Mumbai, January 17th, 2025: Housing sales in India’s 8 prime residential markets dipped 26% in the October-December period of 2024 when compared to the same quarter last year, according to the latest report by digital real estate transaction & advisory platform PropTiger.com.

The report, titled ‘Real Insight Residential: Annual Roundup 2024 by PropTiger.com, said the drop in sales numbers could primarily be attributed to state elections in Maharashtra and Haryana, which make up for 3 of the 8 cities covered in the analysis and to elevated property prices. Barring NCR, data show, home sales dipped across cities on a year-on-year basis.

The impact of elections was also visible on fresh supply — launches in Q42024 declined 33% YoY as the pace of project approvals slowed due to state polls. Launch numbers during the last quarter of 2024 dropped in 5 of the 8 cities covered in the report.

Commenting on the report, Mr. Dhruv Agarwala, Group CEO, Housing.com & Proptiger.com said, “While the October-December festive period, saw a QoQ increase in sales as expected, there was a YoY decline in both sales and new launches across most regions. Factors such as global economic uncertainties, major state elections, and property price increase across the country led to a wait-and-watch approach by both developers and buyers.”

“While Delhi NCR stood out as the only market to register YoY growth in sales, other regions, including key markets like MMR, Pune, and Bengaluru, experienced notable declines in home sales. Looking ahead, with no immediate signs of interest rate cuts and with economic growth slowing down, the market is expected to remain cautious in the coming quarters”, Mr. Agarwala added.

New Home SALES:

The Delhi NCR market stood out as the only region among the top eight cities to register positive growth in new home sales, with 9,808 units sold in Q4 (Oct-Dec 2024), a significant rise from 6,528 units in the same period last year. MMR retained its position as the market leader with 33,617 units sold, though it witnessed a 31% YoY decline from 48,553 units. Pune followed with 18,240 units sold, also down 31% YoY. In the South, Bengaluru recorded 13,236 units sold (down 23% YoY), Hyderabad 13,179 units (down 36% YoY), and Chennai 4,073 units (down 5% YoY).

New Home LAUNCHES:

In Q4 CY2024 (Oct-Dec), new home launches across India’s top eight housing markets dropped by 33% YoY. Hyderabad witnessed the sharpest decline, with 9,066 units launched (down 66%), followed by Ahmedabad with 3,515 units (down 61%) and Kolkata with 3,091 units (down 41%). On a positive note, Delhi NCR saw a 133% YoY surge with 10,048 units launched, Chennai recorded a 34% rise with 4,005 units, and Bengaluru led with 15,157 units, marking a 20% YoY increase.

NOTE: Housing markets covered in the report includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane), and Pune.