The real estate consultancy company JLL, has unveiled its another report,which says that, on the back of high demand, the time taken to sell unsold housing inventory across the top seven cities of India has reduced by nearly one-third to 22 months as compared to 32 months at the end of 2019.
The firm has released the report, based on the findings and analysis of seven cities -- Delhi NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata -- over the last eight quarters. Bengaluru & Delhi NCR is taking the least time in this process of selling unsold inventory.
The report also added that, in terms of the price range, the highest reduction in selling time was witnessed in the “premium” homes priced between Rs. 1.5 crore and Rs 3 crore. As compared to 51 months in December 2019, the selling time was down 43% to 29 months in March this year.
The report added, that the housing sector in India's top seven cities, including Delhi NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata, has witnessed a surge in unsold inventory as also a 31% decrease in the time it will take to sell the active unsold housing inventory on the back of increase in demand.
During 2019,the selling process of unsold inventory took 32 months, but now it can be cleared within 19 months.
The report added, “While the fall in the affordable segment was due to its reducing share in launches over the last four years, the premium segment saw this decline despite a substantial jump in the segment's share in annual launches, from 2 per cent in 2019 to 22 per cent in 2023.”
The chief economist and head research & REIS, India, JLL Samantak Das,mentioned, “The time needed to sell the unsold inventory in the premium segment has dropped from 51 months in 2019 to 29 months in Q1 2024, showcasing the strong sales momentum in this segment. Apartments belonging to ticket size category of Rs.3.0 crore and above, have also witnessed a 11% reduction in time to sell during the same time.”
In the range of Rs. 75 lakh to Rs. 1 crore, the selling time decreased by 27.5% to 21 months from the previous 29 months. For properties priced between Rs. 1 crore to Rs. 1.5 crore, and over Rs. 3 crore, the selling time reduced by 26.4% and 11%, respectively. Across all cities analyzed, Bengaluru has the quickest turnover for unsold inventory at 13 months, followed by Delhi NCR at 14 months, and Kolkata at 15 months.
The senior managing director (Chennai & Coimbatore), head- Residential Services, India at JLL, , Siva Krishnan said “Delhi NCR has recorded the sharpest decline in terms of months to sell, coming down from 48 months to just 14 months.”
He also added, “This can be attributed to robust sales in the premium and luxury segment in Delhi NCR with a lot of quality projects getting completely sold out within days of their launch.”
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