INDUSTRY
Home sales in top 8 cities drop by 26% in December 2024 quarter on high prices
- IBJ Bureau
- Jan 17, 2025
Housing sales declined by 26 per cent to 1,06,038 units across eight major cities during the December quarter on lower demand mainly due to high prices, according to PropTiger.
Sales had stood at 1,43,482 units in the year-ago period.
Real estate consultant PropTiger, however, said that sales of residential properties in 2024 rose 6 per cent to 4,36,992 units from 4,10,791 in the year-ago period across eight major cities – Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai and Thane) and Pune.
Commenting on the report, Housing.com and Proptiger.com Group CEO Dhruv Agarwala said: “While the October-December festive period saw a Q-o-Q increase in sales as expected, there was a Y-o-Y decline in both sales and new launches across most regions. Factors such as global economic uncertainties, major State elections and property price increase across the country led to a wait-and-watch approach by both developers and buyers.”
Looking ahead, he said that the market was expected to remain cautious in the coming quarters with no immediate signs of interest rate cuts and with economic growth slowing down.
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