There has been a decline of 26 percent in property sales in the quarter from October to December 2024. The special thing is that the main reason for the decline in this sale is being said to be the elections in Haryana and Maharashtra during the quarter. A report says that there has been a decline of 26 percent in property sales in eight major cities of the country. The main reason for which is that assembly elections have been held in two major states of the country. Let us try to understand what game has happened in the elections to be held during this quarter, due to which there has been a huge decline in property sales in the top cities of the country.
There has been a decline of 26 percent in the sales of houses in eight major cities of the country including Mumbai, Ahmedabad, Bengaluru on an annual basis in the October-December quarter of 2024. The main reasons for the decline in sales are elections in Maharashtra and Haryana and increased property prices. According to Real Insight Residential: Annual Roundup 2024, a recently released report by real estate consultancy platform PropTiger.com, three of the eight cities where assembly elections were held in the last quarter are in Maharashtra and Haryana.
The effect of elections was also visible on new supplies. There has been a 33 percent decline in the launch of new projects in the fourth quarter of last year. The reason for this is the slowing down of the pace of approval of projects due to elections in the states. The number of new projects launched during the last quarter has decreased in five out of eight cities.
Dhruv Aggarwal, Group Chief Executive Officer (CEO) of Housing.com and PropTiger.com, a platform that provides information about buying, selling or renting of properties, said that sales increased on a quarterly basis during the festivals in October-December. Despite this, there was a decline in sales and new offerings in most areas as compared to last year. He said that due to reasons like global economic uncertainties, elections in key states and increase in property prices across the country, both companies and buyers adopted a wait-and-see attitude.
However, except Delhi-NCR, there has been a decline in house sales in all the other seven cities on an annual basis. In Delhi-NCR, home sales increased by 50 percent to 9,808 units in the December quarter whereas this figure was 6,528 units in the same period last year.
According to the report, 33,617 homes were sold in the Mumbai region (MMR), a decline of 31 per cent year-on-year, compared to 48,553 homes in the same period last year. During this period, 18,240 houses were sold in Pune with a decline of 31 percent.
Whereas in Bengaluru, 13,236 houses were sold with a decline of 23 percent, in Hyderabad, 13,179 houses were sold with a decline of 36 percent and in Chennai, 4,073 houses were sold with a decline of five percent.
