Demand for houses to increase during the festive season, sales stable in metro cities between July and September
New Delhi| After two years of continuous rise in the real estate market, the demand for houses in the top cities of the country has remained stable between July and September and during this period more than 1.07 lakh units have been sold. This information was given in a report released on Thursday. According to a report the main reasons for stable real estate sales is the monsoon and the month of Shraadh.
Anarock Group reported that even in the third quarter of this year (July to September), sales have been more than new supplies. Luxury homes (over Rs 1.5 crore) accounted for 33 per cent of the supply during this period. Anarock Group Chairman Anuj Puri said the third quarter of 2024 has seen a slight slowdown in home sales. The reason for this is the high prices and monsoon season. However, due to the month of Shraddha, there is always a slowdown in demand during this period. Demand for households has remained stable after touching the highest level between the first quarter of 2024 (January to March).
Many projects are being launched by developers in view of this festive season, due to which there may be an increase in demand. Mumbai Metropolitan Region (MMR) has the highest third quarter sales of 36,190 homes. Pune has subsequently seen sales of 19,050 homes. Mumbai and Pune account for 52 per cent of the total sales in the top seven cities of the country in the quarter 2024.
In the period from July to September this year, 93,750 units of new homes have been launched in the top seven new cities of the country, in 2023 there were 1,16,220 units. The share of total sales of households in the mid segment (ranging from Rs 40 lakh to Rs 80 lakh) has been 23 per cent in July-September. However, the share of affordable homes in total sales has declined to 13 per cent.
The price of average homes in the top seven cities of the country has increased by 23 percent on an annual basis between July and September. Hyderabad has seen the highest increase in the price of average houses at 32 per cent, Bengaluru and Delhi-NCR have seen a 29 per cent increase in the price of houses.
