Dream Homes Getting Costlier! Sales Surge In Mumbai, Pune

Sales numbers in Q1 2024 are at a record level when approximately 1.30 lakh units were sold across the top 7 cities in Q1 2024. Read on to know how much the prices of homes have increased.
Dream Homes Getting Costlier! Sales Surge In Mumbai, Pune

Real estate services company ANAROCK in a report revealed that quarterly housing sales reached their highest level in 10 years with approximately 1,30,170 units sold in Q1 2024 across the top 7 cities. This is a 14 per cent Y0Y surge as only 1,13,775 units were sold in Q1 2023, suggesting that the bull run in the Indian housing market continues through the first quarter of the year, ANAROCK said.

Homes Get 18% Costlier

The property prices in the top seven cities rose 18 per cent in the past year. Hyderabad and Bengaluru were the places where prices surged the most, at 31 per cent and 24 per cent respectively. Among the top 7 cities, the prices surged between 10 to 32 per cent depending on the cities. The price rise is mainly due to an increase in the prices of construction raw materials and an overall rise in demand, ANAROCK said.

Mid-segment Homes Abound

Mid-segment homes priced Rs 40-80 lakh continue to dominate new supply with a 33 per cent share, followed by luxury homes (>Rs 1.5 Cr) with 25 per cent. The premium properties costing between Rs 80 lakh to Rs 1.5 crore were 24 per cent of the new launches. ANAROCK says this is a significant rise in demand for high-ticket homes priced Rs 1.5 Cr and above.

The affordable segment properties priced under Rs 40 lakh constituted 18 per cent of the supply. Despite new supply addition, available inventory in the top seven cities dropped by 7 per cent to approximately 5.81 lakh units by Q1 2024-end. NCR witnessed a highest yearly decline of 27 per cent. NCR's unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad.

Sales & Launches In Different Cities

Anuj Puri, Chairman - ANAROCK Group, says MMR and Pune accounted for over 51 per cent of the total sales in the top 7 cities, with MMR recording a 24 per cent yearly jump and Pune recording 15 per cent yearly surge. New launches across the top seven cities continued above the one lakh mark but witnessed a mere 1 per cent yearly rise – from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024."

MMR saw 33,800 units launched in Q1 2024 – a decline of 9 per cent over Q1 2023. Over 59 per cent of this new supply is priced under Rs 80 lakh.

MMR and Hyderabad saw the maximum new supply, accounting for 51 per cent of the total new launches across the top 7 cities. Hyderabad saw a 57 per cent yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9 per cent,” Puri said.

NCR saw new supply dip by over 42 per cent against Q1 2023, with around 7,270 units launched in Q1 2024. Notably, 55 per cent of the new supply was added in the ultra-luxury segment (homes priced above Rs 2.5 Cr).

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