Sales down 18%; new launch falls 11% in Q3 in top 9 cities: PropEquity
Only NCR sees rise in both new launches and sales in Q3
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Hyderabad: New housing launch and sales in the third quarter of Calendar Year 2024 in top 9 cities showed a decline of 11 per cent and 18 per cent respectively, according to a 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 Y-o-Y basis, only NCR, Mumbai and Thane saw rise in new supply at 221 per cent, 18 per cent and 11 per cent respectively in this quarter compared to Q3 2023. Hyderabad (54 per cent), Kolkata (48 per cent), Chennai (23 per cent), Bengaluru (19 per cent), Navi Mumbai (19 per cent) and Pune (12 per cent) 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 Y-o-Y basis, the total absorption rose only in Delhi NCR (22 per cent) and Navi Mumbai (4 per cent) while falling in other seven cities with Hyderabad recording the highest fall at 42 per cent, followed by Bengaluru (26 per cent), Kolkata (23 per cent), Pune (19 per cent), Chennai (18 per cent), Mumbai (17 per cent) and Thane (10 per cent).
