{"id":17006,"date":"2024-07-14T22:29:12","date_gmt":"2024-07-14T16:59:12","guid":{"rendered":"https:\/\/timesofpowerandvoice.com\/?p=17006"},"modified":"2024-07-14T22:29:14","modified_gmt":"2024-07-14T16:59:14","slug":"punes-housing-market-shows-resilience-with-19-growth-new-projects-gain-momentum-proptiger-com-report","status":"publish","type":"post","link":"https:\/\/timesofpowerandvoice.com\/?p=17006","title":{"rendered":"Pune’s Housing Market Shows Resilience with 19% Growth, New Projects Gain Momentum: PropTiger.com Report"},"content":{"rendered":"\n

Pune:<\/u><\/strong>\u00a0Housing sales in India\u2019s eight prime residential markets fell 6% during the April-June period of 2024 (Q2CY2024), even as new supply tapered, a quarterly analysis by digital real estate brokerage firm PropTiger.com shows.\u00a0<\/p>\n\n\n\n

In its quarterly report titled \u2018Real Insight Residential \u2013 April-June 2024\u2019,<\/strong> the Gurugram-headquartered firm said a total of 113,768 units were sold in Q2 of Calendar Year (CY) 2024, against 1,20,642 in the previous quarter (Q1CY2024). The quarterly decline in sales was seen across cities, barring Bengaluru (30% increase) and Delhi-NCR (10% increase). <\/p>\n\n\n\n

Applying a wait-and-watch strategy ahead of the poll results, homebuyers deferred plans to invest in real estate during the quarter, which saw the world\u2019s largest democracy conducting national elections, the firm said in its report. <\/p>\n\n\n\n

\u201cDemand for homes moderated during the April-June period on account of the General Elections even though consumer sentiment continues to remain extremely positive about real estate investments on the back of strong fundamentals. Amid expectations of a pro-investment Union Budget after the formation of a new government at the Centre, we have reason to believe that sales numbers would strengthen in the coming quarters, especially during the festive months,\u201d said Mr. Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com.<\/strong> <\/p>\n\n\n\n

\u201cAwaiting policy changes in the upcoming Union Budget that would pave the way for turning India into the world\u2019s third-largest economy by 2027-28, the developer community, too, exercised caution, as evidenced by a decline in new launches in half of the cities sampled in our analysis,\u201d Mr. Wadhawan added.<\/strong> <\/p>\n\n\n\n

Bengaluru defying trends:<\/strong><\/p>\n\n\n\n

Soaring property values in India\u2019s IT capital, which nudged homebuyers to finalise purchase plans helped Bengaluru defy the overall trend, with leading developers unveiling plans to launch new projects in the city, the report said. Similarly, easy availability of ready-to-move-in homes was cited as a key reason for an uptick in Delhi-NCR sales numbers. <\/p>\n\n\n\n

An annual comparison of sales numbers in the June quarter, however, showed a 42% increase over the corresponding quarter in 2023 wherein 80,245 homes were sold.<\/p>\n\n\n\n

Sales<\/td><\/tr>
Cities<\/td>Q1 2024<\/td>Q2 2024<\/td>QoQ Change<\/td><\/tr>
Ahmedabad<\/td>12,915<\/td>9,500<\/td>-26%<\/td><\/tr>
Bangalore<\/td>10,381<\/td>13,495<\/td>30%<\/td><\/tr>
Chennai<\/td>4,427<\/td>3,984<\/td>-10%<\/td><\/tr>
Delhi NCR<\/td>10,058<\/td>1,1065<\/td>10%<\/td><\/tr>
Hyderabad<\/td>14,298<\/td>12,296<\/td>-14%<\/td><\/tr>
Kolkata<\/td>3,857<\/td>3,237<\/td>-16%<\/td><\/tr>
Mumbai<\/td>41,594<\/td>38,266<\/td>-8%<\/td><\/tr>
Pune<\/td>23,112<\/td>21,925<\/td>-5%<\/td><\/tr>
Grand Total<\/td>120,642<\/td>113,768<\/td>-6%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

New supply down 1% QoQ; Hyderabad, Kolkata see sharpest fall<\/strong><\/p>\n\n\n\n

New supply fell marginally by 1% to 101,677 units during the April-June quarter \u2014 from 103,020 in the January-March period \u2014 the REA India group company said in its statement. The sharpest decline in supply was registered in Hyderabad (58%), followed by Kolkata (49%).<\/p>\n\n\n\n

Moreover, only half the cities chosen in the analysis showed a fall in new launches while the remaining showed an increase. From 1,13,774 units in Q2 2023, new launches dipped 11% year-on-year in Q2 2024. <\/p>\n\n\n\n

The primary reason for the sharp downward trend seen in new launches in Hyderabad and Kolkata has been a moderation in sales. On the other hand, new supply numbers for Ahmedabad doubled QoQ due to a spike in average property values.<\/p>\n\n\n\n

New launches<\/td><\/tr>
Cities<\/td>Q1 2024<\/td>Q2 2024<\/td>QoQ Change<\/td><\/tr>
Ahmedabad<\/td>3,116<\/td>6,533<\/td>110%<\/td><\/tr>
Bangalore<\/td>10,000<\/td>12,564<\/td>26%<\/td><\/tr>
Chennai<\/td>4,723<\/td>4,633<\/td>-2%<\/td><\/tr>
Delhi NCR<\/td>6,872<\/td>8,053<\/td>17%<\/td><\/tr>
Hyderabad<\/td>15,095<\/td>6,365<\/td>-58%<\/td><\/tr>
Kolkata<\/td>1,485<\/td>753<\/td>-49%<\/td><\/tr>
Mumbai<\/td>36,784<\/td>40,462<\/td>10%<\/td><\/tr>
Pune<\/td>24,945<\/td>22,314<\/td>-11%<\/td><\/tr>
Grand Total<\/td>103,020<\/td>101,677<\/td>-1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

MMR the biggest contributor to both supply and sales<\/strong><\/p>\n\n\n\n

Claiming a whopping 40% share, MMR remained the biggest contributor to new supply in the June quarter, followed by Pune (22% share) and Bengaluru (12% share). Interestingly, the three cities were also the largest contributors to the quarterly sales in the same order, with MMR claiming a 34% share, followed by Pune\u2019s 19% and Bengaluru\u2019s 12% contribution. <\/p>\n\n\n\n

The top localities in terms of sales were Thane West, Panvel, Dombivali, Vasai and Chembur, all located in MMR.  The top localities in terms of launches were Thane West, Panvel, Vasai, Dombivali, Neral (all in MMR) and Sholinganallur (Chennai).<\/p>\n","protected":false},"excerpt":{"rendered":"

Pune:\u00a0Housing sales in India\u2019s eight prime residential markets fell 6% during the April-June period of 2024 (Q2CY2024), even as new supply tapered, a quarterly analysis by digital real estate brokerage firm PropTiger.com shows.\u00a0 In its quarterly report titled \u2018Real Insight Residential \u2013 April-June 2024\u2019, the Gurugram-headquartered firm said a total of 113,768 units were sold in Q2 […]<\/p>\n","protected":false},"author":1,"featured_media":17007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71,44],"tags":[],"class_list":["post-17006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-pune"],"_links":{"self":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/17006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17006"}],"version-history":[{"count":1,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/17006\/revisions"}],"predecessor-version":[{"id":17008,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/17006\/revisions\/17008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/media\/17007"}],"wp:attachment":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}