India’s Residential Sales Drop 8% in Q2 2024 Amid Demand Slowdown

The Indian real estate market witnessed a decline in residential sales in the second quarter of 2024, with a 8% drop on a quarter-on-quarter basis. According to the latest industry data, approximately 120,340 units were sold in Q2 2024 across the top 7 cities, down from around 130,170 units sold in Q1 2024.

Despite this, the sales figures showed a 5% rise on a yearly basis, highlighting the resilience of the Indian real estate market.

Mumbai and Pune, two western Indian cities, accounted for over 52% of the total sales in the top 7 cities in Q2 2024. Delhi-NCR was the only city to see a quarterly rise of 6% in housing sales, bucking the trend.

Average residential prices saw a quarterly jump of 7% and an annual rise of 25% in the top 7 cities. Delhi-NCR witnessed the highest quarterly jump of 10%, while Hyderabad saw the highest yearly jump of 38% in average residential prices.

“The Delhi-NCR market is doing well, and if prices are kept in check, housing sales may not be majorly impacted in the upcoming quarters,” said Anuj Puri, Chairman, Anarock.

New launches across the top 7 cities continued to break previous records, with a 6% Q-o-Q rise – from approximately 110,870 units in Q1 2024 to approximately 117,170 units in Q2 2024. The Mumbai Metropolitan Region (MMR) and Pune saw the maximum new supply, accounting for 54% of the total new launches across the top 7 cities.