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Demand for homes moderated during the April-June period on account of the general elections even though consumer sentiment continues to remain extremely positive about real estate
Housing sales across the top eight cities declined 6 per cent in the April-June period compared with the preceding quarter as builders and investors were cautious due to Lok Sabha polls, according to PropTiger.
Property brokerage platform PropTiger, which is part of REA India that owns Housing.com, on Thursday released its quarterly data on housing demand and supply.
As per the data, housing sales fell 6 per cent to 113,768 units during the April-June period from 120,642 units in the preceding January-March quarter.
However, the housing sales rose 42 per cent in April-June from 80,245 units in the year-ago period.
“Demand for homes moderated during the April-June period on account of the general elections even though consumer sentiment continues to remain extremely positive about real estate investments on the back of strong fundamentals,” said Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com.
“The developer community, too, exercised caution, as evidenced by a decline in new launches in half of the cities sampled in PropTiger analysis,” he added.
“Amid expectations of a pro-investment Union Budget after the formation of a new government at the Centre, we have reason to believe that sales numbers would strengthen in the coming quarters, especially during the festive months,” Wadhawan said.
As per the quarter-on-quarter data, the housing sales in Ahmedabad fell 26 per cent to 9,500 units in April-June from 12,915 units during January-March this year.
Bengaluru, however, saw a 30 per cent increase in sales to 13,495 units from 10,381 units.
Sales of residential properties in Chennai dipped 10 per cent to 3,984 units from 4,427 units.
Delhi-NCR witnessed an increase of 10 per cent in sales to 11,065 units from 10,058 units.
Housing sales in Hyderabad fell 14 per cent to 12,296 units from 14,298 units.
In Kolkata, the sales decreased to 3,237 units from 3,857 units.
Mumbai Metropolitan Region (MMR) witnessed an 8 per cent decline in housing sales to 38,266 units from 41,594 units.
Housing sales in Pune dipped 5 per cent to 21,925 units during April-June from 23,112 units in the preceding quarter.
New supply fell marginally 1 per cent to 1,01,677 units during the April-June quarter from 1,03,020 in the January-March period.
Housing markets covered in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai and Thane) and Pune.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 11 2024 | 12:19 PM IST
