new project launch Due to higher sales than expected, the number of unsold houses in nine major cities of the country declined by seven percent in the last three months to about 4.81 lakh units. According to PropEquity, a firm that analyzes real estate sector data, the number of unsold houses in nine major cities at the end of March this year was 4,81,566. This figure was 5,18,868 units at the end of December 2023.
Decline in unsold inventory in these 9 cities
These nine cities are Mumbai, Navi Mumbai, Thane, Delhi-NCR (Delhi, Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), Bengaluru, Hyderabad, Pune, Chennai and Kolkata. Sameer Jasuja, founder and managing director (MD), PropEquity, said the number of unsold houses has come down due to sales being higher than new arrivals.
Price increased due to increase in demand
A recent report has revealed that due to increased demand for houses in eight major cities of the country, house prices have increased by an average of 20 percent in the last two years. These eight cities include Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune. Bengaluru, Delhi-NCR and Kolkata have seen the highest average increase of 30 per cent in average home prices in 2023 compared to 2021 levels.
Supply of houses is not as per demand
real estate company Space India CMD and veteran realty expert Rakesh Yadav told India TV that the supply of houses is not as per the demand. Record demand for homes continues. At the same time, the pace of launching new projects is very slow. This is leading to a steady decline in the number of unsold inventory. Of the unsold inventory that is visible, a lot is in stranded projects. In reality the number of unsold inventory has now reduced significantly.
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