Unsold home inventory in 9 cities declines by 7%: PropEquity Report

Unsold housing inventories have declined 7 per cent across nine major cities over the last three months. The reduction is attributed to higher sales volumes surpassing new property launches, signalling positive market dynamics, according to a recent report by PropEquity, a real estate data analytics firm.

The data indicates that the total unsold housing stock has decreased to approximately 481,566 units by the end of March this year, down from 518,868 units recorded at the end of December 2023. These figures encompass key metropolitan areas including Mumbai, Navi Mumbai, Thane, Delhi-NCR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata.

PropEquity's Founder and Managing Director, Samir Jasuja, highlighted the importance of this decline, noting that it reflects a market where demand is outstripping supply. The report reveals that during the first quarter of 2024, housing sales across these cities reached 144,656 units, while new launches stood at 105,134 units, resulting in a reduction in unsold inventory.

Among the cities analysed, Pune witnessed 13 per cent decrease in unsold housing stocks, dropping from 75,521 units to 65,788 units. Similarly, Delhi-NCR saw a decline of 12 per cent, reducing unsold inventories to 27,959 units from 31,602 units.

Mumbai and Navi Mumbai both witnessed 11 per cent reduction in unsold stock, with figures dropping to 48,399 units and 33,385 units, respectively. Thane witnessed a 5 per cent decrease, while Bengaluru and Hyderabad saw declines of 5 per cent and 4 per cent, respectively.

Kolkata recorded a 2 per cent reduction in unsold housing stocks, with figures falling to 23,249 units from 23,745 units. Chennai experienced a marginal decline of 1 per cent, bringing unsold homes down to 20,959 units.

PropEquity, operated by P E Analytics, provides comprehensive real estate data and analytics, covering over 150,000 projects from 45,000 developers across 44 cities.

(With PTI inputs)