The report gives data for the first quarter of 2024 i.e. from April to June. Housing sales in seven major cities grew 5 per cent year-on-year in April-June. Due to the surge in prices, demand has declined by eight per cent compared to the previous quarter.
New Delhi. The boom in the real estate sector is now slowing down. Recent reports show that house sales have declined in 7 major cities of the country and there has been a big decline in it compared to the previous quarter. The reason for this has also been given in the report, which will definitely worry you too if you are planning to buy a house. The report has given the data for the first quarter of 2024 i.e. from April to June.
Real estate consultant Anarock said in a report released on Thursday that in April-June, house sales in 7 major cities of the country increased by 5 percent year-on-year to about 1.2 lakh units. However, due to the rise in prices, the demand has declined by 8 percent compared to the previous quarter. These figures of the housing market are for the April-June quarter.
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Sales increased from last year
According to Anarock, residential sales in seven major cities are expected to grow by five per cent year-on-year to 1,20,340 units in April-June 2024, from 1,15,090 units in the same period a year ago. 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.
What is the reason for the decrease in sales
Anarock Chairman Anuj Puri said, 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), Bangalore, Pune, Hyderabad have seen an increase in sales, while Chennai and Kolkata have seen a decline in demand.
The price is rising rapidly
According to real estate consultant Colliers India and data analytics company Liases Foras, property prices are continuously increasing in 8 major cities of the country. Within just 3 months, prices have risen by 19 percent. Bangalore has seen the highest price rise of 19 percent. Delhi-NCR has seen a 16 percent rise, while Ahmedabad and Pune have seen a 13 percent rise. Apart from this, prices have increased by 9 percent in Hyderabad, 6 percent in Mumbai, 7 percent in Kolkata and 4 percent in Chennai.
Tags: Business news, Property, Property market
FIRST PUBLISHED : June 27, 2024, 18:40 IST