Housing Sales In Hyd Fell 25% During 2024
New residential launches witnessed sharper 49% decline in Hyderabad last year: PropEquity
Housing Sales In Hyd Fell 25% During 2024
Hyderabad remained the under-performer, both in terms of supply and sales, during the year dragging down the overall numbers - Samir Jasuja, CEO & Founder, PropEquity
Hyderabad: Housing sales in Hyderabad declined sharply by 25 per cent, the highest decline among nine major cities, to 61,722 residential units in 2024 from 82,350 units in 2023, according PropEquity, an online real estate data and analytics platform. New residential launches in the city also registered a steeper fall of 49 per cent to 48,164 units in 2024 from 94,889 units in 2023.
“Hyderabad remained the under-performer, both in terms of supply and sales, during the year dragging down the overall numbers,” said Samir Jasuja, CEO & Founder, PropEquity
According to a PropEquity report, the residential real estate market in India’s top nine cities saw a marginal nineper cent decline in sales at 4,70,899 units while new supply fell by 15 per cent to 4,11,022 units in 2024 on the back of two quarters of under-activity due to general elections and monsoon.
The number of units sold in 2023 across nine cities stood at 5,14,820 units while the number of units launched in 2023 stood at 4,81,724 units.Housing sales rose in only two out of the nine cities in 2024 with Navi Mumbai recording the highest growth while Hyderabad recording the highest decline. New supply rose in four out of nine cities with Delhi-NCR recording the highest growth and Hyderabad recording the highest decline, the real estate data firm said.
“The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year. A detailed analysis of the numbers reveals that despite the drop, the supply to absorption ratio in 2024 remains the same as 2023 which indicates that the fundamentals of the real estate sector are strong and healthy,” said Jasuja.
Weak demand may have prompted developers to go slow on new launches. Bengaluru, Chennai and Delhi-NCR saw new supply exceed absorption during this year. Housing sales in Navi Mumbai went up by 16 per cent to 33,870 units in 2024.
In Delhi-NCR, housing sales rose by five per cent to 43,923 units in 2024.Housing sales in Bengaluru fell by 9 per cent to 60,506 units in 2024. In the western region, housing sales fell in Mumbai by 6 per cent to 50,140 units in 2024.
