Suspense Crime Sach Ka Dam
The property has suffered a major setback. Home sales in 9 major cities of the country are expected to fall by 21 percent annually during the October-December quarter. This information has been received from the report of real estate data analyst company PropEquity. Why is there a demand for homes? On this, realty experts say that there is only one reason for the decline in demand for homes and that is the skyrocketing property prices. In the last few years, the property prices have been increased tremendously on the strength of a handful of investors. The effect of this is that the property prices have gone out of the budget of the real home buyers. They have money but there is no option in the market. Affordable projects have completely ended in the property market. Now talking about a flat priced less than Rs 1 crore is meaningless. Due to this, the lower middle class is not able to buy their own house even if they want to. The result of this is that property sales are falling quarter after quarter.
Big drop in demand for homes in these cities
PropEquity released sales numbers for India’s major nine housing markets – Delhi-NCR, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, Thane. It has projected sales to grow only in Delhi-NCR. According to the data, total sales of residential properties in the nine cities are expected to decline to 1,08,261 units in the current quarter as against 1,37,225 units in the same period last year. However, sales are expected to grow by five per cent from 1,03,213 units in the September quarter. Home sales in Hyderabad are expected to decline 47 per cent to 12,682 units during October-December 2024 as against 24,044 units in the same period a year ago. Sales in Bengaluru may fall 13 per cent to 14,957 units from 17,276 units, while Chennai may fall nine per cent to 4,266 units from 4,673 units. Home sales in Mumbai are expected to fall 27 per cent to 10,077 units from 13,878 units. Home sales in Navi Mumbai are expected to fall 13 per cent to 7,478 units from 8,607 units during the December quarter, while Thane is expected to fall 16 per cent to 21,893 units from 26,099 units.
Kolkata witnesses huge drop of 33 per cent
Kolkata is expected to see a 33 per cent decline to 3,763 units from 5,653 units. Residential property sales in Pune may decline by 24 per cent to 20,230 units from 26,641 units. However, the Delhi-NCR (National Capital Region) market is set to change this trend. Sales in the NCR market will grow 25 per cent to 12,915 units during the December quarter 2024 from 10,354 units in the same period a year ago. Sameer Jasuja, Founder and Chief Executive Officer (CEO) of PropEquity, said sales have declined on a yearly basis due to high base effect. He said sales are likely to increase on a quarterly basis due to festive demand.
