The number of unsold homes has decreased by 7% in the past three months across nine major cities, totaling around 481,566 units, according to PropEquity, a real estate data analytics firm. The decline is attributed to higher sales compared to new supply.
These cities include Mumbai, Navi Mumbai, Thane, Delhi-NCR (Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Bengaluru, Hyderabad, Pune, Chennai, and Kolkata. Samir Jasuja, founder and Managing Director of PropEquity, stated that the decrease in unsold inventory is a positive sign for the market, driven by surpassing sales over new launches.
During January-March 2024, housing sales across these cities totaled 144,656 units, while new launches amounted to 105,134 units, resulting in reduced unsold stocks. Pune witnessed the highest decrease of 13% in unsold housing stocks, followed by Delhi-NCR with a 12% drop.
In Mumbai, unsold inventory fell by 11%, while Navi Mumbai and Thane saw an 11% and 5% decline, respectively. Bengaluru witnessed a 5% decrease, and Hyderabad experienced a 4% fall in unsold stocks. Kolkata’s unsold housing stocks decreased by 2%, while Chennai saw a marginal 1% decline.
PropEquity, owned by PE Analytics, operates as an online real estate data and analytics platform covering over 150,000 projects of 45,000 developers across 44 cities.
| City | Unsold Housing Stocks (End of Mar 2024) | Unsold Housing Stocks (End of Dec 2023) | Percentage Change |
|---|---|---|---|
| Mumbai | 48,399 | 54,633 | -11% |
| Navi Mumbai | 33,385 | 37,597 | -11% |
| Thane | 1,06,565 | 1,12,397 | -5% |
| Delhi-NCR | 27,959 | 31,602 | -12% |
| Pune | 65,788 | 75,521 | -13% |
| Bengaluru | 44,837 | 47,370 | -5% |
| Hyderabad | 1,10,425 | 1,14,861 | -4% |
| Kolkata | 23,249 | 23,745 | -2% |
| Chennai | 20,959 | 21,142 | -1% |
Also Read : Housing Sales in Top 7 Cities Record 14% Yearly Rise in Q1 2024