Delhi-NCR and Bengaluru Buck the Trend with Increased Sales Report
- Home
- >
- Blog

Delhi-NCR and Bengaluru Buck the Trend with Increased Sales Report
Housing sales in India’s top residential markets fell by 6% during the April-June period of 2024, according to a quarterly analysis. The report, titled ‘Real Insight Residential – April-June 2024’, revealed that a total of 113,768 housing units were sold in Q2CY2024, compared to 120,642 units in the previous quarter (Q1CY2024). This decline in sales was observed across most cities, with the exceptions of Bengaluru and Delhi-NCR, which saw increases of 30% and 10%, respectively.
Attributes this overall decline to homebuyers adopting a wait-and-watch strategy ahead of the national elections, resulting in deferred real estate investments during the quarter. Despite this, consumer sentiment toward real estate investments remains strong, driven by robust market fundamentals.
Demand for homes moderated during the April-June period due to the general elections, even though consumer sentiment continues to remain extremely positive about real estate investments. We expect sales numbers to strengthen in the coming quarters, especially during the festive months, amid expectations of a pro-investment Union Budget after the formation of a new government at the Centre,” said Vikas Wadhawan, Group CFO of REA India and Business Head.
Wadhawan also noted that developers exercised caution, leading to a decline in new launches in half of the cities analyzed. This cautious approach is linked to anticipated policy changes in the upcoming Union Budget aimed at making India the world’s third-largest economy by 2027-28.
Bengaluru Defies Trends
Bengaluru stood out by defying the overall downward trend. The city's soaring property values prompted homebuyers to finalize purchase plans, and leading developers announced new project launches. The availability of ready-to-move-in homes was a key factor in the uptick in sales in Delhi-NCR.
On an annual basis, the sales numbers for the June quarter showed a 42% increase compared to the same period in 2023, when 80,245 homes were sold.
MMR: The Biggest Contributor to Supply and Sales
The Mumbai Metropolitan Region (MMR) was the largest contributor to new supply and sales during the June quarter. MMR accounted for 40% of new supply, followed by Pune with a 22% share and Bengaluru with 12%. These three cities also led in quarterly sales, with MMR claiming a 34% share, Pune 19%, and Bengaluru 12%.
The top localities in terms of sales in MMR included Thane West, Panvel, Dombivali, Vasai, and Chembur. In terms of new launches, Thane West, Panvel, Vasai, Dombivali, and Neral (all in MMR), along with Sholinganallur in Chennai, were the top contributors.
As the real estate market navigates through the post-election period, industry stakeholders remain optimistic about the potential for growth driven by favorable government policies and sustained consumer confidence.
Do you Like Our Article ? then View more of us: