Unsold housing inventories in 9 major cities fell 7% in last 3 months: Report

New Delhi, Mar 30 (PTI) Unsold housing inventories fell 7 per cent in the last three months across 9 major cities to around 4.81 lakh units on higher sales than new supply, according to PropEquity.

Real estate data analytic firm PropEquity data showed that unsold housing stock has come down to 4,81,566 units at the end of March this year from 5,18,868 units at the end of December 2023 across 9 major cities.

These cities are Mumbai, Navi Mumbai, Thane, Delhi-NCR (Delhi, Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Bengaluru, Hyderabad, Pune, Chennai and Kolkata.

PropEquity founder and Managing Director (MD) Samir Jasuja said the unsold housing stocks have declined as "sales are surpassing the new launches which is a positive indicator for the market".

During January-March period of 2024, housing sales across 9 major cities stood at 1,44,656 units while the new launches were 1,05,134 units. This led to a reduction in the unsold stocks.

As per the data, Pune saw the maximum 13 per cent fall in the unsold housing stocks to 65,788 units at the end of this month from 75,521 units at the end of December 2023.

In Delhi-NCR, the unsold inventories have come down 12 per cent to 27,959 units from 31,602 units.

According to PropEquity, the unsold stock in Mumbai fell 11 per cent to 48,399 units from 54,633 units.

In Navi Mumbai, the unsold inventories declined 11 per cent to 33,385 units from 37,597 units.

Thane witnessed a fall of 5 per cent in unsold housing stocks to 1,06,565 units from 1,12,397 units.

Unsold housing stocks in Bengaluru have come down 5 per cent to 44,837 units from 47,370 units.

Hyderabad witnessed a 4 per cent fall in unsold stocks to 1,10,425 units from 1,14,861 units.

In Kolkata, the fall in unsold housing stocks was 2 per cent to 23,249 units from 23,745 units.

As per the data, Chennai market witnessed a marginal decline of 1 per cent in unsold homes to 20,959 units this quarter from 21,142 units at the end of December last year.

P E Analytics owns and operates PropEquity, which is an online real estate data and analytics platform covering over 1,50,000 projects of 45,000 developers across 44 cities. PTI