As per the HVS-ANAROCK Hospitality Monitor – October ’24, sustained demand development has led to constant enhancements in occupancy charges throughout key markets in September 2024, in comparison with the identical interval final 12 months.
Bengaluru led the way in which with a notable 8-10 share factors (pp) year-on-year enhance in occupancy charges, adopted by New Delhi, which recorded a 6-8 pp development. However, Jaipur and Kolkata have been the one markets that noticed declines in occupancy charges of round 0-3 pp.
Throughout the month, the common charges confirmed various tendencies throughout key markets. Hyderabad posted a formidable 22-24% year-on-year enhance in common charges, whereas Mumbai and Chennai recorded positive factors of 10-12%.
Each Goa and New Delhi displayed a contrasting development in the course of the month. Goa’s occupancy elevated by 2-4 pp, however common charges declined by 2-4%.
Equally, New Delhi’s occupancy charges rose by 6-8 pp, however the common charges dropped sharply by 23-25% in comparison with the earlier 12 months. This decline can largely be attributed to the G20 summit held the earlier 12 months, which quickly boosted costs out there.
Q3 CY2024:
A rise in occupancy charges was seen throughout Q3 CY2024 over the identical interval in CY2023, throughout all markets besides Mumbai.
All main industrial markets, aside from New Delhi, recorded sturdy year-on-year development in common charges throughout Q3 CY2024. Goa stands out as the one market to expertise a decline in common charges when in comparison with each, the earlier quarter and Q3 CY2023.
The third quarter of the calendar 12 months 2024 witnessed a gentle momentum in signings, with 9,440 keys signed throughout 96 properties, reflecting a year-on-year development of 51% in keys signed.
