Real Estate Recession: The real estate sector has once again faced recession. Because the sales of houses are decreasing quarterly quarter. This means that the sales of homes are steadily declining due to the previous quarters. According to a report by property advisory firm Proppyger, the sale of houses in eight major cities of the country in the January-March quarter fell 19 percent to 98,095 units. The main reason for this is the skyrocketing prices of housing and less proposals for new projects.
According to a recent report by Digital Real Estate Transactions and Advisory Forum Propopyer.com, the sales of houses in eight major markets across the country between January and March have declined by 19% year-on-year, as buyer is concerned with rising prices of property and slow growth rate.
Sales declined in all cities except Bangalore and Chennai.
According to this report, less than 100,000 houses were sold in the January-March quarter. This number appears to be reduced in most of the cities involved in this analysis. While this trend was not observed in Bangalore and Chennai, there was a sharp decline in sales in Hyderabad, Mumbai and Pune.
Delhi-NCR has a huge decline of 16 percent
In January-March, the sales of homes in Ahmedabad declined by 17 percent to 10,730 units, Delhi-NCR declined by 16 percent to 8,477 units, 26 percent declines in Hyderabad to 10,647 units, 1 percent in Kolkata to 3,803 units, Mumbai metropolitan area (MMR) declined 26 percent to 30,705 units and 25 percent in Pune to 17,228 units.
The Delhi-NCR includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad, and Mumbai Metropolitan region includes Mumbai, Navi Mumbai and Thane. The introduction of new projects in the period under review fell 10 percent to 93,144 units from 1,03,020 units.
New project launch declines
The new launch declined by 10 percent in the first quarter (January-March) of the 2025 calendar year. According to the data from the Propastiger, sales in January-March increased by 13 percent to 11,731 units, while in Chennai it increased by eight percent to 4,774 units. Bangalore and Chennai are the only two cities where sales were registered. These figures are related to the sale of new homes only. This does not include the resale data of old houses.
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