Housing Sales Drop 16% to 98,019 Units in Oct-Dec Across Top 9 Cities: PropEquity
Housing sales in India's top 9 cities decreased by 16% to 98,019 units in Q4 2023 compared to 116,137 units in Q4 2022, as reported by PropEquity. This is the lowest quarterly sales since Q3 2021. Seven out of nine cities saw declines, with Pune experiencing the steepest drop at 31%. Navi Mumbai and Delhi-NCR were the only cities to show growth. Fresh supply also contracted by 10% to 88,427 units. The market is shifting towards premiumisation despite volume contraction.
*this image is generated using AI for illustrative purposes only.
Housing sales across India's top 9 cities experienced a significant decline during the October-December period, falling 16% to 98,019 units compared to 116,137 units in the same quarter last year, according to real estate data analytics firm PropEquity. This marks the lowest quarterly sales performance since July-September 2021, reflecting challenges in both demand and supply dynamics in the primary residential market.
City-wise Performance Analysis
The sales decline was widespread across major metropolitan areas, with seven out of nine cities recording decreased volumes. The performance varied significantly across different markets:
| City | Oct-Dec Units | Previous Year | Change (%) |
|---|---|---|---|
| Bengaluru | 15,603 | 15,782 | -1% |
| Chennai | 4,542 | 4,688 | -3% |
| Kolkata | 3,995 | 4,497 | -11% |
| Hyderabad | 11,323 | 13,902 | -19% |
| Mumbai | 9,135 | 12,223 | -25% |
| Thane | 16,987 | 22,817 | -26% |
| Pune | 15,788 | 22,940 | -31% |
| Navi Mumbai | 8,434 | 7,496 | +13% |
| Delhi-NCR | 12,212 | 11,792 | +4% |
Pune recorded the steepest decline at 31%, followed by Thane at 26% and Mumbai at 25%. In contrast, Navi Mumbai showed robust growth of 13%, while Delhi-NCR posted a modest 4% increase.
Market Dynamics and Supply Trends
The housing market faced dual pressures during the quarter, with both demand and supply showing contraction. Fresh supply of residential properties declined 10% to 88,427 units compared to 98,664 units in the corresponding period last year. This supply reduction contributed to the overall market slowdown across the primary residential segment.
Samir Jasuja, Founder & CEO of PropEquity, noted that the October-December period traditionally records strong sales momentum driven by the festive season. However, the recent decline reflects a shift toward premiumisation in the market, with value growth occurring despite volume contraction.
About PropEquity
PE Analytics Ltd, a NSE-listed company, owns and operates PropEquity, which maintains comprehensive coverage of over 170,000 projects from more than 57,000 developers across over 44 cities. The platform serves as a key source for real estate market intelligence and analytics in India's residential property sector.
Historical Stock Returns for PE Analytics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | +1.54% | -7.17% | -31.36% | +15.70% |
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