Realty bites: Top 8 housing mkts see 5% annual sales dip in Sep qtr

Housing sales declined 5 per cent in the July-September quarter across the top eight cities due to a fall in new supply and sharp appreciation in prices, according to PropTiger. Real estate brokerage platform PropTiger.com, which is part of Australia's REA group, released its report 'Real Insight' on India's residential market. A total of 96,544 units were sold in July-September, down 5 per cent from 1,01,221 units sold during the same period in 2023. The number of new residential units launched in the top 8 markets fell 25 per cent to 91,863 units from 1,23,080 units. PropTiger pointed out that a sharp increase in home prices, averaging a nearly 20 per cent increase across the top eight cities, impacted affordability. As per the data, housing sales rose only in Delhi-NCR and declined in the other seven major cities. Delhi-NCR saw a 29 per cent growth in sales to 10,098 units during July-September from 7,800 units in the year-ago period.

Indian real estate market may touch $10 trn by 2047

Sydney: Indian real estate market size is estimated to jump multi-fold to $5-7 trillion by 2047 and may even touch $10 trillion driven by rising economic growth and rapid urbanisation, according to a report by CREDAI and Colliers. Realtors' apex body CREDAI and real estate consultant Colliers India released a joint report ‘Indian Real estate: The Quantum Leap’ here at CREDAI-NATCON conference recently. The CREDAI and Colliers report showed that the market size of Indian real estate by 2047 is estimated to touch $3-5 trillion in a pessimistic scenario, $5-7 trillion in a realistic scenario and $7-10 trillion in an optimistic scenario. Real estate sector’s share in India's total GDP is estimated at 14-20 per cent.