Housing sales taper 8% on-quarter in Q2 2024; NCR only region to see uptick

Housing sales have tapered in the second quarter of 2024, with sales falling 8 per cent quarter-on-quarter. However, when it comes to year-on-year basis, sales have jumped 5 per cent. 

According to ANAROCK Research’s latest report, the bull run in residential sales across the top seven cities tamed down in the 2024 Q2 due to increasing property prices and high base record of the previous quarter. The data shows that housing sales witnessed a quarterly drop of 8 per cent from 1,30,170 units that were sold in 2024 Q1 to 1,20,340 units in 2024 Q2 in the top seven cities.

Anuj Puri, Chairman, ANAROCK Group, says, “The quarterly decline seen in housing sales is essentially because of the all-time high base considered in the previous quarter, when more than 1.30 lakh units were sold. Most importantly, this drop is also due to the significant hike in property prices over the last one year, which in turn has prompted many investors to take a breather.”

Among the top seven cities, MMR and Pune accounted for over 52 per cent of the total sales with over 62,685 units sold together. 

Despite the quarterly dip, NCR is the only region to see a quarterly rise of 6 per cent in housing sales in the quarter against 2024 Q1. When it comes to supply, NCR witnessed a 134 per cent jump in 2024 Q2 against Q1 2024. 

New launches across the top seven cities broke previous records with a 6 per cent increase in quarter-on-quarter rise from around 1,10,870 units in Q1 2024 to 1,17,170 units in Q2 2024. MMR and Pune regions saw the maximum new supply, accounting for 54 per cent of the total new launches across the top seven cities. Individually, they saw 31 per cent and 1 per cent quarterly increase respectively. 

The average residential prices have seen a jump of 7 per cent while annual rise is a significant 25 per cent in the top seven cities. Puri said that if prices are kept in check henceforth, housing sales may not be majorly impacted in the upcoming quarters. 

Meanwhile, Bengaluru also saw housing sales decline by 8 per cent in Q2 2024 against Q1 2024, with sales of around 16,360 units, while Chennai saw sales of around 5,020 units in Q2 2024, a decrease of 9 per cent against Q1 2024.

Hyderabad saw a dip of 23 per cent in sales in Q2 over Q1 with sales of 15,085 units, while Kolkata witnessed a dip of 18 per cent in Q2 over Q1 with sales of around 4,640 units.