Chennai: Housing sales in the June quarter witnessed a sequential drop of 8 per cent while registering a 5 per cent growth on a y-o-y basis. Meanwhile, residential prices were up 7 per cent sequentially and 25 per cent annually.
Residential sales stood at around 1,20,340 units in Q2 2024 across the top 7 cities, against 1,30,170 units sold in Q1 2024. However, on a yearly basis, there has been a 5 per cent rise in residential sales against 1,15,090 units sold back in Q2 2023, according to Anarock Group.
The National Capital Region is the only city to see quarterly growth of 6 per cent. Mumbai saw 3 per cent decline, Pune 8 per cent, Bengaluru 8 per cent and Chennai 9 per cent. Hyderabad saw a drop of 23 per cent, while Kolkata recorded an 18 per cent decline.
“The quarterly decline seen in housing sales is essentially because of the all-time high base considered in the previous quarter, when more than 1.30 lakh units were sold. Most importantly, this drop is also due to the significant hike in property prices over the last one year, which in turn has prompted many investors to take a breather,” said Anuj Puri, chairman, Anarock Group.
Average residential prices have seen a quarterly jump of 7 per cent while rising 25 per cent annually. Sequentially, housing prices increased in the range of 4-10 per cent in Q2 2024 against Q1 2024 and NCR recorded the highest quarterly jump of 10 per cent. On a yearly basis, price rise was 13 – 39 per cent. Hyderabad recorded the highest yearly jump of 39 per cent.
Meanwhile, new launches continued to break previous records with a 6 per cent sequential rise – from 1,10,870 units in Q1 2024 to 1,17,170 units in Q2 2024.
