The housing sales in Mumbai Metropolitan Region (MMR) and Pune was down 10% and 19% respectively in the July-September quarter of 2024, according to a report by data analytics firm PropEquity.
The NSE-listed firm said that the MMR comprising Mumbai suburbs, Thane and Navi Mumbai saw sales drop to 39163 units in the third quarter of 2024 as against 43385 units in the same period last year. Similarly, Pune saw sales drop to 21306 units in Q3 2024 as against 26154 units in Q3 2023.
While sales rose 4% Y-o-Y in Navi Mumbai, it fell 17% in Mumbai and 10% in Thane.
New launches, however, saw a rise in MMR with supply rising 4.8% from 31995 units in Q3 2023 to 33528 units in the third quarter of 2024. The new launches in Pune fell 12% Y-o-Y to 16,688 units.
Mumbai and Thane saw new launches rise by 18% and 11% Y-o-Y, the same fell by 19% and 12% in Navi Mumbai and Pune respectively.
PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
Commenting on the data, Samir Jasuja, CEO & Founder, PropEquity said: The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation. In Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical.”
The data revealed that the new launches and sales during this period in top 9 cities showed a decline of 11% and 18% respectively on Y-o-Y basis. While new launches fell to 93,693 units in Q3 CY 2024 from 1,05,655 units in the same period last year, sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.
New Supply | |||||
Location | Q3-2023 | Q2-2024 | Q3 2024 | Q-o-Q | Y-o-Y |
Mumbai | 7,709 | 11,472 | 9,096 | -21% | 18% |
Navi Mumbai | 8,579 | 9,865 | 6,981 | -29% | -19% |
Thane | 15,707 | 21,142 | 17,451 | -17% | 11% |
MMR | 31,995 | 42,479 | 33,528 | -21% | 4.8% |
Pune | 18,893 | 23,612 | 16,688 | -29% | -12% |
All India TOTAL | 1,05,655 | 1,10,629 | 93,693 | -15% | -11% |
Total Absorption | |||||
Location | Q3-2023 | Q2-2024 | Q3 2024 | Q-o-Q | Y-o-Y |
Mumbai | 13,167 | 12,535 | 10,966 | -13% | -17% |
Navi Mumbai | 7,416 | 9,118 | 7,737 | -15% | 4% |
Thane | 22,802 | 24,251 | 20,460 | -16% | -10% |
MMR | 43,385 | 45,904 | 39,163 | -15% | -10% |
Pune | 26,154 | 24,140 | 21,306 | -12% | -19% |
All India TOTAL | 1,26,848 | 1,20,593 | 1,04,393 | -13% | -18% |
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