Urban Housing Market Faces Decline Amid Price Surge

Housing sales fell by 5% in major cities during the July-September period, impacted by a 20% rise in prices. While Delhi-NCR saw increased sales, other cities like Ahmedabad and Bengaluru witnessed declines. PropTiger notes that market adjustments are expected to stabilize post-festive season.

Housing sales in India's eight leading cities witnessed a 5% decrease in the July-September quarter, influenced by dwindling new supply and a substantial price surge, as per PropTiger's report.

The analysis reveals a total sales drop to 96,544 units from 1,01,221 units in the previous year. New residential unit launches also fell significantly by 25%.

Despite downward trends in most regions, Delhi-NCR recorded a 29% sales hike. Experts foresee buyer adjustment to price changes, aided by festive season offers, potentially stabilizing the sector.

(With inputs from agencies.)