New housing launches and sales in the third quarter of Calendar Year 2024 in the top 9 cities showed a decline of 11% and 18% respectively, according to data by real estate data analytics firm PropEquity.
The NSE-listed firm said that new launches in the July-September quarter of CY 2024 fell to 93,693 units from 1,05,655 units in the same period last year while sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.
PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
According to the data, on YoY basis, only NCR, Mumbai and Thane saw a rise in new supply at 221%, 18% and 11% respectively in this quarter compared to Q3 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) witnessed a significant drop compared to Q3 2023. However, the drop is not steep when compared to the previous quarter i.e. Q2 2024.
The data further pointed out that, on YoY basis, the total absorption rose only in Delhi NCR (22%) and Navi Mumbai (4%) while falling in other seven cities with Hyderabad recording the highest fall at 42%, followed by Bengaluru (26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%) and Thane (10%).
Samir Jasuja, Founder & CEO, PropEquity, said, “The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation.”
“In Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in the supply and absorption of apartments in these cities. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical,” Jasuja added.
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