property market
The property market has suffered a major blow. Home sales in 9 big cities of the country are expected to decline by 21 percent annually during the October-December quarter. This information has been received from the report of real estate data analyst company PropEquity. After all, why is there demand for houses? On this, realty experts say that the only reason for the decline in demand for houses is the skyrocketing property prices. In the last few years, property prices have increased exponentially on the strength of a handful of investors. The effect of this is that the price of the property has gone beyond the budget of the genuine home buyers. He has money but no option in the market. Affordable projects have completely ended in the property market. Now it is meaningless to talk about a flat costing less than Rs 1 crore. Due to this, the lower middle class is not able to buy their own house even if they want to. The result of this is that property sales are falling quarter after quarter.
Big decline in demand for houses in these cities
PropEquity released sales numbers for nine major housing markets in India – Delhi-NCR, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, Thane. It is estimated that sales will increase only in Delhi-NCR. According to the data, total sales of residential properties in the nine cities are likely to decline to 1,08,261 units in the current quarter, compared to 1,37,225 units in the same period last year. However, sales are likely to grow by five percent from 1,03,213 units in the September quarter. Home sales in Hyderabad are expected to decline by 47 percent to 12,682 units during October-December 2024, from 24,044 units in the same period a year ago. Sales in Bengaluru may decline by 13 percent to 14,957 units from 17,276 units, while in Chennai sales may decline by nine percent to 4,266 units from 4,673 units. Home sales in Mumbai are likely to decline by 27 percent to 10,077 units from 13,878 units. Home sales in Navi Mumbai during the December quarter are expected to decline by 13 per cent to 7,478 units from 8,607 units, while in Thane it is expected to decline by 16 per cent to 21,893 units from 26,099 units.
Big decline of 33 percent in Kolkata
In Kolkata, there is a possibility of a decline of 33 percent from 5,653 units to 3,763 units. Sales of residential properties in Pune may decline by 24 percent to 20,230 units from 26,641 units. However, the Delhi-NCR (National Capital Region) market is set to change this trend. Sales in the NCR market are expected to grow 25 per cent to 12,915 units during the December quarter 2024 from 10,354 units in the year-ago period. Sameer Jasuja, Founder and Chief Executive Officer (CEO), PropEquity, said the sales declined on an annual basis due to high base effect. He said that sales are likely to increase on a quarterly basis due to festive demand.
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