Housing Sales Slide 11% Amid Rising Prices and Lower Launches

Housing sales in seven major cities fell 11% during July-September due to fewer launches and a 23% annual rise in average prices. Despite the decline, the demand-supply equation remains stable with several projects planned for the festive season.

Housing sales dropped by 11% during July-September, reaching 1.07 lakh units across seven major cities, as revealed by real estate consultant Anarock. This decline comes amid reduced new launches and a 23% annual hike in average prices.

According to Anarock Chairman Anuj Puri, all top cities saw a decline in housing sales. New housing supply also fell, with 93,750 units launched compared to 1,16,220 in the same period the previous year. The market, however, remains robust as sales exceeded new launches.

Puri noted that the seasonal monsoon and traditional 'shraad' period played a role in the sales downturn. Nonetheless, developers anticipate a demand surge in the festive quarter, albeit at a potentially slower growth rate than in recent years. Residential prices have peaked and are now stabilizing, with developers expected to offer discounts to attract buyers.

(With inputs from agencies.)