As per the HVS-ANAROCK Hospitality Monitor – October ’24, sustained demand growth has led to consistent improvements in occupancy rates across key markets in September 2024, compared to the same period last year.

Bengaluru led the way with a notable 8-10 percentage points (pp) year-on-year increase in occupancy rates, followed by New Delhi, which recorded a 6-8 pp growth. On the other hand, Jaipur and Kolkata were the only markets that saw declines in occupancy rates of around 0-3 pp.

During the month, the average rates showed varied trends across key markets. Hyderabad posted an impressive 22-24% year-on-year increase in average rates, while Mumbai and Chennai recorded gains of 10-12%.

Both Goa and New Delhi displayed a contrasting trend during the month. Goa’s occupancy increased by 2-4 pp, but average rates declined by 2-4%.

Similarly, New Delhi’s occupancy rates rose by 6-8 pp, but the average rates dropped sharply by 23-25% compared to the previous year. This decline can largely be attributed to the G20 summit held the previous year, which temporarily boosted prices in the market.

Q3 CY2024:

An increase in occupancy rates was seen during Q3 CY2024 over the same period in CY2023, across all markets except Mumbai.

All major commercial markets, except for New Delhi, recorded strong year-on-year growth in average rates during Q3 CY2024. Goa stands out as the only market to experience a decline in average rates when compared to both, the previous quarter and Q3 CY2023.

The third quarter of the calendar year 2024 witnessed a steady momentum in signings, with 9,440 keys signed across 96 properties, reflecting a year-on-year growth of 51% in keys signed.