Stories
Housing Sales Drop 6% Amidst Global Uncertainty; Pune, Chennai, Kolkata Hit Hardest
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CNBC TV18•26-09-2026, 15:00
Housing Sales Drop 6% Amidst Global Uncertainty; Pune, Chennai, Kolkata Hit Hardest
- •Housing sales in nine major cities fell 6% to 1.03 lakh units in Q3 2023, primarily due to subdued demand and lower new home supply, according to PropEquity.
- •Global economic uncertainties contributed to muted buying sentiments, impacting the real estate market.
- •Pune, Chennai, and Kolkata experienced significant double-digit declines in housing sales, with drops of 16%, 17%, and 17% respectively.
- •Bengaluru and Hyderabad defied the trend, showing sales increases of 1% and 11% respectively, while Navi Mumbai also saw a 12% rise.
- •The July-September quarter typically sees slower sales due to monsoon, with an expected improvement in the December quarter driven by festive demand and increased developer incentives.
Key Questions Answered
Housing sales fell 6 percent to 1.03 lakh units across nine major cities during the July-September quarter due to subdued demand, lower fresh supply of homes, and global economic uncertainties.
Pune, Chennai, and Kolkata saw double-digit drops, with sales in Pune falling 16 percent to 17,860 units, Chennai dropping 17 percent to 4,680 units, and Kolkata witnessing a 17 percent fall to 3,860 units.
Housing sales are typically slow during the July-September quarter because monsoon rains discourage real estate developers from launching projects.
