Fri Sep 20 13:31:40 UTC 2024: ## Housing Market Shows Signs of Slowdown in Q3 2024: PropEquity

**New Delhi:** India’s residential real estate market experienced a slowdown in the third quarter of 2024, with both new launches and sales declining both sequentially and annually, according to data released by PropEquity, a leading proptech firm.

While sales still outpaced new launches, both saw a dip compared to the previous quarter. New launches fell by 15% sequentially and 11% year-on-year to below 100,000 units, while absorption (sales) declined by 13% sequentially and 18% annually, reaching just over 100,000 units.

This trend has been building over the past few quarters, with new launches slowing for four consecutive quarters and sales declining for the past three.

Despite the overall downturn, the National Capital Region (NCR) defied the national trend, witnessing a surge in both launches and sales. Launches in NCR rose by 29% sequentially and 221% year-on-year, while sales increased by 3% sequentially and 22% annually.

Mumbai and Thane also saw year-on-year increases in new launches, while Hyderabad experienced a sequential rise. Navi Mumbai, meanwhile, showed an annual increase in sales. However, Hyderabad witnessed the steepest annual decline in both launches and sales.

Samir Jasuja, CEO & Founder of PropEquity, assured that these marginal drops should not be interpreted as a sign of an adverse trend, emphasizing that demand remains robust.

Developers attributed the dip in sales and launches to inventory constraints rather than a weakening in demand. Sunil Pareek, Executive Director of Assetz Property Group, stated that the third quarter is traditionally a weaker period as developers tend to delay launches for the festive season and the year-end.

Experts believe that the Indian real estate sector is in the midst of a multi-year upcycle, driven by factors like the post-pandemic wealth boom, growing desire for home ownership, and favorable government policies. The industry anticipates this upward trend to continue for several years.

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