Unsold Homes in Nine Indian Cities Witness a 7% Decline in Last Quarter: PropEquity Report

The latest data from PropEquity reveals a notable decrease in unsold housing inventory across nine major cities in India over the last three months. According to the report, the unsold housing stock has reduced by 7%, totaling approximately 4.81 lakh units. This decline is attributed to higher sales compared to new supply, indicating a positive trend in the real estate market.

The report covers the cities of Mumbai, Navi Mumbai, Thane, Delhi-NCR (including Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), Bengaluru, Hyderabad, Pune, Chennai, and Kolkata. Among these cities, Pune experienced the most significant decrease, with a 13% fall in unsold housing stocks, followed by Delhi-NCR with a 12% reduction.

During the first quarter of 2024, housing sales across these nine cities reached 1,44,656 units, surpassing new launches, which stood at 1,05,134 units. This imbalance between sales and new supply contributed to the decline in unsold stocks.

In Pune, the unsold housing inventory decreased to 65,788 units, down from 75,521 units recorded in December 2023. Similarly, Delhi-NCR witnessed a decline from 31,602 units to 27,959 units during the same period.

Other cities also experienced notable reductions in unsold housing stocks:

• Mumbai: 11% decrease to 48,399 units from 54,633 units
• Navi Mumbai: 11% decrease to 33,385 units from 37,597 units
• Thane: 5% decrease to 1,06,565 units from 1,12,397 units
• Bengaluru: 5% decrease to 44,837 units from 47,370 units
• Hyderabad: 4% decrease to 1,10,425 units from 1,14,861 units
• Kolkata: 2% decrease to 23,249 units from 23,745 units
• Chennai: Marginal 1% decrease to 20,959 units from 21,142 units

PropEquity's data underscores the positive momentum in the real estate market, with sales outpacing new supply in several key cities. This trend bodes well for the industry and reflects growing confidence among homebuyers. The reduction in unsold inventory signifies a healthier balance between demand and supply, signaling a potential recovery and stabilization in the housing sector.