REA India appoints Amit Chand as Chief Financial Officer

Amit will oversee key functions including finance, risk assurance, legal and compliance, and procurement.
 

March 24th 2025: REA India, the parent company of Housing.com—India’s No. 1 real estate app—and PropTiger.com, a leading digital real estate transaction and advisory platform, has announced the appointment of Amit Chand as its Chief Financial Officer (CFO). Based in the company’s Gurgaon office, Amit will join REA India’s Executive Leadership Team and oversee key functions including finance, risk assurance, legal and compliance, and procurement.

Amit brings over two decades of experience in financial strategy, risk management, and business expansion. At REA India, he will focus on strengthening financial operations, enhancing capital efficiency, and supporting the company’s continued growth and innovation in the digital real estate ecosystem.

Previously, Amit served as CFO at TCNS Clothing, where he led Finance, Accounts, Treasury, Enterprise Risk Management, and ESG initiatives. He played a pivotal role in driving revenue growth, improving EBITDA, and steering the company’s acquisition by Aditya Birla Fashion & Retail Ltd.—one of the most significant transactions in the sector.

Commenting on the appointment, Dhruv Agarwala, Group CEO, Housing.com & PropTiger.com, said, “We are excited to welcome Amit to the REA India leadership team. His proven financial acumen and track record of scaling businesses will be valuable as we continue to build on our strong momentum and create greater value for customers and stakeholders alike.”

Amit Chand, Group CFO, Housing.com & PropTiger.com, added, “I’m thrilled to join REA India at such a dynamic time for the digital real estate sector. Housing.com and PropTiger.com are reshaping how Indians engage with property, and I look forward to driving financial excellence, scaling operations, and helping unlock the next wave of growth.”

Before his time at TCNS, Amit was in the CFO role at a technology-driven startup backed by Elevation Capital, where he was responsible for fundraising, investor relations, M&A, and monetization strategy. His diverse background across consumer and tech sectors positions him well to contribute to REA India’s next phase of growth.

Chennai real estate sees 16% price surge amid sales, launches improving in 2024: PropTiger report

The average cost of property in this southern housing market has risen significantly in the past half-a-decade, so much so that real estate here is slightly more expensive than Hyderabad, data show.

March 6th, 2025: Key performance indicators show Chennai’s housing market is poised to touch greater heights in 2025 after having achieved all-round growth last year.

According to a recent report by PropTiger.com, a leading digital real estate transaction and advisory platform, property prices in the Tamil Nadu capital increased 16% in the past one year as demand for quality housing picked up. This surge in average pricing reflects rising input costs, including land, construction materials and labour as well as sustained demand in key micro-markets.

Average cost of property in this southern housing market has risen significantly in the past half-a-decade, making real estate in Chennai slightly more expensive than Hyderabad. Average cost of property in Chennai stood at Rs 7,173 per square foot (psf) at the end of 2024. In Hyderabad, a buyer has to pay an average cost of Rs 7,000 psf, data available with the Gurgaon headquartered company show.

According to the report titled ‘Real Insight: Residential Annual Round-up 2024′, home sales in Chennai, a city that has emerged as the epicentre of India’s booming senior living housing sector, increased 8% in 2024 when compared to 2023 even as new supply rose 11% in the same period. Mid-segment continues to drive demand in this housing market, with properties worth up to INR 75 lakh claiming 52% share in overall demand in 2024.  On the other hand, 2BHK homes are the preferred configuration among homebuyers, the report adds.

“Unlike most cities covered in our analysis, growth in Chennai might have been somewhat more modest in the past, but the city has surely come a long way in the past five years. For instance, the fact that the Chennai Metropolitan Development Authority is planning infrastructure development along the 62-km Outer Ring Road to support an anticipated 80% population increase in the corridor is indicative how buyer perception is gradually changing for this housing market,” says Dhruv Agarwala, Group CEO, Housing.com & PropTiger.com.

Growth-promoting government policies and infrastructure upgrades have stoked consumer confidence prompting Grade-A developers to launch new projects here. All in all, the city is poised for better growth in 2025 as buyer preference changes in favour of cities with better liveability, Agarwala adds.

 

REA India appoints technology veteran Abhishek Makkar as CTO

Makkar brings over 19 years of extensive experience in technology leadership having driven innovation at several global technology companies.

February 19th 2025: India’s leading PropTech company, REA India that owns Housing.com – India’s No. 1 Real Estate App and PropTiger.com – digital real estate transaction & advisory platform, today announced the appointment of Abhishek Makkar as Chief Technology Officer. Based in the company’s Gurgaon office, he will lead the Engineering and Data Science Teams and join the REA India Executive Leadership Team, reporting directly to Dhruv Agarwala, CEO. 

Makkar brings over 19 years of extensive experience in technology leadership having driven innovation at several global technology companies. In his most recent role at Expedia India, he spent seven years spearheading core eCommerce technology initiatives. Previously at Amazon, he led global engineering teams focused on retail experiences and alternate delivery.

Dhruv Agarwala, Group CEO, Housing.com & PropTiger.com stated, “We welcome Abhishek to our leadership team. His proven track record in scaling technology operations and driving innovation aligns perfectly with our vision for the future. As we continue to transform the home buying, selling & renting journey through technology innovations, Abhishek’s expertise will be instrumental in advancing our platform capabilities and extending our technology leadership.”

Abhishek Makkar, Group CTO, Housing.com & PropTiger.com, said, “It’s a privilege to join at this exciting juncture of the group’s growth journey. The real estate industry is ripe for technological transformation, and both Housing.com & PropTiger.com are uniquely positioned to lead this change. I look forward to working with the talented REA India team to build innovative solutions that will reshape how people discover and access their dream homes. My experience in scaling technology and driving digital innovation aligns perfectly with the group’s mission to revolutionize the real estate sector.”

Makkar’s appointment marks a significant milestone in the group’s technological evolution and growth journey. His extensive experience in building scalable technology platforms, combined with his proven leadership in driving digital transformation at global companies, positions REA India to accelerate its innovation agenda and enhance its market leadership in the digital real estate space.

Sharp rise in property prices across prime residential markets in 2024: PropTiger Report

According to the report, the NCR housing market saw the steepest surge in property values, with rates jumping 49% YoY.

January 29th 2025: Average property values in India’s national capital region showed a whopping 49% appreciation in the past one year as demand for luxury homes continued to sustain. This comes amid an escalation in the cost of building materials and labour, a new report by digital real estate transaction and advisory platform PropTiger.com shows.

According to the report, titled Real Insight: Residential Annual Round-up 2024 by PropTiger.com, property prices increased across cities during the October-December period of 2024, albeit in varying degrees. While price growth slowed in the southern housing market of Hyderabad after nearly a decade of sharp rise, all other cities covered in the analysis showed double-digit annual appreciation.

 

Price Trends

City

Q4 23

Q4 24

YoY

Ahmedabad

4,000

4,402

10%

Bengaluru

6,744

7,536

12%

Chennai

6,200

7,173

16%

Delhi NCR

5,445

8,105

49%

Hyderabad

6,842

7,053

3%

Kolkata

5,100

5,633

10%

MMR

10,712

12,600

18%

Pune

6,140

7,108

16%

Source: Real Insight Residential – Annual Round-up 2024, Housing Research

Cities covered in the analysis are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad & Faridabad), Mumbai Metropolitan Region (Mumbai, Navi Mumbai & Thane) and Pune.

“High-net-worth Individuals deploying money in Delhi-NCR — this region is home to over 10 recently-listed start-ups — has kept the growth momentum going for this coveted residential market as developers prioritise premium offerings to affordable homes. This is the single biggest reason why home sales in key contributors like Gurugram (144% increase YoY), Greater Noida (54% increase YoY) and Noida (3% increase YoY) showed annual rise in sales even though pan-India numbers showed 26% year-on-year dip,” the company said in a statement.  

Property prices in India’s financial capital Mumbai rose by an average 18% YoY because of similar factors, the report said. Home to India’s biggest business stalwarts, Bollywood stars and sports celebrities, Mumbai is the most unaffordable housing market in the world’s most populous country, it added.

“No doubt, this kind of price growth is indicative of underlying demand, growth prospects and a positive buyer sentiment.  However, cost pressure might further affordability concerns in a country where a large part of the population relies on government subsidies for house purchases. Amid hardening inflation and slowing growth, the government must launch policy measures that take care of this crucial aspect to promote affordable housing. Positive tweaks in taxation laws in the upcoming Budget and rate cuts by the RBI could go a long way in ensuring greater affordability for India’s burgeoning Middle Class,” said Dhruv Agarwala, Group CEO, Housing.com & Proptiger.com. 

NOTE: Housing markets covered in the report includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.

Housing.com redefines real estate visualisation with next-gen 3D, AR and VR innovations

The company is first to innovate and still building on its legacy of transforming real estate visualisation since its inception.

January 22nd, 2025: India’s No. 1 real estate app, Housing.com, introduced 3D, augmented reality (AR) and virtual reality (VR) tools a decade ago, revolutionising the home-buying experience. Building on this foundation, the platform has now launched a next-generation suite of these technologies, providing home seekers with an even more immersive and automated property exploration experience. This development reinforces Housing.com’s leadership in the proptech space and its commitment to innovation in real estate.

Adding to the immersive experience are two major AR and VR innovations: DigiAR and Digitour. DigiAR, an augmented reality solution, enables buyers to view full 3D prototypes of property designs as envisioned by developers. Accessible through WebAR, DigiAR allows users to visualise digital property replicas over real land plots, bringing a highly interactive and lifelike dimension to the search experience. Complementing this, Digitour in VR provides a fully immersive virtual “walk-through” of properties using pose tracking and near-eye 3D displays, allowing buyers to evaluate properties in detail without needing to be physically present. This VR solution is particularly advantageous for remote buyers who want to explore a property in depth before making any decisions.

Expanding on the innovative capabilities of Housing.com’s nextgen 3D product suite, the new tools set a benchmark in immersive real estate experiences. The suite features DigiPlot, offering a comprehensive 3D view of land plots, distinguishing sold and available spaces while showcasing proximity to key landmarks. Digislate empowers agents with real-time project insights, fostering trust by presenting up-to-date visuals and details during client meetings.

Digiport and Droneview take visualisation to the next level with interactive masterplan tours and aerial perspectives, providing a complete sense of layout and connectivity. Rounding out the suite, Floorplan 3D, powered by AI and ChatGPT, transforms 2D blueprints into detailed, interactive 3D models, letting buyers experience their future homes in detail. This suite ensures users make confident, well-informed property decisions with ease.

These next-generation technologies aim to deliver a superlative consumer experience with an interactive and engaging journey that not only enhances understanding of individual properties but also brings the surrounding localities to life. This suite of innovations is designed to enable informed decision-making, reduce time and costs, and ultimately provide a richer, more accessible experience.

Through advanced algorithms, these tools cut down manual intervention, significantly lowering costs by over 70% and speeding up the turnaround time for floor plan creation. Buyers can now intuitively grasp spatial layouts and design elements, enhancing their comprehension of the property—all from their digital devices.

“These visualization initiatives are about creating meaningful experiences and adding value for our users,” shared Sangeet Aggarwal, Head of Product at housing.com, “By providing immersive, interactive tools, we’re allowing consumers to experience properties in a way that feels almost tangible, bridging the gap between virtual exploration and real-life decision-making. At Housing.com, we are committed to harnessing machine learning (ML) and artificial intelligence (AI) to enhance both our operations and the user experience. By constantly exploring innovative implementations of these technologies, we are not only improving efficiency but also gaining a competitive advantage in the market.”

Through these latest advancements, housing.com reiterates its dedication to pioneering proptech solutions that simplify the home-buying journey and offer memorable, immersive experiences.

Homes sales drop 26% in Q4 2024, launches dip 33%: PropTiger.com report

The report mentioned that the drop in numbers would primarily be attributed to state elections in Maharashtra and Haryana and to elevated property prices.

January 16th 2025: Housing sales in India’s eight prime residential markets dipped 26% in the October-December period of 2024 when compared to the same quarter last year, according to the latest report by digital real estate transaction & advisory platform PropTiger.com.

The report, titled ‘Real Insight Residential: Annual Roundup 2024 by PropTiger.com, said the drop in sales numbers could primarily be attributed to state elections in Maharashtra and Haryana, which make up for three of the eight cities covered in the analysis and to elevated property prices. Barring NCR, data show, home sales dipped across cities on a year-on-year basis.

The impact of elections was also visible on fresh supply — launches in Q42024 declined 33% YoY as the pace of project approvals slowed due to state polls. Launch numbers during the last quarter of 2024 dropped in five of the eight cities covered in the report.

Dhruv Agarwala, Group CEO, Housing.com & Proptiger.com said, “While the October-December festive period, saw a QoQ increase in sales as expected, there was a YoY decline in both sales and new launches across most regions. Factors such as global economic uncertainties, major state elections, and property price increase across the country led to a wait-and-watch approach by both developers and buyers.”

“While Delhi NCR stood out as the only market to register YoY growth in sales, other regions, including key markets like MMR, Pune, and Bengaluru, experienced notable declines in home sales. Looking ahead, with no immediate signs of interest rate cuts and with economic growth slowing down, the market is expected to remain cautious in the coming quarters”, he added.

 

New home sales

The Delhi-NCR market stood out as the only region among the top eight cities to register positive growth in new home sales, with 9,808 units sold in Q4 (Oct-Dec 2024), a significant rise from 6,528 units in the same period last year. MMR retained its position as the market leader with 33,617 units sold, though it witnessed a 31% YoY decline from 48,553 units. Pune followed with 18,240 units sold, also down 31% YoY. In the South, Bangalore recorded 13,236 units sold (down 23% YoY), Hyderabad 13,179 units (down 36% YoY), and Chennai 4,073 units (down 5% YoY).

 

Sales – Quarterly

City

Q4 24

Q3 24

Q4 23

QoQ (%)

YoY (%)

Ahmedabad

10,170

9,352

15,310

9%

-34%

Bangalore

13,236

11,160

17,200

19%

-23%

Chennai

4,073

3,560

4,284

14%

-5%

Delhi NCR

9,808

10,098

6,528

-3%

50%

Hyderabad

13,179

11,564

20,491

14%

-36%

Kolkata

3,715

2,796

4,735

33%

-22%

Mumbai

33,617

30,010

48,553

12%

-31%

Pune

18,240

18,004

26,381

1%

-31%

Total

106,038

96,544

143,482

10%

-26%

Source: Real Insight Residential – Annual Round-up 2024, Housing Research

*Note: Numbers rounded off to the nearest thousand.

 

New home launches

In Q4 CY2024 (Oct-Dec), new home launches across India’s top eight housing markets dropped by 33% YoY. Hyderabad witnessed the sharpest decline, with 9,066 units launched (down 66%), followed by Ahmedabad with 3,515 units (down 61%) and Kolkata with 3,091 units (down 41%). On a positive note, Delhi NCR saw a 133% YoY surge with 10,048 units launched, Chennai recorded a 34% rise with 4,005 units, and Bengaluru led with 15,157 units, marking a 20% YoY increase.

 

New Launches – Quarterly

City

Q4 24

Q3 24

Q4 23

QoQ (%)

YoY (%)

Ahmedabad

3,515

6,559

9,046

-46%

-61%

Bangalore

15,157

13,972

12,616

8%

20%

Chennai

4,005

4,649

2,997

-14%

34%

Delhi NCR

10,048

11,955

4,313

-16%

133%

Hyderabad

9,066

8,546

26,443

6%

-66%

Kolkata

3,091

1,516

5,267

104%

-41%

Mumbai

30,127

31,123

49,429

-3%

-39%

Pune

13,652

13,543

22,312

1%

-39%

Total

88,661

91,863

132,423

-3%

-33%

Source: Real Insight Residential – Annual Round-up 2024, Housing Research

*Note: Numbers rounded off to the nearest thousand.

Housing.com elevates property search experience with ‘Housing Stories’ & ‘Housing Shorts’

The snackable short video features bring personalised, social media-style experiences to home seekers.

October 21, 2024: Housing.com, India’s No. 1 real estate app, has unveiled ‘Housing Stories’ and ‘Housing Shorts,’ groundbreaking, features designed to transform property viewing. With a social media-inspired short video format, this innovative launch allows developers and broker partners to connect seamlessly with home seekers, making property discovery more engaging and interactive.

‘Housing Stories’ are created using unfiltered videos or images shared by customers, providing an authentic glimpse of properties. In addition, ‘Housing Shorts’ introduces an interactive AI anchor that guides users through property highlights, offering key details provided by developers or agents. This user-friendly approach enhances the viewer’s experience by streamlining the property discovery process, making it both efficient and enjoyable for potential home seekers looking to buy or rent.

 

Early Success and Engagement Growth

During the pre-launch phase, ‘Housing Stories’ achieved impressive adoption, with around 1,000 customers leveraging the feature and over 100,000 home seekers actively viewing these stories. This initial success significantly enhanced property visibility on the Search Results Page, enabling precise targeting of potential buyers in specific locations.

As a result, engagement increased by over 30%, underscoring the platform’s effectiveness in fostering deeper connections between users and property listings, and demonstrating the feature’s strong potential to drive further user interaction.

Housing.com continues to push the boundaries of innovation with the launch of ‘Housing Stories’ and ‘Housing Shorts,’ tapping into the growing popularity of short-form video content for consumer engagement. By offering premium packages tailored for real estate developers and agents for both sell or rent, the platform provides powerful promotional tools designed to boost engagement both on web and app.

These features align with Housing.com’s vision to deliver a superlative user experience, setting new industry standards for personalised and interactive property searches, and redefining how home seekers connect with listings through dynamic and engaging solutions.

Sangeet Aggarwal, Head of Product & Design at Housing.com, said, “We believe the proptech sector is on the brink of a major transformation, driven by technological advancements and evolving consumer behaviours. Innovations like ‘Housing Stories’ & ‘Housing Shorts’ by Housing.com not only simplify the property search process but also allow users to explore homes in a manner similar to browsing social media content. This also provides us with valuable insights into consumer preferences, enabling us to tailor our offerings for a more personalised and engaging experience.”

Aggarwal further highlighted “The new feature has already driven a 30% increase in  engagement. As India’s No.1 real estate app, we are dedicated to continuously redefining experience, setting new industry standards.”

The company said in its statement, ‘This launch reaffirms our commitment to leveraging technology to streamline and enhance the home-buying journey. By integrating more interactive and visually engaging content, the company aims to make property searches not only more efficient but also more enjoyable for our users.’

Below are examples of Housing Stories & Housing shorts

Housing.com elevates property search experience with 'Housing Stories' & 'Housing Shorts'

Housing.com elevates property search experience with ‘Housing Stories’ & ‘Housing Shorts’

The snackable short video features bring personalised, social media-style experiences to home seekers.

October 21, 2024: Housing.com, India’s No. 1 real estate app, has unveiled ‘Housing Stories’ and ‘Housing Shorts,’ groundbreaking, features designed to transform property viewing. With a social media-inspired short video format, this innovative launch allows developers and broker partners to connect seamlessly with home seekers, making property discovery more engaging and interactive.

‘Housing Stories’ are created using unfiltered videos or images shared by customers, providing an authentic glimpse of properties. In addition, ‘Housing Shorts’ introduces an interactive AI anchor that guides users through property highlights, offering key details provided by developers or agents. This user-friendly approach enhances the viewer’s experience by streamlining the property discovery process, making it both efficient and enjoyable for potential home seekers looking to buy or rent.

 

Early Success and Engagement Growth

During the pre-launch phase, ‘Housing Stories’ achieved impressive adoption, with around 1,000 customers leveraging the feature and over 100,000 home seekers actively viewing these stories. This initial success significantly enhanced property visibility on the Search Results Page, enabling precise targeting of potential buyers in specific locations.

As a result, engagement increased by over 30%, underscoring the platform’s effectiveness in fostering deeper connections between users and property listings, and demonstrating the feature’s strong potential to drive further user interaction.

Housing.com continues to push the boundaries of innovation with the launch of ‘Housing Stories’ and ‘Housing Shorts,’ tapping into the growing popularity of short-form video content for consumer engagement. By offering premium packages tailored for real estate developers and agents for both sell or rent, the platform provides powerful promotional tools designed to boost engagement both on web and app.

These features align with Housing.com’s vision to deliver a superlative user experience, setting new industry standards for personalised and interactive property searches, and redefining how home seekers connect with listings through dynamic and engaging solutions.

Sangeet Aggarwal, Head of Product & Design at Housing.com, said, “We believe the proptech sector is on the brink of a major transformation, driven by technological advancements and evolving consumer behaviours. Innovations like ‘Housing Stories’ & ‘Housing Shorts’ by Housing.com not only simplify the property search process but also allow users to explore homes in a manner similar to browsing social media content. This also provides us with valuable insights into consumer preferences, enabling us to tailor our offerings for a more personalised and engaging experience.”

Aggarwal further highlighted “The new feature has already driven a 30% increase in  engagement. As India’s No.1 real estate app, we are dedicated to continuously redefining experience, setting new industry standards.”

The company said in its statement, ‘This launch reaffirms our commitment to leveraging technology to streamline and enhance the home-buying journey. By integrating more interactive and visually engaging content, the company aims to make property searches not only more efficient but also more enjoyable for our users.’

 

Below are examples of Housing Stories & Housing shorts

Housing.com elevates property search experience with 'Housing Stories' & 'Housing Shorts'

Top 8 cities see 5% drop in sales, 25% fall in new launches: Proptiger report

The number of new residential units launched in the top 8 markets decreased from 1,23,080 units in Q3 2023 to 91,863 units in Q3 2024, the report said.

October 9th, 2024: India’s leading eight residential markets experienced a year-on-year decline in both housing sales and new launches during the July-September quarter of 2024, as revealed in the latest ‘Real Insight Residential Report’ by PropTiger.com, part of REA India, which also owns Housing.com. A sharp increase in home prices—averaging a nearly 20% increase across the top eight cities—impacted affordability leading to a 5% YoY drop in overall sales. New launches witnessed a more significant 25% YoY decrease compared to the same quarter in 2023.

Key findings:

  • Sales: A total of 96,544 units were sold in Q3 2024, down from 1,01,221 units sold during the same period in 2023, reflecting a 5% annual decline
  • New Launches: The number of new residential units launched in the top 8 markets decreased from 1,23,080 units in Q3 2023 to 91,863 units in Q3 2024, marking a significant 25% drop.

Vikas Wadhawan, CFO of REA India and business head of PropTiger.com, commented, “The year-on-year decline in both sales and new launches reflects the market’s response to rising prices. While the demand and supply for homes moderated during the April-June period due to the General Elections and a temporary slowdown in the approval process during July-August, consumer sentiment remains positive. This is driven by strong market fundamentals, which continue to encourage real estate as a preferred investment avenue.”

He further added, “We are observing a healthy moderation in market activity, which is beneficial for end-users as it brings about sustainable growth. Over the last few quarters, prices have increased by 3% to as much as 50% in some prime localities of key markets, affecting immediate buying decisions. However, we expect buyers to gradually adjust to the new price realities. With the festive season kicking off with Navratri, renewed buyer interest and a spike in sales activity are anticipated. The market frenzy has slowed, creating a more stable environment for end-users. Developers, particularly in Hyderabad and Pune, have also recalibrated their supply strategies to align with shifting demand patterns, while Delhi NCR continues to display robust momentum in both sales and launches. The festive season is expected to bring fresh energy as developers introduce attractive offers, revitalising the market despite recent challenges.”

 

Major drops in Mumbai, Hyderabad and Pune

In the July-September quarter of 2024, Delhi NCR saw a significant sales surge of 29% year-on-year (YoY), with 10,098 units sold compared to 7,800 in the same period last year. Mumbai, while leading in overall volume, experienced a slight 1% dip, selling 30,010 units versus 30,299 in Q3 2023. Hyderabad faced a notable decline, with sales dropping 19% YoY to 11,564 units from 14,191 units. Bengaluru’s sales decreased by 11% YoY, with 11,160 units sold, down from 12,588 units in the same period last year. Similarly, Ahmedabad recorded a 9% YoY drop, with 9,352 units sold compared to 10,305 units in the previous year.

Top 8 cities see 5% drop in sales, 25% fall in new launches: Proptiger report

Source: Real Insight Residential – July-September 2024, Housing Research

*Note: Numbers rounded off to nearest thousand.

 

New launches comparison (YoY Q3 2024 vs. Q3 2023)

In Q3 2024, Delhi NCR witnessed a robust 76% YoY rise in new launches, with 11,955 units introduced, compared to 6,810 in Q3 2023, indicating strong developer confidence. Conversely, Mumbai saw a 13% drop in new supply, with 31,123 units launched versus 35,923 last year. Hyderabad experienced a sharp 58% YoY decline, with new launches falling to 8,546 units from 20,481 in the previous year. Pune’s new supply also contracted 36% YoY to 13,543 units from 21,287. Despite a quarterly rise, Kolkata saw a 61% YoY drop, launching just 1,516 units compared to 3,850 units in Q3 2023.

Top 8 cities see 5% drop in sales, 25% fall in new launches: Proptiger report

 Source: Real Insight Residential – July-September 2024, Housing Research

*Note: Numbers rounded off to nearest thousand.

Housing markets covered in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.

Top 8 cities see 5% drop in sales, 25% fall in new launches: Proptiger report

The number of new residential units launched in the top 8 markets decreased from 1,23,080 units in Q3 2023 to 91,863 units in Q3 2024, the report said.

October 9th, 2024: India’s leading eight residential markets experienced a year-on-year decline in both housing sales and new launches during the July-September quarter of 2024, as revealed in the latest ‘Real Insight Residential Report’ by PropTiger.com, part of REA India, which also owns Housing.com. A sharp increase in home prices—averaging a nearly 20% increase across the top eight cities—impacted affordability leading to a 5% YoY drop in overall sales. New launches witnessed a more significant 25% YoY decrease compared to the same quarter in 2023.

Key findings:

  • Sales: A total of 96,544 units were sold in Q3 2024, down from 1,01,221 units sold during the same period in 2023, reflecting a 5% annual decline
  • New Launches: The number of new residential units launched in the top 8 markets decreased from 1,23,080 units in Q3 2023 to 91,863 units in Q3 2024, marking a significant 25% drop

Vikas Wadhawan, CFO of REA India and business head of PropTiger.com, commented, “The year-on-year decline in both sales and new launches reflects the market’s response to rising prices. While the demand and supply for homes moderated during the April-June period due to the General Elections and a temporary slowdown in the approval process during July-August, consumer sentiment remains positive. This is driven by strong market fundamentals, which continue to encourage real estate as a preferred investment avenue.”

He further added, “We are observing a healthy moderation in market activity, which is beneficial for end-users as it brings about sustainable growth. Over the last few quarters, prices have increased by 3% to as much as 50% in some prime localities of key markets, affecting immediate buying decisions. However, we expect buyers to gradually adjust to the new price realities. With the festive season kicking off with Navratri, renewed buyer interest and a spike in sales activity are anticipated. The market frenzy has slowed, creating a more stable environment for end-users. Developers, particularly in Hyderabad and Pune, have also recalibrated their supply strategies to align with shifting demand patterns, while Delhi NCR continues to display robust momentum in both sales and launches. The festive season is expected to bring fresh energy as developers introduce attractive offers, revitalising the market despite recent challenges.”

 

Major drops in Mumbai, Hyderabad and Pune

In the July-September quarter of 2024, Delhi NCR saw a significant sales surge of 29% year-on-year (YoY), with 10,098 units sold compared to 7,800 in the same period last year. Mumbai, while leading in overall volume, experienced a slight 1% dip, selling 30,010 units versus 30,299 in Q3 2023. Hyderabad faced a notable decline, with sales dropping 19% YoY to 11,564 units from 14,191 units. Bengaluru’s sales decreased by 11% YoY, with 11,160 units sold, down from 12,588 units in the same period last year. Similarly, Ahmedabad recorded a 9% YoY drop, with 9,352 units sold compared to 10,305 units in the previous year.

Top 8 cities see 5% drop in sales, 25% fall in new launches: Proptiger report

Source: Real Insight Residential – July-September 2024, Housing Research

*Note: Numbers rounded off to nearest thousand.

 

New launches comparison (YoY Q3 2024 vs. Q3 2023)

In Q3 2024, Delhi NCR witnessed a robust 76% YoY rise in new launches, with 11,955 units introduced, compared to 6,810 in Q3 2023, indicating strong developer confidence. Conversely, Mumbai saw a 13% drop in new supply, with 31,123 units launched versus 35,923 last year. Hyderabad experienced a sharp 58% YoY decline, with new launches falling to 8,546 units from 20,481 in the previous year. Pune’s new supply also contracted 36% YoY to 13,543 units from 21,287. Despite a quarterly rise, Kolkata saw a 61% YoY drop, launching just 1,516 units compared to 3,850 units in Q3 2023.

Top 8 cities see 5% drop in sales, 25% fall in new launches: Proptiger report

Source: Real Insight Residential – July-September 2024, Housing Research

*Note: Numbers rounded off to nearest thousand.

Housing markets covered in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.