2024-04-02 13:43:18
Chennai: The number of homes sold in the first three months of 2024 hit a new high. In India’s top 7 cities, around 130,170 houses were sold in Q1. That’s 14% more than the 113,775 homes sold in the same Q1 quarter last year, according to the latest data from Anarock Research.
In Q1 2024, a total of around 130,170 units were sold across seven cities including Delhi-NCR, Kolkata, Chennai, Bengaluru, Mumbai Metropolitan Region (MMR), Hyderabad and Bengaluru. This is 16,395 units higher than last year’s Q 1 quarter. 11,775 units were sold in the same Q1 last year.
Mumbai topped the list by completing 42,920 sales in the Q1 quarter from January to March 2024, according to the Anarock report. This represents a 24% increase over the 34,690 units sold in the January-March 2023 period.
In Pune, approximately 22,990 units were sold in the first quarter of Q1 2024, reflecting a 15% rise compared to the same period last year. Similarly, Hyderabad has sold around 19,660 units in the first quarter of Q1, which represents an increase of 38% over the same period in Q1 of 2023. At the same time, Bengaluru saw a 14% year-on-year increase in sales to a total of 17,790 units, the report said.
Meanwhile, home sales declined in two of the top seven cities, Kolkata and Chennai. Kolkata saw a 14% decline, with total sales estimated at 6,185 units in Q1 of 2024, while Chennai saw a 6% decline, with total sales at 5,510 units, according to the Anarac report.
Price increase: The value of property prices is embracing a huge boom. This rise is due to increase in prices and demand of construction materials. Cities like Hyderabad and Bengaluru saw a rise of 32% and 25%, the report said.
In the first three months of 2024, the top 7 cities launched about 1,10,865 new properties, as against 1,09,570 units in the same quarter of Q1 last year. That means it’s only a 1% increase. Most of the new properties are launched in Mumbai, Hyderabad, Pune and Bangalore.
Compared to Q1 of 2023, the total number of houses in Q1 of 2024 declined by 7%, the report said.
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English summary
Real Estate: New House sales hit new high in March quarter; top 7 cities clocked 14% jump
Explore the latest trends in Indian real estate as revealed by Anarock’s report, of 14% increase in housing sales across seven major cities during Q1 2024
Story first published: Tuesday, April 2, 2024, 19:13 [IST]
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