New supply of affordable apartments priced below ?50 lakh declined 21% in the April–June period across seven major cities, as developers focused on launching more premium flats.

Data for the housing market in these cities shows a 5% increase in overall fresh apartment supply to 1,59,455 units during April–June 2024, up from 1,51,207 units in the same period last year. The analysis includes only apartments; row houses, villas, and plotted developments are excluded.

Of the total new supply in the quarter, launches of affordable flats stood at 13,277 units, a 21% drop from 16,728 units in the same period last year.

Launches of mid-priced flats costing ?50 lakh to ?1 crore declined 14% to 47,930 units from 55,701 units, while apartments priced between ?3–5 crore more than doubled to 19,202 units from 7,149 units.

Similarly, in the above ?5 crore category, new supply rose more than two-fold to 9,734 units from 4,510 units.

On the demand side, sales of apartments across the seven major cities increased 22%, reaching 1,54,921 units during April–June 2024.

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