Like other cities, house sales in Hyderabad also declined by 25 percent.

Like other cities, house sales in Hyderabad also declined by 25 percent.

Housing sales in the top 9 cities declined 9 percent to 4.7 lakh units. At the same time, according to a report by NSE-listed real estate data analytics firm Prop Equity, new supply declined by 15 percent to 4.11 lakh units in 2024 due to halving of activity due to general elections and monsoon.

The number of units sold in 2023 is 5.14 lakh, while the number of units launched in 2023 is 4.81 lakh.

In 2024, home sales increased in only two of the nine cities. The highest increase was recorded in Navi Mumbai. Whereas the highest decline was recorded in Hyderabad.

Home sales in Navi Mumbai increased by 16 percent to 33,870 units in 2024. Home sales in Delhi-NCR to increase by 5 percent to 43,923 units in 2024.

Home sales in Bengaluru declined by 9 percent to 60,506 units. Home sales in Chennai declined 11 per cent to 19,212 units, while home sales in Hyderabad declined 25 per cent to 61,722 units.

Mumbai declined 6% to 50,140 units, Pune declined 13% to 92,643 units and Thane declined 5% to 90,288 units. Home sales in Kolkata declined by 1% to 18,595 units in 2024.

new projects

New supply increased in 4 out of 9 cities. The highest increase was recorded in Delhi-NCR. The highest decline was recorded in Hyderabad.

Since 2023 is the peak year, housing supply and sales will decline in 2024 due to base effect. But the supply-demand ratio in 2024 is the same as in 2023. “This indicates that the fundamentals of the real estate sector are strong and healthy,” said Sameer Jasuja, Founder, CEO, PropEquity.

He said that Hyderabad has performed the least this year in terms of supply and sales. He said NCR cities have achieved good growth in new supplies and sales this year. Weak demand may have prompted developers to move slowly on new projects, he said.

In 2024, new supply in Delhi-NCR is expected to increase by 54% to 45,503 units, in Bengaluru by 27% to 72,111 units, in Chennai by 6% to 20,522 units and in Mumbai by 4% to 40,963 units.

New supply fell in cities like Hyderabad (49%), Kolkata (28%), Navi Mumbai (10%), Pune (27%), Thane (25%).


Leave a Comment