Housing sales drop 9% in 9 major cities to 471k units in 2024: PropEquity

Housing sales across nine major cities dropped 9 per cent to nearly 4.71 lakh units in 2024 on lower demand as well as fall in fresh supply, according to PropEquity.

Data analytics firm PropEquity, part of listed entity P E Analytics, on Wednesday released the housing data for nine major cities namely Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Navi Mumbai, Pune and Thane.

As per the data, the sales of residential properties declined 9 per cent to 4,70,899 units during 2024 from 5,14,820 units in the preceding year.

New supply fell 15 per cent to 4,11,022 units in 2024 on the back of two quarters of under-activity due to general elections and monsoon.

Samir Jasuja, CEO & Founder, PropEquity said, "The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year."  "A detailed analysis of the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as 2023 which indicates that the fundamentals of the real estate sector are strong and healthy," Jasuja explained.

As per the data, the housing sales in Bengaluru fell 9 per cent to 60,506 units in 2024 from 66,600 units in the preceding year.

Chennai saw an 11 per cent decline in sales to 19,212 units from 21,515 units. In Hyderabad, sales dropped 25 per cent to 61,722 units from 82,350 units.

Housing sales in Kolkata fell 1 per cent to 18,595 units from 18,697 units. Mumbai witnessed a 6 per cent decline in sales to 50,140 units from 53,208 units. In Navi Mumbai, however, housing sales rose 16 per cent to 33,870 units from 29,085 units.

Pune saw a decline of 13 per cent to 92,643 units from 1,06,351 units, while Thane witnessed a fall of 5 per cent to 90,288 units from 95,336 units.

However, housing sales in Delhi-NCR last year increased 5 per cent to 43,923 units from 41,678 units in 2023.

P E Analytics Ltd, an NSE-listed company, owns and operates PropEquity, an online real estate data and analytics platform covering 1,70,000+ projects of 57,000 developers across 44 cities in India.