Housing sales are expected to drop by 21 percent annually across nine major cities during the October-December quarter, reaching 1.08 lakh units, according to a report by PropEquity.

The report highlights that the total sales of residential properties in these cities are likely to decline to 1,08,261 units, compared to 1,37,225 units during the same period last year.

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Among the top nine cities-Delhi-NCR, Mumbai, Navi Mumbai, Kolkata, Bengaluru, Pune, Hyderabad, Chennai, and Thane-Hyderabad is expected to experience the largest drop in sales.

Sales in Hyderabad are forecasted to fall by 47 percent to 12,682 units from 24,044 units in the same period last year.

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In Bengaluru, sales may decrease by 13 percent to 14,957 units, while Chennai could see a 9 percent decline to 4,266 units.

Samir Jasuja, CEO and Founder of PropEquity, explained that the annual decline is due to a high base effect from the previous year.

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However, he also noted that sales are expected to increase on a quarter-to-quarter basis due to the demand driven by the festive season.

Despite the drop in sales, Jasuja emphasized that the supply-to-absorption ratio in 2024 remains consistent with 2023, suggesting that the fundamentals of the real estate sector are still strong.