches in these markets also faced a downturn, with 93,750 units launched in Q3 2024, reflecting a 19% decline from the previous year.
Despite the dip in sales and new launches, the average residential property prices across the top cities surged by 23% year-on-year, climbing from ₹6,800 per sq ft to ₹8,390 per sq ft. Experts predict that developers will introduce various offers and incentives during the festive quarter, potentially stimulating demand in the market.
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