NEW DELHI: Mumbai and Pune together contribute 56 per cent to the national unsold inventory in India’s housing markets, with the Western region continuing to boast the highest share, according to a new report by consultancy firm PropTiger.
Mumbai and Pune are followed by Delhi NCR and Bengaluru, with 15 per cent and 10 per cent unsold inventory respectively. After seeing a reduction of 12 per cent year-on-year, unsold stock in the top eight residential markets of India stood at 7,23,060 units as on September 30, 2020.
These cities are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi NCR, Mumbai MMR and Pune. As developers continued to show restraint in launching new supply because of the ongoing market conditions, unsold stock contracted by 2 per cent in the September quarter when compared to the preceding quarter.
Due to the strain on consumer demand however, the national inventory overhang increased to 43 months as of September 2020, as compared to 28 months in Q3 2019. But, residential home sales aggregated to 35,132 units during Q3, an increase of 85 per cent over the previous quarter, said the report.
Housing units in the sub-Rs 45 lakh price bracket, categorised as the affordable housing segment, made the biggest contribution to sales during the quarter, contributing 45 per cent to overall sales. Except Ahmedabad and Hyderabad, all major cities saw almost negligible movement annually.