Housing sales in the country's seven major cities are expected to decline by four percent to around 4.6 lakh units this year. At the same time, sales in terms of value are expected to increase by 16 percent to Rs 5.68 lakh crore. According to real estate consultant Anarac, average housing prices in seven major cities increased by 21 percent this year due to rising prices of land, labor and some construction raw materials.
Housing brokerage company Anarac attributed the decline in sales volume in 2024 to delays in regulatory approvals amid elections and a decrease in the offer of housing projects. Nevertheless, the increase in housing prices led to an increase in sales in terms of value this year. Data on the supply of new residential properties shows that this figure has been seven percent lower in 2024 compared to 4,45,770 units in 2023.
