In the second quarter of 2024, India's major cities witnessed a notable slowdown in housing sales, marked by an 8% decline across key markets including Mumbai Metropolitan Region, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata. This downturn was primarily driven by a significant uptick in property prices, which rose by 7% quarter-on-quarter and 25% year-on-year by the end of Q2 2024. While most cities reported decreases in housing transactions, Delhi-NCR stood out with a 6% increase in sales, contrasting sharply with the national trend.
The affordability challenge posed by soaring property prices has prompted cautious buyer behavior, with many adopting a wait-and-watch approach. Looking forward, the sector is expected to navigate through these challenges with strategic interventions and market adaptations aimed at stimulating buyer interest and fostering a balanced recovery amidst evolving economic conditions and regulatory frameworks.
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