त्योहार में बना रहे घर खरीदी का मन, तो देख लें प्रॉपर्टी मार्केट के आंकड़े, बिल्डर से मोलभाव में मिलेगी मदद

New Delhi. There is a boom in the property market during the festive season. Because developers and builders give new offers for home purchase. However, there is a disturbing news for the property market amidst festivals. In fact, residential sales in the top 8 cities of the country have declined by 5 percent in the July-September quarter due to lack of new offers and rise in prices. Real estate ‘brokerage’ platform PropTiger.com on Tuesday released a report named ‘Real Insight’ on India’s residential market. According to the report, a total of 96,544 units were sold in July-September, which is five percent less than 1,01,221 units sold during the same period in 2023.

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Sales also decreased on annual basis

The number of new residential units launched in the top 8 markets declined by 25 percent to 91,863 units from 1,23,080 units on an annual basis during the period under review. PropTiger also highlighted in the report the sharp rise in house prices affecting affordability. Prices in the top eight cities increased by about 20 percent on average.

According to the data, house sales have increased only in Delhi-National Capital Region (NCR). There has been a decline in other seven major cities. Sales in Delhi-NCR during July-September increased by 29 percent year-on-year to 10,098 units. It was 7,800 units in the same period last year.

statistics of big cities

However, sales in Ahmedabad declined by nine per cent to 9,352 units from 10,305 units, in Bengaluru by 11 per cent to 11,160 units from 12,588 units, in Chennai by eight per cent to 3,560 units from 3,874 units, in Hyderabad by 19 per cent to 11,564 units from 14,191 units and in Kolkata It declined by 22 percent from 3,607 units to 2,796 units.

In the Mumbai Metropolitan Region, sales of residential properties declined by one percent to 30,010 units from 30,299 units during the period under review. Residential sales in Pune declined by three percent to 18,004 units from 18,557 units in the same period a year ago.

Healthy correction in the market

“The year-on-year decline in both sales and new launches reflects the market’s response to rising prices,” said Vikas Wadhawan, chief financial officer (CFO) of REA India and business head of PropTiger.com.

“We are seeing a healthy slowdown in market activity, which is beneficial for end users as it brings sustainable growth,” he said. “In the last few quarters, prices have increased by three per cent to 50 per cent in some key areas of major markets, impacting immediate purchase decisions.”

However, Wadhawan expects buyers to gradually adjust to the new price realities. Delhi-NCR includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad. Whereas Mumbai Metropolitan Region (MMR) includes Mumbai, Navi Mumbai and Thane.

(with input from language)

Tags: business news, Price of any property, property investment, Real estate market