In a positive turn for the real estate market, real estate firm PropEquity has reported a 7% decline in unsold home listings across nine major cities in India. The data analytics company revealed that the number of unsold houses has reduced to approximately 4.81 lakh units as of March, compared to 5,18,868 unsold units recorded at the end of December 2023 across the nine cities.
The study encompassed prominent cities, including Mumbai, Navi Mumbai, Thane, Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata, as reported by PTI. Shedding light on the findings, Samir Jasuja, Founder and Managing Director of PropEquity, expressed, “The decline in unsold housing stocks can be attributed to the fact that sales are surpassing the rate of new property launches, which is a positive sign for the market.”
The data further revealed that from January to March 2024, housing sales in these cities soared to 1,44,656 units, while new launches accounted for 1,05,134 units. This significant difference between sales and new launches has resulted in a decline in unsold inventory.
Among the cities analyzed Pune demonstrated the highest decline of 13% in the unsold housing stock, with the number of units dropping to 65,788 as of the end of March, compared to 75,521 units recorded at the end of December 2023.
In Delhi-NCR, the unsold units witnessed a 12% decrease, with the count falling to 27,959 units during the review period, down from 31,602 units in the previous quarter. Similarly, Mumbai experienced an 11% decline, with the unsold housing units decreasing to 48,399 units from 54,633 units. Navi Mumbai followed suit with a decline of 11%, as the unsold units reduced to 33,385 from 37,597 in the October-December quarter.
Thane observed a 5% fall in unsold homes, as units decreased to 1,06,565 from 1,12,397 sequentially. Bengaluru also witnessed a 5% decline, with the unsold inventory dropping to 44,837 units from 47,370 units. Hyderabad reported a 4% decrease, with the unsold stock decreasing to 1,10,425 units from 1,14,861 units. Chennai witnessed the smallest decline, with a 1% decrease, as the unsold inventory stood at 20,959 units at the end of the review quarter, compared to 21,142 units at the end of December 2023. Kolkata followed suit with a 2% decline, as the unsold units reduced to 23,249 from 23,745 sequentially.
The decline in unsold home listings across these major cities showcases the growing demand and sales momentum in the Indian real estate market, with sales outpacing the supply of new properties. This development bodes well for buyers and sellers, contributing to a balanced and dynamic market environment.
