Stamp Duty on Property Transactions in Lucknow
2025-01-30 03:25:05
Real estate experts attribute the decline in housing sales primarily to assembly elections in Maharashtra and Haryana and rising property prices.
Housing sales in India’s top eight cities dropped by 26% year-on-year (YoY) in the October-December 2024 quarter compared to the same period last year. However, sales increased by around 10% quarter-on-quarter (QoQ), driven by the festive season, according to a survey by PropTiger.com, a digital real estate advisory and transaction platform.
The cities covered in the survey were Delhi NCR, Mumbai Metropolitan Region (MMR), Pune, Kolkata, Ahmedabad, Hyderabad, Bengaluru, and Chennai.
Both YoY sales and new launches saw a decline in the October-December quarter, with experts pointing to the impact of elections in Maharashtra and Haryana during November and October, respectively, along with high property prices.
Delhi NCR emerged as the only region among the top eight cities to report YoY growth in new home sales, with 9,808 units sold in Q4, up from 6,528 units in the same period last year.
The Mumbai Metropolitan Region (MMR) retained its position as the market leader with 33,617 units sold, despite a 31% YoY drop from 48,553 units in 2023. Pune followed with 18,240 units sold, reflecting a 31% YoY decline.
In southern markets, Bengaluru recorded 13,236 units sold (down 23% YoY), Hyderabad 13,179 units (down 36% YoY), and Chennai 4,073 units (down 5% YoY). Kolkata registered 3,715 homes sold, a 22% YoY drop from 4,735 units in Q4 2023, while Ahmedabad saw 10,170 units sold, marking a 34% YoY decline.
The impact of state elections was also evident in new launches, which declined by 33% YoY in Q4 2024. The pace of project approvals slowed due to the elections, further affecting supply.
Hyderabad experienced the steepest decline, with only 9,066 units launched (down 66%), followed by Ahmedabad with 3,515 units (down 61%) and Kolkata with 3,091 units (down 41%).
In contrast, Delhi NCR recorded a 133% YoY surge in new launches with 10,048 units, while Chennai saw a 34% increase with 4,005 units. Bengaluru led the new supply with 15,157 units, marking a 20% YoY growth.
Dhruv Agarwala, Group CEO of Housing.com and PropTiger.com, noted that while the festive season contributed to a QoQ increase in sales, the overall YoY decline in both sales and new launches was due to factors such as global economic uncertainties, state elections, and rising property prices.
“Delhi NCR stood out as the only market to register YoY growth in sales, while key markets like MMR, Pune, and Bengaluru saw notable declines,” he said.
He added, “With no immediate signs of interest rate cuts and economic growth slowing, the real estate market is expected to remain cautious in the coming quarters.”
This cautious outlook reflects a market grappling with multiple challenges, even as some regions show resilience and growth.
2025-01-30 03:25:05
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