The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.
The top seven Indian cities in the first nine months of calendar year 2024 clocked a supply of 322,000 new houses: 2 per cent less from the year before, according to ANAROCK Research. Supply is projected to be lower in the fourth and last quarter as well. As many as 130,000 houses were sold in Q1 2024—a record—but the numbers fell in quarters later. "The fourth quarter addition of 2024 will probably account for lesser sales than (Q4) last year," said Anuj Puri, chairman of ANAROCK Group.
Slowdown season
The industry attributes the slowdown in supply and sales to elections, delay in approvals (especially for developers in South India), business stabilising after the post-pandemic boom, existing inventory, and reduced affordability.
"With officials being busy with the general elections held earlier this year, several launches have had to be deferred due to delays in approvals and other procedures. The monsoon immediately followed Q3 (of calendar year 2024), a traditionally slow period for real estate," said Abhishek Kapoor, group chief executive officer of Puravankara, a real estate company headquartered in Bengaluru.
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