Top 7 cities see sales jump 14% in March qtr; MMR, Pune account for over 51% of deals.
New Delhi: India’s housing market continued its post pandemic growth trajectory, achieving record-brea- king sales in the March quarter.
The top seven cities achieved sales of 130,170 units during the quarter, a 14% growth from a year earlier, ac- cording to data from real estate con- sultancy Anarock. March quarter performance boosted total housing sales to 492,900 units in FY24, mar- king a 30% increase.
“MMR (Mumbai Metropolitan Region) and Pune contributed to over 51% of the total sales in the top7.citi- es, with MMR experiencing a 24% yearly increase and Pune witnes- 2 sing over a 15% yearly rise. Despite new launches exceeding the 100,000 1 mark, they only saw a marginal 1% 1 yearly increase from Q1 2023 to Q1 2024,” said Anuj Puri, chairman, e Anarock Group.
While new launches remained ro-r bust, available inventory in the top seven cities decreased by 7% to h 580,890 units in Q1 2024 from 626,750 nits in Q12023.
NCR saw the highest decline of 27% in unsold stock in the March quarter, with the current inventory lower than other prominent cities like MMR, Pune, and Hyderabad.
“The real estate market is experiencing a surge across all segments due to a strong demand from first-time home buyers and affluent home buyers who are looking for a second home. Even investors are very keen on properties located in prime locations with the potential for high re- turns. Gurugram remains the top residential market in the NCR, and the completion of the Dwarka Expressway has changed the entire dynamics of the city,” said Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.
In Gurugram, promising areas such as Sector 37 D, Sector 71, Dwarka Expressway, Sector 84, and Southern Peripheral Road are witnessing significant interest.
The overall economic outlook in India remains positive, with the country boasting the highest GDP growth rate globally and inflation seemingly under control. This favourable economic environment is sustainingrobust homebuyer sentiment.
“Delhi-NCR’s real estate landscape is witnessing an unprecedented surge in demand for luxury homes due to excellent connectivity and infrastructural development. As new residential projects emerge and existing ones gain momentum, they will inevitably create a ripple effect, generating employment opportunities. Consequently, this expansion will not only fuel economic growth but also contribute to the overall development of the region,” said Amar Sarin, MD & CEO, TARC.
Source- The Economic Times
