Housing sales in top 7 cities record 14% yearly rise in Q1 2024

Housing sales have risen 14 per cent, while average prices are up 10-32 per cent across seven major cities during the January-March period of this year, as demand continues to be strong, according to Anarock. The sales of residential properties increased in Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Hyderabad, but declined in Delhi-NCR, Chennai and Kolkata. On Wednesday, real estate consultant Anarock released its data for the top seven primary (first sale) residential markets in the country. As per the data, housing sales rose 14 per cent to 1,30,170 units during January-March quarter this year across top seven cities, from 1,13,775 units in the year-ago period. “The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket homes priced Rs 1.5 crore and above,” Anarock Chairman Anuj Puri said.
Among cities, the housing sales in MMR rose 24 per cent to 42,920 units during
January-March, from 34,690 units in the year-ago period. In Pune, housing sales went
up 15 per cent to 22,990 units from 19,920 units. Hyderabad saw a 38 per cent increase in housing sales to 19,660 units from 14,280 units. Housing sales in Bengaluru rose 14 per cent to 17,790 units from 15,660 units. However, Delhi-NCR witnessed a 9 per cent decline
in housing sales to 15,650 units from 17,160 units. Housing sales in Kolkata
too are estimated to have fallen 9 per cent to 5,650 units from 6,185 units.

In Chennai, the sales of residential properties have decreased 6 per cent to 5,510 units during January-March period this year, from 5,880 units in the corresponding period of the previous year. Average residential property prices across the top 7 cities have appreciated 10-32 per cent annually in the first quarter of 2024. Commenting on the report, Signature Global Chairman Pradeep Aggarwal said the sales have risen due to strong demand from both end users and investors.