Mumbai and Pune Housing Market Slump: A Temporary Setback?
Housing sales in Mumbai Metropolitan Region and Pune dropped by 30% due to rising prices. Despite a national decline in major markets, demand remains steady. Notably, Bengaluru and Chennai saw increases. Sridhar Srinivasan from PropTiger suggests the decline is a recalibration, not a significant demand reduction.
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- India
In a development that signals caution in India's real estate sector, housing sales in the Mumbai Metropolitan Region (MMR) and Pune have plummeted by 30% during the April-June quarter. According to data released by PropTiger, this decline is influenced by a surge in prices, which has tempered consumer demand.
The combined housing sales tally for MMR and Pune, pivotal markets in Maharashtra, stood at 41,901 units, a significant drop from 60,191 units recorded in the same period last year. Nationwide, sales in eight major residential markets fell by 14% from the previous year's figures.
Sridhar Srinivasan, Head of Sales at PropTiger.com, interprets the dip as a short-term recalibration and not a long-term trend. Despite affordability pressures impacting mid-tier segments, cities like Bengaluru and Chennai have experienced growth in sales, indicating varied demands across regions.
(With inputs from agencies.)
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