Among the highest cities, NCR noticed the very best decline of 27% in its unsold inventory in Q1 2024. (Representative picture)
The high 7 cities recorded new launches of round 1,10,865 items in Q1 2024 towards 1,09,570 items in Q1 2023,
The bull run within the Indian housing market continued within the first quarter of the yr. Quarterly housing gross sales are at an all-time decadal excessive with approx. 1,30,170 items bought in Q1 2024 throughout the highest 7 cities, revealed the newest Anarock knowledge. This is a 14% yearly rise towards approx. 1,13,775 items bought again in Q1 2023.
Despite new launches remaining above the 1 lakh mark on this quarter, out there stock within the high 7 cities dropped by 7% yearly – from approx. 6,26,750 items by Q1 2023-finish to approx. 5,80,890 items by Q1 2024-finish.
Among the highest cities, NCR noticed the very best decline of 27% in its unsold inventory in Q1 2024. NCR’s unsold inventory is presently decrease than in different outstanding cities like MMR, Pune, and Hyderabad.
Anuj Puri, chairman, Anarock Group, mentioned, “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 7 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.”
“Notably, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities,” says Puri. “Hyderabad saw a 57% yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9% in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced Rs 1.5 Cr and above.”
India’s general financial situation stays optimistic, with the nation’s GDP development price pegged as the very best globally, and inflation additionally appears to be beneath management. This outlook helps enduring homebuyer sentiment.
New Launch Overview
The high 7 cities recorded new launches of round 1,10,865 items in Q1 2024 towards 1,09,570 items in Q1 2023, growing by simply 1% over the earlier yr’s corresponding interval. The key cities contributing to new launches in Q1 2024 have been MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, which collectively accounted for 83% of the quarter’s provide addition.
- MMR noticed approx. 33,800 items launched in Q1 2024 – a decline of approx. 9% over Q1 2023. More than 59% of the brand new provide was added within the sub-Rs 80 lakh price range phase.
- Hyderabad added approx. 22,960 items in Q1 2024 – a yearly leap of 57% over the corresponding interval final yr. Over 33% of the brand new provide was added within the excessive-ticket >Rs 1.5 Cr) value phase.
- Pune added approx. 18,770 new items in Q1 2024 in comparison with 19,420 items in Q1 2023 – a lower of three%.
- Bengaluru added approx. 16,485 items in Q1 2024 – a yearly improve of twenty-two%. Approx. 66% of the brand new provide was within the mid-vary and premium segments (Rs 40 lakh – Rs 1.5 Cr.)
- NCR noticed new provide dip by over 42% towards Q1 2023, with approx. 7,270 items launched in Q1 2024 towards 12,450 items in Q1 2023. Notably, 55% of the brand new provide was added within the extremely-luxurious phase (houses priced >Rs 2.5 Cr.)
- Chennai added approx. 7,290 items in Q1 2024, a yearly improve of 14% over Q1 2023. At least 87% of the brand new provide was within the mid and premium segments (priced inside Rs 40 lakh to Rs 1.5 Cr)
- Kolkata added approx. 4,290 items in Q1 2024, a decline of 27% over Q1 2023. Approx. 90% of the brand new provide was within the inexpensive and mid segments (priced as much as Rs 80 lakh.)
Overall Sales Overview
Approx. 1,30,170 items have been bought in Q1 2024 – a rise of 14% over Q1 2023. NCR, MMR, Bengaluru, Pune, and Hyderabad collectively accounted for 91% gross sales within the quarter.
- MMR noticed the very best housing gross sales of approx. 42,920 items in Q1 2024, growing by 24% over Q1 2023. Approx. 34,690 items have been bought in Q1 2023
- Pune noticed approx. 22,990 items bought in Q1 2024, growing by 15% over Q1 2023 when approx. 19,920 items have been bought
- Hyderabad recorded the sale of approx. 19,660 items in Q1 2024, a 38% improve over Q1 2023 when approx. 14,280 items have been bought
- NCR noticed a 9% decline in housing gross sales – from approx. 17,160 items in Q1 2023 to approx. 15,650 items in Q1 2024.
- Kolkata additionally noticed a decline of 9% in housing gross sales within the interval – from approx. 6,185 items in Q1 2023 to approx. 5,650 items in Q1 2024.
- Bengaluru noticed housing gross sales improve by 14% in Q1 2024 towards Q1 2023, with approx. 17,790 items bought in Q1 2024 and approx. 15,660 items bought again in similar interval final yr
- Chennai noticed approx. 5,510 items bought in Q1 2024 – a decline of 6% over Q1 2023, at the least partially attributable to elements like introduction of Tamil Nadu authorities’s three-tier guideline values for condo complexes in late 2023, and excessive stamp responsibility and registration expenses.Price Movement
Average residential property costs throughout the highest 7 cities have seen vital leap within the final one yr – ranging between 10-32% in Q1 2024 when in comparison with Q1 2023, primarily as a consequence of improve within the costs of building uncooked supplies and general rise in demand. Hyderabad and Bengaluru recorded the very best annual value leap of over 32% and 25%, respectively.
Available Inventory
Despite huge new provide added to the highest 7 cities in Q1 2024, general out there stock declined by 7% in Q1 2024 when in comparison with Q1 2023. The whole out there stock within the high 7 cities as of Q1 2024-finish stands at approx. 5.81 lakh items. At 27%, NCR witnessed the very best discount in out there stock in Q1 2024 when in comparison with Q1 2023.
