[GAGA REALTY] [JOINT VENTURE] [GAGA HOMES]
Housing launch and sales during July-September quarter in top 9 cities have declined by 11% and 18% respectively, according to a data by real estate data analytics firm PropEquity. The NSE-listed firm said that new launches in the quarter fell to 93,693 units from 1,05,655 units in the same period last year while sales fell to 1,04,393 units from 1,26,848 units in the same period last year.PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.“The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation,” said Samir Jasuja, CEO & Founder, PropEquity.In Hyderabad and NaviMumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities.According to the data, on Y-o-Y basis, only NCR, Mumbai and Thane saw rise in new supply at 221%, 18% and 11% respectively in this quarter compared to Q3 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) witnessed a significant drop compared to Q3 2023. However the drop is not steep when compared to the previous quarter i.e. Q2 2024.“The real estate market has traditionally been slow in the third quarter with developers holding up their launches for the festive quarter. However, NCR market has defied this trend. The enquiries from homebuyers have been encouraging and we are hopeful that the next quarter sales could potentially be higher than previous festive quarters,” said Shiwang Suraj, Founder & Director of Gurugram-based property consulting firm InfraMantra.The data further pointed out that, on Y-o-Y basis, the total absorption rose only in Delhi NCR (22%) and Navi Mumbai (4%) while falling in other seven cities with Hyderabad recording the highest fall at 42%, followed by Bengaluru(26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%) and Thane (10%).“Long-term demand remains robust, driven by increasing affordability and young professionals. As supply adjusts, the numbers will catch up in the coming quarters. Sales fluctuations are natural, particularly given the larger base and seasonal factors, but the market is far from slowing down,” said Sunil Pareek, Executive Director, Assetz Property Group.
Source link
