1 Lakh housing units remain unsold in Hyderabad
Across the country, the overall unsold inventory in Q3 2022 stood at 7.85 lakh units, with Mumbai on top with 2.72 lakh units.
HYDERABAD: With the realty sector turning expensive, many housing units are left unsold in Hyderabad.
The State capital has nearly one lakh unsold housing stock, which is the highest in south India.
According to a report by PropTiger, REA India-owned digital real estate transaction and advisory services platform, the unsold stock as of Q3 2022 stand at 99,090.
The city has an unsold inventory of 40 months and this is the second highest overhang among all cities after Delhi (62 months overhang). During Q2, the unsold stock was 82,000, which has now inched closer to one lakh in Q3.
Across the country, the overall unsold inventory in Q3 2022 stood at 7.85 lakh units, with Mumbai on top with 2.72 lakh units. There has been a decline in the inventory overhang in a few cities as the builders in a particular market are likely to take to sell off their unsold stock at the existing sales velocity.
The realtors attributed the increase in unsold inventory to the rising cost of construction, registration charges and land rates to have gone up. This increased the cost of under-construction apartments and to-be-built houses. On the other hand, launches have been more in Hyderabad which is also one of the reasons for the high unsold inventory.
In Q3 2022, a total of 27,440 housing units were launched, the second highest in the country after Mumbai (28,880 units). However, the sales are not able to match the launches as 10,570 housing units were sold in Q3.
The markets covered in the report include Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region and Pune. Meanwhile, with the festive season in full swing, real estate developers are hopeful of the sector receiving a boost towards recovery, and their wishes are already coming true.
“The real estate industry is bouncing back from the pandemic and subsequent disruptions, and it’s evident from the data trends and insights in our report. Especially with the festive season which has just commenced, we’re experiencing a continuous surge in consumers’ positive sentiments towards property investments,” said Vikas Wadhawan, Group CFO, PropTiger.com, Housing.com, and Makaan.com.