Real estate data analytics firm PropEquity has released its latest report, revealing a significant decline in unsold housing stock across nine major cities in India.
According to the report, the unsold inventory has decreased by 7% over the last three months, with the National Capital Region (NCR) witnessing a substantial 12% fall.
The report indicates that as of the end of March this year, the total unsold housing stock stood at 481,566 units, down from 518,868 units recorded at the end of December 2023. The cities covered in the analysis include Mumbai, Navi Mumbai, Thane, Delhi-NCR (comprising Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Bengaluru, Hyderabad, Pune, Chennai, and Kolkata.
PropEquity's founder and Managing Director, Samir Jasuja, explained that the decline in unsold housing stocks can be attributed to the increase in sales surpassing new launches, signaling a positive trend in the real estate market.
During the first quarter of 2024, housing sales across these nine major cities totaled 144,656 units, while new launches amounted to 105,134 units. This imbalance between supply and demand has contributed to the reduction in unsold inventory.
Key Highlights from the Report:
- Pune witnessed the highest decrease, with a 13% fall in unsold housing stocks, from 75,521 units in December 2023 to 65,788 units by March 2024.
- Delhi-NCR experienced a notable 12% decline, with unsold inventories dropping to 27,959 units from 31,602 units.
- Mumbai saw an 11% decrease, with unsold stocks falling to 48,399 units from 54,633 units.
- Other cities such as Navi Mumbai, Thane, Bengaluru, Hyderabad, Kolkata, and Chennai also recorded declines ranging from 1% to 11% in their unsold housing stocks.
Future Outlook:
The reduction in unsold housing inventory across these major cities indicates an improvement in market conditions. The increased demand for homes, coupled with a controlled supply of new units, has led to a healthier balance in the real estate sector.
Factors such as economic stability, government policies, and consumer confidence will continue to influence the dynamics of the real estate market in the coming months.
Follow us
