The PropEquity reported that there had been a decrease of 7 percent in unsold housing inventories over the last three months across nine major cities, resulting in approximately 4.81 lakh units remaining unsold. This decline was attributed to higher sales compared to new supply. The data from the real estate data analytic firm, indicated that the unsold housing stock had reduced to 4,81,566 units by the end of March that year from 5,18,868 units at the end of December 2023 across nine major cities.
The cities included in this analysis were Mumbai, Navi Mumbai, Thane, Delhi-NCR (comprising Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Bengaluru, Hyderabad, Pune, Chennai, and Kolkata.
Samir Jasuja, the founder and Managing Director (MD) of PropEquity, mentioned that the decline in unsold housing stocks was due to sales outpacing new launches, which indicated a positive trend for the market.
During the January-March period of 2024, housing sales across nine major cities were reported at 1,44,656 units, while new launches stood at 1,05,134 units, resulting in a decrease in unsold stocks.
According to the data, Pune witnessed the most significant decrease of 13 percent in unsold housing stocks, with the number falling to 65,788 units by the end of the month from 75,521 units at the end of December 2023.
In Delhi-NCR, the unsold inventories decreased by 12 percent to 27,959 units from 31,602 units.
The data from PropEquity also showed an 11 percent reduction in unsold stock in Mumbai, decreasing to 48,399 units from 54,633 units.
In Navi Mumbai, unsold inventories declined by 11 percent to 33,385 units from 37,597 units.
Thane witnessed a 5 percent decrease in unsold housing stocks, which fell to 1,06,565 units from 1,12,397 units.
Unsold housing stocks in Bengaluru dropped by 5 percent to 44,837 units from 47,370 units.
Hyderabad experienced a 4 percent decrease in unsold stocks, which decreased to 1,10,425 units from 1,14,861 units.
In Kolkata, the decrease in unsold housing stocks was 2 percent, with the number falling to 23,249 units from 23,745 units.
Chennai witnessed a marginal decline of 1 percent in unsold homes, with the number decreasing to 20,959 units this quarter from 21,142 units at the end of December last year, according to the data.
PropEquity is owned and operated by P E Analytics, an online real estate data and analytics platform covering over 1,50,000 projects of 45,000 developers across 44 cities.
