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India’s top eight housing markets saw a one per cent decline in sales during the July-September period to 95,547 units, mainly due to lower demand in Mumbai, Pune and Delhi-NCR, according to PropTiger.
Photograph: Christopher Pike/Reuters
Real estate consultant PropTiger, recently acquired by listed entity Aurum PropTech Ltd, released its data on Wednesday for India’s eight primary housing markets for the July-September quarter.
According to the data, housing sales fell by 95,547 units during the third quarter of this calendar year, compared to 96,544 units in the corresponding period of the previous year.
Although sales volumes have stabilised, PropTiger noted that the total value of properties sold during the quarter surged 14 per cent annually to Rs 1.52 lakh crore.
Commenting on the data, Aurum PropTech Executive Director Onkar Shetye said, “The Indian residential market is clearly transitioning from a broad-based, volume-led recovery to a more mature and sustainable phase of value-driven growth.”
The performance of the September quarter underscores the remarkable resilience of the premium segment, supported by stable macroeconomic fundamentals and strong buyer sentiment, he added.
Among the eight cities, housing sales in Mumbai Metropolitan Region (MMR) fell 22 per cent to 23,334 units during July-September from 30,010 units in the year-ago period.
In Pune, the sales declined 28 per cent to 12,990 units from 18,004 units.
Sales of residential properties in Delhi-NCR decreased 21 per cent to 7,961 units from 10,098 units.
Ahmedabad saw a 5 per cent dip in sales to 8,889 units from 9,352 units.
However, the PropTiger data showed that sales rose in Bengaluru, Hyderabad, Chennai and Kolkata.
In Bengaluru, the sales rose 18 per cent to 13,124 units from 11,160 units.
Sales in Chennai more than doubled to 7,862 units from 3,560 units.
In Hyderabad, housing sales rose 53 per cent to 17,658 units from 11,564 units.
Lastly, the sales of residential properties in Kolkata increased 33 per cent to 3,729 units during July-September this year from 2,796 units in the same period last year.
On the outlook, Shetye felt that favourable conditions, such as the stability in interest rates and proactive policy reforms like the recent GST reduction on cement, have provided a crucial buffer against rising input costs and bolstered developer confidence.
“We are optimistic about the upcoming festive quarter, which will serve as a key indicator of consumer demand.
“However, it will also be a true test of the market’s ability to balance this growth momentum with emerging affordability challenges, particularly in the mid and entry-level segments,” he observed.
The report highlighted that new supply across these top eight cities saw a 5 per cent annual decline at 87,179 units during the latest September quarter.
Aurum PropTech owns and operates a rental marketplace NestAway Technologies, data analytics firm Aurum Analytica, sales automation platform Sell.do and housing brokerage firm PropTiger.
