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.

Housing.com unveils Mega Home Utsav 2024, anticipates over 53 million reach

The event will be hosted online, reaching property seekers in major cities with exclusive festive offers.

October 8th 2024: Housing.com, India’s No. 1 Real Estate App, is to announce its much-anticipated annual event, Mega Home Utsav 2024. Now in its eighth edition, the event will run from October 1 to November 15, 2024, featuring participation from over 4,200 esteemed developers and channel partners across 34 cities.

Coinciding with the festive season, a period for high-value purchases including real estate, Housing.com will present an array of deals and investment opportunities to potential homebuyers.

The event will be hosted online, reaching property seekers in major cities such as Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Chennai, Hyderabad, Noida, Gurgaon, Delhi, Faridabad, Ghaziabad, Kolkata, Ahmedabad, Vadodara, Jaipur, Lucknow, Bhopal, Indore, Nagpur, Nashik, Chandigarh, Goa, Coimbatore, Vijayawada, Visakhapatnam, Bhubaneswar, Guwahati, Kochi, Dehradun, Patna, Raipur, Surat and Varanasi.

With demand for residential real estate at an all-time high, factors such as stable housing loan rates and a favourable policy environment serve as significant enablers for homebuyers. Last year, the Mega Home Utsav reached an impressive audience of over 48 million, while the Housing New Home 2024 (HNH’24) that took place during the Jan to March quarter, surpassed 50 million, marking it the biggest event in terms of sales, audience, and participant count.

Some of the key developer partners showcasing their properties are, Nyati Group, Casagrand Builder Private Limited, Western Constructions, Kedia Group, Ashoka Builders India Private Limited, and Kalpataru to name a few.

As part of Mega Home Utsav 2024, Housing.com is rolling out an array of exclusive offers and incentives for homebuyers. Key benefits include a Free EV Charging Port for all flats, pay 20% now and rest on possession payment plan, and flexible financing options. Buyers can secure a property with just 20% payment and enjoy no pre-EMI until possession. Additional perks include a free gold coin upon booking, a flat 9% discount, modern modular kitchens, semi-furnished interiors, free home automation, and attractive rental schemes, among other exciting offers.

 

Amit Masaldan, Chief Revenue Officer, Housing.com, said, “This year, we expect to engage an audience of over 53 million on our platform. Housing.com remains India’s number one property destination, having maintained traffic leadership for close to three years. The Mega Home Utsav 2024 is more than just an event; it’s an unparalleled opportunity for prospective homebuyers to explore a diverse range of property options and exclusive offers tailored to their specific needs.”

The Mega Home Utsav 2024 will feature exciting new initiatives, including Influencer Marketing videos that allow developers to collaborate with prominent social media influencers to market their properties, and the “Keeping it Real with Housing.com” podcast series, inviting customers to engage with audiences through a unique channel.

To maximise its reach, Housing.com will roll out an omni-channel marketing campaign through digital and traditional media. This includes digital sponsorships of Bigg Boss Season 18 and major cricket events like India vs. Bangladesh and India vs. South Africa matches on OTT-CTV platforms, complemented by impactful campaigns on Instagram and YouTube to boost engagement for Mega Home Utsav 2024.

Housing.com unveils Mega Home Utsav 2024, anticipates over 53 million reach

The event will be hosted online, reaching property seekers in major cities with exclusive festive offers.

October 8th 2024: Housing.com, India’s No. 1 Real Estate App, is to announce its much-anticipated annual event, Mega Home Utsav 2024. Now in its eighth edition, the event will run from October 1 to November 15, 2024, featuring participation from over 4,200 esteemed developers and channel partners across 34 cities.

Coinciding with the festive season, a period for high-value purchases including real estate, Housing.com will present an array of deals and investment opportunities to potential homebuyers.

The event will be hosted online, reaching property seekers in major cities such as Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Chennai, Hyderabad, Noida, Gurgaon, Delhi, Faridabad, Ghaziabad, Kolkata, Ahmedabad, Vadodara, Jaipur, Lucknow, Bhopal, Indore, Nagpur, Nashik, Chandigarh, Goa, Coimbatore, Vijayawada, Visakhapatnam, Bhubaneswar, Guwahati, Kochi, Dehradun, Patna, Raipur, Surat and Varanasi.

With demand for residential real estate at an all-time high, factors such as stable housing loan rates and a favourable policy environment serve as significant enablers for homebuyers. Last year, the Mega Home Utsav reached an impressive audience of over 48 million, while the Housing New Home 2024 (HNH’24) that took place during the Jan to March quarter, surpassed 50 million, marking it the biggest event in terms of sales, audience, and participant count.

Some of the key developer partners showcasing their properties are, Nyati Group, Casagrand Builder Private Limited, Western Constructions, Kedia Group, Ashoka Builders India Private Limited, and Kalpataru to name a few.

As part of Mega Home Utsav 2024, Housing.com is rolling out an array of exclusive offers and incentives for homebuyers. Key benefits include a Free EV Charging Port for all flats, pay 20% now and rest on possession payment plan, and flexible financing options. Buyers can secure a property with just 20% payment and enjoy no pre-EMI until possession. Additional perks include a free gold coin upon booking, a flat 9% discount, modern modular kitchens, semi-furnished interiors, free home automation, and attractive rental schemes, among other exciting offers.

Amit Masaldan, Chief Revenue Officer, Housing.com, said, “This year, we expect to engage an audience of over 53 million on our platform. Housing.com remains India’s number one property destination, having maintained traffic leadership for close to three years. The Mega Home Utsav 2024 is more than just an event; it’s an unparalleled opportunity for prospective homebuyers to explore a diverse range of property options and exclusive offers tailored to their specific needs.”

The Mega Home Utsav 2024 will feature exciting new initiatives, including Influencer Marketing videos that allow developers to collaborate with prominent social media influencers to market their properties, and the “Keeping it Real with Housing.com” podcast series, inviting customers to engage with audiences through a unique channel.

To maximise its reach, Housing.com will roll out an omni-channel marketing campaign through digital and traditional media. This includes digital sponsorships of Bigg Boss Season 18 and major cricket events like India vs. Bangladesh and India vs. South Africa matches on OTT-CTV platforms, complemented by impactful campaigns on Instagram and YouTube to boost engagement for Mega Home Utsav 2024.

Residential market sees historic low in inventory overhang, signalling strong demand: Proptiger.com report

The inventory overhang varies significantly across regions, with Delhi-NCR recording the highest at 31 months and Kolkata the lowest at 16 months.

September 30, 2024: The Indian residential real estate market has hit a historic milestone, with inventory overhang (the estimated time required to sell off unsold stock based on sales velocity) dropping to 22 months in the June quarter, down from 34 months in the corresponding quarter last year. This decline underscores robust demand across the sector. Notably, the inventory overhang varies significantly across regions, with Delhi-NCR recording the highest at 31 months and Kolkata the lowest at 16 months. 

In its quarterly report titled ‘Real Insight Residential – April-June 2024’, the Gurugram-headquartered firm highlighted significant improvements in key regions, with NCR’s Gurugram witnessing a substantial decline in inventory overhang from 72 months in Q2 2023 to 31 months in Q2 2024. Ahmedabad also showed strong performance, reducing its inventory overhang from 33 months to 18 months during the same period, reflecting the healthy demand dynamics in these markets.

Regarding unsold inventory, the report noted that despite a moderation in supply and absorption rates, India’s residential real estate market displayed resilience, achieving a 2% year-on-year decline, bringing the total to over 9.26 lakh units as of June 30. This reduction underscores the market’s capacity to adapt to evolving conditions, maintaining overall stability and indicating sustained buyer interest across various regions.

Vikas Wadhawan, Group CFO-REA India & business head, PropTiger.com, said, “The significant reduction in inventory overhang to 22 months from 34 months year-on-year reflects strong and sustained demand in India’s residential real estate market. Cities like Gurugram and Ahmedabad have shown remarkable progress, with NCR – Gurugram overhang dropping from 72 months in Q2 2023 to 31 months in Q2 2024, and Ahmedabad’s from 33 months to 18 months over the same period. This trend, combined with a 2% annual decline in unsold inventory to around 9.26 lakh units, underscores the market’s resilience and effective adjustment to evolving conditions. As we approach the festive season, we anticipate this positive momentum will continue to gain strength, further boosting market activity and buyer engagement across the country.”

 

Inventory overhang

Inventory overhang across key Indian cities has shown notable improvement compared to the same period last year. Ahmedabad and Bangalore saw significant reductions, with Ahmedabad’s inventory overhang decreasing from 33 months to 18 months and Bangalore’s from 36 months to 18 months. Delhi-NCR experienced a substantial drop from 72 months to 31 months, while Kolkata achieved a remarkable reduction from 34 months to just 16 months.

On a pan-India level, the overall inventory overhang decreased to 22 months from 34 months, reflecting a healthier balance between supply and demand in the residential real estate market.

Inventory Overhang (In Months)

  

 

City

Q2 24

Q2 23

  

 

Ahmedabad

18

33

  

 

Bangalore

18

36

  

 

Chennai

24

28

  

 

Delhi NCR

31

72

  

 

Hyderabad

26

39

  

 

Kolkata

16

34

  

 

Mumbai

26

33

  

 

Pune

21

27

  

 

Pan India

22

34

  

 
   

 

Unsold inventory

Ahmedabad led the way in reduction in unsold inventory with the highest reduction, cutting over 12,500 units, followed by the NCR region, which saw a decrease of over 9,400 units. These reductions reflect healthy demand and a positive market outlook in these key cities, indicating that the market is effectively absorbing the available stock.

The Mumbai Metropolitan Region (MMR) and Pune — the two most important real estate markets in Maharashtra — accounted for 54 per cent of the total unsold inventory across top 8 cities at the end of the latest June quarter. The MMR and Pune markets have comparatively high unsold stock because of an increase in the number of new launches by developers as a response to strong consumer demand. In MMR, the unsold housing stock rose 1 per cent to 3,39,362 units in April-June 2024 from 3,35,476 units in the corresponding period of the previous year.

Inventory in Units as on 30th June

City

Q2 24

Q2 23

YoY Change

Ahmedabad

70,229

82,892

-15%

Bangalore

81,153

85,279

-5%

Chennai

33,204

33,721

-2%

Delhi NCR

91,299

1,00,702

-9%

Hyderabad

1,32,178

1,25,070

6%

Kolkata

21,098

25,179

-16%

Mumbai

3,39,362

3,35,476

1%

Pune

1,57,555

1,56,672

1%

Total

9,26,078

9,44,991

-2%

 

Note:

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.

 Inventory overhang refers to – The time, in months, required to sell the inventory at the current monthly sales velocity

Residential market sees historic low in inventory overhang, signalling strong demand: Proptiger.com report

The inventory overhang varies significantly across regions, with Delhi-NCR recording the highest at 31 months and Kolkata the lowest at 16 months.

September 30, 2024: The Indian residential real estate market has hit a historic milestone, with inventory overhang (the estimated time required to sell off unsold stock based on sales velocity) dropping to 22 months in the June quarter, down from 34 months in the corresponding quarter last year. This decline underscores robust demand across the sector. Notably, the inventory overhang varies significantly across regions, with Delhi-NCR recording the highest at 31 months and Kolkata the lowest at 16 months. 

In its quarterly report titled ‘Real Insight Residential – April-June 2024’, the Gurugram-headquartered firm highlighted significant improvements in key regions, with NCR’s Gurugram witnessing a substantial decline in inventory overhang from 72 months in Q2 2023 to 31 months in Q2 2024. Ahmedabad also showed strong performance, reducing its inventory overhang from 33 months to 18 months during the same period, reflecting the healthy demand dynamics in these markets.

Regarding unsold inventory, the report noted that despite a moderation in supply and absorption rates, India’s residential real estate market displayed resilience, achieving a 2% year-on-year decline, bringing the total to over 9.26 lakh units as of June 30. This reduction underscores the market’s capacity to adapt to evolving conditions, maintaining overall stability and indicating sustained buyer interest across various regions.

Vikas Wadhawan, Group CFO-REA India & business head, PropTiger.com, said, “The significant reduction in inventory overhang to 22 months from 34 months year-on-year reflects strong and sustained demand in India’s residential real estate market. Cities like Gurugram and Ahmedabad have shown remarkable progress, with NCR – Gurugram overhang dropping from 72 months in Q2 2023 to 31 months in Q2 2024, and Ahmedabad’s from 33 months to 18 months over the same period. This trend, combined with a 2% annual decline in unsold inventory to around 9.26 lakh units, underscores the market’s resilience and effective adjustment to evolving conditions. As we approach the festive season, we anticipate this positive momentum will continue to gain strength, further boosting market activity and buyer engagement across the country.”

 

Inventory overhang

Inventory overhang across key Indian cities has shown notable improvement compared to the same period last year. Ahmedabad and Bangalore saw significant reductions, with Ahmedabad’s inventory overhang decreasing from 33 months to 18 months and Bangalore’s from 36 months to 18 months. Delhi-NCR experienced a substantial drop from 72 months to 31 months, while Kolkata achieved a remarkable reduction from 34 months to just 16 months.

On a pan-India level, the overall inventory overhang decreased to 22 months from 34 months, reflecting a healthier balance between supply and demand in the residential real estate market.

Inventory Overhang (In Months)

  

 

City

Q2 24

Q2 23

  

 

Ahmedabad

18

33

  

 

Bangalore

18

36

  

 

Chennai

24

28

  

 

Delhi NCR

31

72

  

 

Hyderabad

26

39

  

 

Kolkata

16

34

  

 

Mumbai

26

33

  

 

Pune

21

27

  

 

Pan India

22

34

  

 
   

 

Unsold inventory

Ahmedabad led the way in reduction in unsold inventory with the highest reduction, cutting over 12,500 units, followed by the NCR region, which saw a decrease of over 9,400 units. These reductions reflect healthy demand and a positive market outlook in these key cities, indicating that the market is effectively absorbing the available stock.

The Mumbai Metropolitan Region (MMR) and Pune — the two most important real estate markets in Maharashtra — accounted for 54 per cent of the total unsold inventory across top 8 cities at the end of the latest June quarter. The MMR and Pune markets have comparatively high unsold stock because of an increase in the number of new launches by developers as a response to strong consumer demand. In MMR, the unsold housing stock rose 1 per cent to 3,39,362 units in April-June 2024 from 3,35,476 units in the corresponding period of the previous year.

Inventory in Units as on 30th June

City

Q2 24

Q2 23

YoY Change

Ahmedabad

70,229

82,892

-15%

Bangalore

81,153

85,279

-5%

Chennai

33,204

33,721

-2%

Delhi NCR

91,299

1,00,702

-9%

Hyderabad

1,32,178

1,25,070

6%

Kolkata

21,098

25,179

-16%

Mumbai

3,39,362

3,35,476

1%

Pune

1,57,555

1,56,672

1%

Total

9,26,078

9,44,991

-2%

 

Note:

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.

 Inventory overhang refers to – The time, in months, required to sell the inventory at the current monthly sales velocity

PropTiger.com set to conduct its flagship ‘Property Expo’ in Gurgaon

Running from 11:00 AM to 7:00 PM, the expo is set to attract discerning home seekers eager to explore an exclusive lineup of properties.

August 9th, 2024: PropTiger.com, India’s leading digital real estate transaction and advisory platform, is hosting its upcoming ‘Property Expo on August 11, 2024, at the Grand Hyatt Gurgaon, Sector 58’. This one-day event offers prospective homebuyers a valuable opportunity to explore a selection of prime investment and end-use projects from the most reputable developers. Attendees will gain exclusive insights into new project launches and enjoy a personalized experience.

Running from 11:00 AM to 7:00 PM, the expo is set to attract discerning home seekers eager to explore an exclusive lineup of properties. Attendees will have the rare opportunity to engage directly with industry leaders such as Signature, Krisumi, Smartworld, Mapsko, Adani, Ganga Realty, Eldeco, Godrej Properties, Bhutani, and Conscient. The event will showcase a diverse range of properties to suit varying preferences and budgets, with prices spanning from an accessible Rs 80 lakhs to a luxurious Rs 13.5 crore.

Vikas Wadhawan, CFO, REA India & Business Head, PropTiger.com said, “The ‘Property Expo’ is designed to offer more than just a showcase of real estate options. We’ve created an event that provides valuable insights, exclusive deals, and loan facilities for our visitors. This reflects our ongoing commitment to making the home-buying process smoother and more accessible.”

In a move to add substantial value for attendees, PropTiger.com has partnered with leading financial institutions to offer home loans with zero processing fees exclusively during the event. This initiative aims to ease the financial burden on potential homebuyers and streamline their property acquisition process.

Understanding the importance of family in home-buying decisions, the expo will feature a dedicated child-friendly corner complete with engaging activities such as drawing and painting. This thoughtful addition ensures that families can explore their future homes while keeping their little ones entertained.

Showcased at the expo are standout projects like the luxurious Signature 71, the waterfront masterpiece Krisumi Waterside Residencies, and the eco-friendly oasis Godrej Vrikshya, along with several other remarkable developments. Attendees will also gain exclusive insights into the latest project launches, offering them a unique advantage.

PropTiger is committed to delivering a personalised experience by leveraging a multi-channel engagement strategy. This includes personalized WhatsApp updates and direct calls, ensuring that registered attendees stay informed and energized leading up to the event.

Whether you’re a first-time buyer, an investor, or looking to upgrade, this expo promises something for everyone.

PropTiger.com set to conduct its flagship ‘Property Expo’ in Gurgaon

Running from 11:00 AM to 7:00 PM, the expo is set to attract discerning home seekers eager to explore an exclusive lineup of properties.

August 9th, 2024: PropTiger.com, India’s leading digital real estate transaction and advisory platform, is hosting its upcoming ‘Property Expo on August 11, 2024, at the Grand Hyatt Gurgaon, Sector 58’. This one-day event offers prospective homebuyers a valuable opportunity to explore a selection of prime investment and end-use projects from the most reputable developers. Attendees will gain exclusive insights into new project launches and enjoy a personalized experience.

Running from 11:00 AM to 7:00 PM, the expo is set to attract discerning home seekers eager to explore an exclusive lineup of properties. Attendees will have the rare opportunity to engage directly with industry leaders such as Signature, Krisumi, Smartworld, Mapsko, Adani, Ganga Realty, Eldeco, Godrej Properties, Bhutani, and Conscient. The event will showcase a diverse range of properties to suit varying preferences and budgets, with prices spanning from an accessible Rs 80 lakhs to a luxurious Rs 13.5 crore.

Vikas Wadhawan, CFO, REA India & Business Head, PropTiger.com said, “The ‘Property Expo’ is designed to offer more than just a showcase of real estate options. We’ve created an event that provides valuable insights, exclusive deals, and loan facilities for our visitors. This reflects our ongoing commitment to making the home-buying process smoother and more accessible.”

In a move to add substantial value for attendees, PropTiger.com has partnered with leading financial institutions to offer home loans with zero processing fees exclusively during the event. This initiative aims to ease the financial burden on potential homebuyers and streamline their property acquisition process.

Understanding the importance of family in home-buying decisions, the expo will feature a dedicated child-friendly corner complete with engaging activities such as drawing and painting. This thoughtful addition ensures that families can explore their future homes while keeping their little ones entertained.

Showcased at the expo are standout projects like the luxurious Signature 71, the waterfront masterpiece Krisumi Waterside Residencies, and the eco-friendly oasis Godrej Vrikshya, along with several other remarkable developments. Attendees will also gain exclusive insights into the latest project launches, offering them a unique advantage.

PropTiger is committed to delivering a personalised experience by leveraging a multi-channel engagement strategy. This includes personalized WhatsApp updates and direct calls, ensuring that registered attendees stay informed and energized leading up to the event.

Whether you’re a first-time buyer, an investor, or looking to upgrade, this expo promises something for everyone.