The bull run in residential sales across the top 7 cities tamed down marginally in the second quarter of 2024, to the backdrop of increasing property prices and a high base record of the previous quarter (Q1 2024). Latest ANAROCK Research data reveals that housing sales witnessed a quarterly drop of 8% and stood at approx. 1,20,340 units in Q2 2024 across the top 7 cities, against approx. 1,30,170 units sold in Q1 2024. However, on a yearly basis, there has been a 5% rise in residential sales.
The two western cities - MMR and Pune - accounted for over 52% of the total sales in the top 7 cities with over 62,685 units sold altogether in these cities in Q2 2024. NCR is the only city to see a quarterly rise (of 6%) in housing sales in the quarter against Q1 2024.
New launches across the top 7 cities continued to break previous records with a 6% Q-o-Q rise – from approx. 1,10,870 units in Q1 2024 to approx. 1,17,170 units in Q2 2024. MMR and Pune saw the maximum new supply, accounting for 54% of the total new launches across the top 7 cities. Individually, the two cities saw 31% and 1% quarterly increases in their new supply, respectively.
Notably, NCR witnessed a 134% Q-o-Q jump in new supply in Q2 2024 against Q1 2024.
Anuj iAnuj Puri, Chairman – ANAROCK Group, says, “The quarterly decline seen in housing sales is essentially because of the all-time high base considered in the previous quarter, when more than 1.30 lakh units were sold. 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.”
Data indicates that average residential prices have seen a quarterly jump of 7% while annual rise of a significant 25% in the top 7 cities.
“NCR witnessed the highest quarterly jump of 10% in Q2 2024 while Hyderabad saw the highest yearly jump of 38% in average residential prices,” says Puri. “However, if prices are kept in check henceforth, housing sales may not be majorly impacted in the upcoming quarters.”
