Unsold Housing Stock Down 12% Across Nine Cities At End Of September Quarter
Delhi-NCR, Bengaluru and Pune saw the most decline in the unsold housing inventory, whereas Hyderabad saw it increase by 19%.
Unsold housing stock across nine major cities fell 12% year-on-year to 4,77,570 units at the end of the September quarter on better sales, according to data analytic firm PropEquity.
Unsold inventories stood at 5,40,849 units at the end of September 2021.
Delhi-NCR, Bengaluru and Pune saw the most decline in the unsold inventory, PropEquity said in a statement.
"The residential property market in the third quarter of 2022 has seen decent performance in the top cities on the country, both from the point of view of sales as well as new launches. There is a good appetite among the citizens of these cities for buying quality houses and thus there is significant buoyancy in the real estate market," said Samir Jasuja, Founder and Managing Director at PropEquity.
As per the data, the unsold housing stock fell marginally in Thane to 1,03,862 units at the end of the September quarter from 1,04,374 units a year-ago.
Pune saw a 22% decline in unsold stock to 70,475 units from 90,419 units, while Mumbai witnessed a 9% fall to 55,059 units from 60,484 units.
Navi Mumbai market saw an 18% dip in unsold housing stock to 29,793 units from 36,485 units.
The unsold housing inventories in Bengaluru were down 25% to 54,612 units from 72,476 units.
While Delhi-NCR saw a 32% decline in unsold housing stock to 37,494 units from 55,156 units, Chennai witnessed a 22% fall to 18,876 units from 24,340 units.
In Kolkata, unsold housing inventories fell 17% to 18,486 units from 22,398 units.
However, Hyderabad saw unsold housing stock increasing by 19% to 88,913 units at the end of the September quarter from 74,717 units a year ago.
PropEquity data showed that the housing sales stood at 1,08,817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021.
Commenting on the numbers, Shiwang Suraj, Founder and Director at housing brokerage firm Inframantra, said: "We are experiencing a continuous surge in consumer sentiment towards property investments. The Q3 had seen a significant improvement in demand for housing and this would set the ball rolling for the next quarter as well. Despite the slight increase in overall interest rates, the demand for housing has not dipped."
P E Analytics owns and operates PropEquity which is one of the leading online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across 44 cities in India.