NEW DELHI: The bull run in the Indian housing market continued in the first quarter of the year. Quarterly housing sales are at an all-time high, with approximately 130,170 units sold in January-March quarter of 2024 across the top seven cities, reveals real estate consultant Anarock data. This is a 14 per cent yearly rise against approximately 113,775 units sold back in January-March 2023.
Mumbai and Pune accounted for about 51 per cent of the total sales in the top 7 cities, with greater Mumbai region recording a 24 per cent yearly jump and Pune witnessing an over 15 per cent yearly rise. New launches across the top 7 cities continued above the one lakh mark but witnessed a mere 1 per cent yearly rise — from 109,570 units in Q1 2023 to over 110,865 units in Q1 2024.
Notably, Mumbai and Hyderabad saw the maximum new supply, accounting for 51 per cent of the total new launches across the top seven cities. Hyderabad saw a 57 per cent yearly increase in new supply in Q1 2024, while Mumbai saw its new supply decline by 9 per cent in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced Rs 1.5 crore and above.
Despite new launches remaining above the one lakh mark in this quarter, available inventory in the top 7 cities dropped by 7 per cent annually — from approximately 626,750 units by Q1 2023-end to 5,80,890 units by Q1 2024-end. Among the top cities, NCR saw highest decline of 27 per cent in its unsold stock in Q1 2024. NCR’s unsold stock is currently lower than in other prominent cities like Mumbai, Pune, and Hyderabad.
India’s overall economic scenario remains positive, with the country’s GDP growth rate pegged as the highest globally, and inflation also seems to be under control. This outlook supports enduring homebuyer sentiment, Anarock said. (ANI)