It will take around six years for builders in the National Capital Region (Delhi-NCR) to sell their 1.01 lakh vacant (unsold) flats. Property advisory company PropTiger has expressed this opinion. PropTiger, however, believes that builders in Bangalore and Kolkata will be able to sell their unsold houses within 31 months.
Owned by Australia’s REA Group and News Corp, three real estate portals Housing.com, PropTiger and Makaan.com offer advisory and brokerage services. According to the latest report by PropTiger, builders in eight major cities of India had around 7,35,852 residential units which remained unsold as of March 31, 2022. In March last year, the number of such flats was 7,05,344. The PropTiger report states that earlier it was estimated that the time taken for the sale of these vacant flats was 47 months. But in recent times the demand for homes has increased.
With this, the sale of vacant houses is now estimated to take 42 months. Most unsold flats are in Delhi-NCR. At the same time, their number is the least in Bangalore and Kolkata. As of March 31, 2022, there were 62,602 residential units vacant in Ahmedabad. The sale of flats in Ahmedabad is estimated to take 42 months. At the same time, the number of vacant houses in Bangalore was 66,151 and in Kolkata 23,850. The report said that it will take 31 months for builders in Bangalore and Kolkata to sell their vacant flats. Similarly, the number of unsold unsold houses in Chennai is 34,059. It will take 34 months for builders to sell them. There are 73,651 houses lying vacant in Hyderabad. Their sale is estimated to take 42 months.
The number of unsold housing units in Mumbai and Pune are 2,55,814 (sell will take 48 months) and 1,18,321 (32 months time) respectively. The number of flats lying vacant in the Delhi-NCR market is 1,01,404 units. The report states that it will take more than six years i.e. 73 months for builders to sell these flats. Last week, PropTiger had said that home sales in eight major cities grew seven per cent year-on-year to 70,623 units during January-March.