In top 9 cities rate of unsold housing came down to 7%, Bengaluru saw 5% fall

According to the latest data from PropEquity, a real estate data analytics firm, the unsold housing inventory in 9 major cities has decreased by 7% in the last three months. The number of unsold units now stands at approximately 481,000, indicating higher sales compared to new supply. This marks a significant decline from the previous figure of 518,868 units recorded at the end of December 2023.

The cities included 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". 

In the first quarter of 2024, housing sales in 9 prominent cities reached a total of 144,656 units, with new launches amounting to 105,134 units. Consequently, there was a decline in the number of unsold properties.

Pune witnessed a significant decline of 13% in unsold housing stocks, with the number of units decreasing from 75,521 at the end of December 2023 to 65,788 at the end of this month. Similarly, in Delhi-NCR, the unsold inventories decreased by 12%, from 31,602 units to 27,959 units.

In Mumbai, the unsold stock also experienced a decline of 11%, with the number of units decreasing from 54,633 to 48,399, as reported by PropEquity. The number of unsold inventories in Navi Mumbai decreased by 11%, reaching 33,385 units compared to the previous count of 37,597 units.

Similarly, Thane experienced a 5% decline in unsold housing stocks, with the number decreasing from 112,397 units to 106,565 units. In Bengaluru, the unsold housing stocks also decreased by 5%, reaching 44,837 units from the previous count of 47,370 units. Hyderabad experienced a decrease of 4% in unsold properties, with the number of units dropping from 114,861 to 110,425. Likewise,in Kolkata, there was a 2% decline in unsold housing stocks, with the number of units decreasing from 23,745 to 23,249.

According to the data, the Chennai market also saw a slight decrease of 1% in unsold homes, with the number of units decreasing from 21,142 at the end of December last year to 20,959 this quarter.