Demand for homes remains, home sales in seven major cities of the country grew by five percent year-on-year to around 1.2 lakh units in April-June. However, due to the surge in prices, demand has declined by eight percent compared to the previous quarter. According to Bhasha news, real estate consultant Anarock released housing market data for the current April-June quarter on Thursday. According to Anarock, residential sales in seven major cities are expected to grow by five percent year-on-year to 1,20,340 units in April-June 2024, compared to 1,15,090 units in the same period a year ago.
Sharp increase in prices in last one year
However, sales are expected to decline by eight per cent compared to the January-March quarter. 1,30,170 units were sold in the January-March quarter. Anarock Chairman Anuj Puri said that the quarter-on-quarter decline in residential sales is due to the significant increase in property prices in the last one year. On a year-on-year basis, Delhi-National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad witnessed an increase in sales, while demand declined in Chennai and Kolkata.
Sales expected to fall in Mumbai
According to a report, home sales are expected to decline slightly to 1,19,901 units in the April-June quarter. 1,21,856 homes were sold in the same period a year ago. Home sales in Mumbai are expected to decline marginally to 13,032 units compared to 13,219 units. However, residential property sales in the Delhi-NCR market are expected to increase to 10,198 units during April-June this year. This figure was 9,635 units in the same period a year ago.
Also, home sales in Bengaluru are expected to increase to 15,127 units. But in Chennai, sales may come down from 4,950 units to 4,841 units. Sales in Hyderabad are also expected to fall by 20 percent to 15,016 units from 18,757 units in the same period last year. Sales in Kolkata are expected to increase from 4,025 units to 5,130 units.
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