9-city unsold homes drop 7% in 3 months; NCR sees 12% decline
Real Estate

9-city unsold homes drop 7% in 3 months; NCR sees 12% decline

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.

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.

Next Story
Infrastructure Transport

Railways approves major upgrade for Telangana traction lines

The Ministry of Railways has approved the upgradation of the electric traction system in two crucial railway sections — Medchal–Mudkhed (225 km) and Mahbubnagar–Dhone (184 km). The projects, costing Rs 1.93 billion and Rs 1.23 billion respectively, will enhance the electric traction capacity from 1X25 KV to 2X25 KV. The work includes modifications to circuit breakers and switching stations, along with the installation of additional conductors. These routes serve as vital links between Northern and Southern India via Hyderabad. Once completed, the upgraded system will reduce voltage dro..

Next Story
Infrastructure Transport

Adani to invest Rs 425 billion more in Maharashtra’s Dighi Port

The Adani Group has committed to invest an additional Rs 425 billion in the Dighi Port project, located along Maharashtra’s coastal Konkan belt, government officials announced on Monday. Adani Ports and Special Economic Zone (APSEZ)-run Dighi Ports signed a memorandum of understanding (MoU) with the Maharashtra government to undertake the expansion of the port and related infrastructure. This new commitment comes as part of a broader investment initiative by the state. Chief Minister Devendra Fadnavis said the agreement is among 15 MoUs worth over Rs 560 billion signed during the opening d..

Next Story
Infrastructure Transport

HUDCO, JNPA sign Rs 50 billion deal for port development

In a strategic move, the Housing and Urban Development Corporation Ltd (HUDCO) has signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) for an investment of Rs 50 billion to revamp and develop port infrastructure. The non-binding agreement is intended to strengthen cooperation on both existing and upcoming infrastructure projects, with a focus on development, financing, and refinancing of port facilities at the Jawaharlal Nehru Port. The MoU was formalised with the signatures of Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, and Unmesh Shar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?