Real Estate Sales Decline by 9% in India’s Top Nine Cities: A Market Overview
The real estate market in India’s nine largest cities experienced a significant decline in sales during the past year, with an overall drop of 9%. A recent report highlights challenges in the sector. It has faced economic uncertainties, rising costs, and changing buyer preferences.
Cities Affected by the Decline
India’s real estate market relies on nine cities: Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai, Pune, Kolkata, Ahmedabad, and Hyderabad. All have seen a drop in residential and commercial property sales.
Delhi-NCR and Mumbai, traditionally two of the largest contributors to real estate activity in India, experienced the steepest declines. While Bengaluru and Hyderabad saw relatively smaller dips, the impact was still significant enough to warrant concern among stakeholders.
Developers Face Challenges
Real estate developers have borne the brunt of this downturn, with many struggling to meet sales targets and maintain cash flow. The unsold inventory in several cities has increased, prompting developers to offer discounts and flexible payment plans to attract buyers.
“The market is tough for developers,” said Rajesh Singh, a top real estate consultant. “Many are being forced to rethink their strategies and focus on affordable housing projects to address the changing demand dynamics.”
Bright Spots in the Market
While the overall market has contracted, there are some areas that continue to show resilience. Demand for luxury homes and premium offices is steady. It is driven by high-net-worth individuals and multinationals.
