The data shows that during the April-June quarter, housing sales decreased by 6% to 113,768 units from 120,642 units during the January-March quarter. 

Due to investor and builder caution over the Lok Sabha polls, housing sales in the top eight cities fell 6% in the April-June quarter compared to the previous quarter, according to PropTiger.

Thursday saw the release of the quarterly data on housing supply and demand by real estate brokerage platform PropTiger, a division of REA India, the company that owns Housing.com.

From 120,642 units in the previous quarter of January-March to 113,768 units in April–June, housing sales decreased by 6%, according to the data.

Nonetheless, from 80,245 units sold in April to June of last year, home sales increased by 42%.

According to Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com, “Demand for homes moderated during the April-June period on account of the general elections even though consumer sentiment continues to remain extremely positive about real estate investments on the back of strong fundamentals.”

He continues, “A decrease in new launches in half of the cities sampled in PropTiger analysis indicates that the developer community, too, exercised caution.”

“We have reason to believe that sales numbers would strengthen in the coming quarters, especially during the festive months,” Wadhawan stated, “especially with expectations of a pro-investment Union Budget  following the formation of a new government at the Center.”

According to him, half of the cities included in the PropTiger analysis saw a decrease in new launches, indicating that the developer community has also been cautious.

According to data comparing quarters, Ahmedabad’s housing sales decreased by 26% from 12,915 units in January to 9,500 units in April to June.

On the other hand, sales in Bengaluru increased by 30% to 13,495 units from 10,381 units.

Chennai saw a 10% decline in residential property sales, from 4,427 to 3,984 units.

Sales in the Delhi-NCR increased by 10% to 11,065 units from 10,058 units.

Hyderabad saw a 14% decline in housing sales, from 14,298 units to 12,296 units. 

Sales in Kolkata dropped from 3,857 units to 3,237 units. 

The Mumbai Metropolitan Region (MMR) saw an 8% decrease in home sales, from 41,594 units to 38,266 units.

Pune saw a 5% decline in sales from 23,112 units in the previous quarter to 21,925 units in April-June.