Housing Market Surge: Annual Sales Up by 5% in Major Cities, Despite Quarterly Dip

Housing sales in seven major cities surged by 5% annually to approximately 1.2 lakh units during April-June 2024. However, a quarterly comparison shows an 8% decline from the previous period due to rising property prices. While cities like Delhi-NCR and Mumbai experienced annual growth, Chennai and Kolkata saw a dip.

Housing sales in seven major cities surged by 5% annually to about 1.2 lakh units during the April-June period, despite witnessing an 8% quarterly decline due to rising property prices, according to data from Anarock.

Anarock, a leading real estate consultancy, released the April-June housing market data on Thursday, revealing a mix of growth and declines across various cities. Anarock Chairman Anuj Puri noted that the quarterly dip was expected due to the previous quarter's high sales base and a significant hike in property prices over the last year, which has caused many investors to pause.

On an annual basis, cities like Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad have shown growth. However, Chennai and Kolkata experienced a drop in demand. Puri emphasized that the trend showcases the resilience of the housing market amid economic fluctuations.