NEW DELHI: Approximately 1,30,170 housing units were sold in Q1 2024 across the top seven cities i.e. Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune, according to data shared by Anarock. This is a 14% yearly rise against bout 1,13,775 units sold back in Q1 2023.
MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top seven cities. Hyderabad saw a 57% yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9% in the period.
Anuj Puri, chairman of the company said, “MMR and Pune accounted for over 51% of the total sales in the top 7 cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise. New launches across the top seven cities continued above the one lakh mark but witnessed a mere 1% yearly rise – from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024.”
Despite new launches remaining above the 1 lakh mark in this quarter, available inventory in the top seven cities dropped by 7% annually – from about 6,26,750 units by Q1 2023-end to approximately 5,80,890 units by Q1 2024-end.
Among the top cities, NCR saw highest decline of 27% in its unsold stock in Q1 2024. NCR’s unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad.
The top seven cities recorded new launches of around 1,10,865 units in Q1 2024 against 1,09,570 units in Q1 2023. MMR saw approx. 33,800 units launched in Q1 2024 – a decline of about 9% over Q1 2023. Bengaluru added approx. 16,485 units in Q1 2024 – a yearly increase of 22%.
NCR saw new supply dip by over 42% against Q1 2023, with approximately 7,270 units launched in Q1 2024 against 12,450 units in Q1 2023.
Average residential property prices across the top seven cities have seen significant jump in the last one year – ranging between 10-32% in Q1 2024 when compared to Q1 2023, mainly due to increase in the prices of construction raw materials and overall rise in demand. Hyderabad and Bengaluru recorded the highest annual price jump of over 32% and 25%, respectively.
