The HVS ANAROCK Hotels & Hospitality Review for August 2024 reported steady growth in India’s hospitality sector, marked by a notable increase in domestic air passenger traffic and improved occupancy rates across several key markets.
Domestic air passenger traffic in India grew by over 7% year-on-year in July 2024, reflecting a resurgence in travel demand. Pune and Chennai recorded the highest occupancy rates for the month, ranging between 76% and 79%. Meanwhile, Kolkata, New Delhi, and Chandigarh led the growth in occupancy, each showing an increase of 6 to 8 percentage points compared to the same period last year.
The report also highlighted significant year-on-year increases in average room rates nationally and across various markets. Mumbai continued to stand out with the highest average rates, exceeding INR 10,500 – a substantial 21-23% increase from July 2023.
However, not all markets experienced the same upward trend. Goa was an exception, with average rates declining by 3-5% compared to the previous year, although still remaining above INR 8,500. Despite this slight dip, Goa’s rates stayed relatively strong, underscoring its continued appeal as a tourist destination.
