Unsold Housing stock up 24% in top seven cities

Unsold housing stocks across seven major cities have risen by 24 per cent since 2019 due to higher supply, but realty firms will take 31 per cent less time to sell these units because of high sales velocity, according to JLL India. In a report released on Thursday, real estate consultant JLL India said the actively selling unsold housing inventory has reached about 4,68,000 units by March 2024, a 24 per cent increase since December 2019, across seven major cities -- Delhi-NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata. Despite this surge in unsold inventory, the consultant noted that there has been a remarkable reduction in the estimated time required to sell these properties. This assessment is based on the average sales rate observed over the last 8 quarters. There has been a "significant 31 per cent decrease in the time it will take to sell the active unsold housing inventory. In Q1 (January-March) 2024, the time to liquidate inventory has dropped to just 22 months, compared to 32 months by the end of 2019, driven primarily by an exponential surge in housing demand. Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai; Delhi-NCR includes Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna.

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