PropEquity, a real estate data analyst firm, has issued its annual report for India’s realty in 9 major cities.
As per its report, the sales of houses were lesser than those in FY 2023. Statistically, sales in 9 major cities reduced by 9% in FY 2024, it said.
In 2023, 5,14,829 units were sold while 2024 saw a decline when the units sold were 4,70,899.
In Hyderabad, 82,350 units were sold in 2023, while only 61,722 units were sold in 2024. This is a 25% decline in sales.
From the 9 cities, Delhi-NCR saw a 5% growth in sales and Navi Mumbai saw a 16% growth in 2024.
Bengaluru saw -9%, Chennai saw -11% and Kolkata saw -1% sales in FY 2024.
Fall in demand, fall in supply of new units were said to be the major reasons for the decline. The availability of new units declined by 15% where 4,11,022 units were available in all the 9 major cities.
The report indicated that general elections in the country and heavy rains in two quarters led to the decline.
Since 2023 saw high sales, the fall was quite evident in 2024, says PropEquity CEO Samir Jasuja.
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