India's housing market sustained a bull run in the first quarter of 2024, with a record 14.4 per cent year-on-year rise in housing sales in the National Capital Region, the Mumbai Metropolitan Region, Chennai, Kolkata, Hyderabad, Bengaluru, and Pune, according to a report by property consultant ANAROCK.

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Housing sales in the seven markets stood at 1,30,170 units for the year, as of March 27, as against 1,13,775 units for the corresponding period a year ago. Out of the seven cities, the NCR, the MMR, Bengaluru, Pune, and Hyderabad accounted for 91 per cent of the total sales during the three-month period, with the share of the MMR alone being at 51 per cent. Here are some of the other key findings of the ANAROCK report: 

  • MMR registered highest growth in housing sales at record 24 per cent to approximately 42,920 units
  • Pune clocked 15 per cent growth to 22,990 units
  • Cumulatively, quarterly sales numbers at an all-time high (1.3 lakh units sold in Q1 2024 as against 1.14 lakh units in Q1 2023)
  • MMR and Pune account for 51 per cent of total sales (MMR sales jump at record 24 per cent; Pune sales rise 15 per cent)
  • New supply in NCR, Kolkata, MMR, Pune drops 42 per cent, 27 per cent, 9.0 per cent, 3.0 per cent respectively
  • Despite new supply addition, available inventory in seven cities dropped 7.0 per cent to 5.81 lakh units
  • Average property prices in seven cities up 18 per cent
Besides, the mid-segment homes priced in the Rs 40-80 lakh band continued to dominate new supply with a 33 per cent share, followed by the luxury segment (priced above Rs 1.5 crore) with 25 per cent, the premium segment (Rs 80 lakh-Rs 1.5 crore) with 24 per cent, and the affordable segment (up to Rs 40 lakh) at 18 per cent, according to ANAROCK.  
City-wise absorption (in units) & YoY change (%)
City Q1-2024 Q1-2023 % Change
NCR 15,650 17,160 -9%
MMR 42,920 34,690 24%
Bangalore 17,790 15,660 14%
Pune 22,990 19,920 15%
Hyderabad 19,660 14,280 38%
Chennai 5,510 5,880 -6%
Kolkata 5,650 6,185 -9%
Total 1,30,170 1,13,775 14%

"New launches across the top seven cities continued above the one lakh mark but witnessed a mere 1.0 per cent yearly rise, from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024," said Anuj Puri, Chairman, ANAROCK Group. 

"The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced Rs 1.5 crore and above," Puri added. 

Chennai also saw a 6.0 per cent decline over Q1 2023, with approximately 5,510 units sold this quarter.

ANAROCK also stated that the decline could be partially attributed to factors like the introduction of the Tamil Nadu government’s three-tier guideline values for apartment complexes in late 2023, along with high stamp duty and registration charges.

City-wise new supply (in units) & YoY change (%)
City Q1-2024 Q1-2023 % Change 
NCR 7,270 12,450 -42%
MMR 33,800 37,260 -9%
Bangalore 16,485 13,560 22%
Pune 18,770 19,420 -3%
Hyderabad 22,960 14,620 57%
Chennai 7,290 6,410 14%
Kolkata 4,290 5,850 -27%
Total 1,10,865 1,09,570 1%