Housing sales and new supply dropped in 2024

Bengaluru: Housing sales across India’s top nine cities fell by 9 per cent in 2024, according to a report by real estate data analytics firm Propequity out on Wednesday.

Only Delhi-NCR and Navi Mumbai witnessed rise, while other cities saw decline in sales.

Overall, housing sales fell below 5 lakh units to 4.7 lakh units in 2024, while new supply dipped by 15 per cent to 4.1 lakh units.

Bengaluru was amongst the top cities in terms of new supply, along with Pune and Thane. Bengaluru was also one of the three which saw supply exceed absorption. The other two were Chennai and Delhi-NCR.

The decline in both metrics was due to two quarters of under-activity during general elections and monsoon.

Samir Jasuja, CEO and founder, Propequity said, “The drop in housing supply and sales in 2024 is due to the high base effect, as 2023 was a peak year.”

“Despite the drop, the supply to absorption ratio in 2024 remains the same as 2023 which indicates that the fundamentals of the real estate sector are strong and healthy,” he added.