Unsold housing inventories in primary markets across eight major cities fell marginally by 2 per cent at 7.05 lakh units during January-March as compared to the previous quarter and it will take four years for developers to sell these units at current speed, according to a report.
In its report 'Real Insight', housing brokerage firm PropTiger reported that nearly 18 per cent of the total unsold inventory falls in the ready-to-move-in category.
As per the data, unsold housing stock declined to 7,05,344 units during the first quarter of 2021 calendar year across eight cities from7,18,483 units in the previous quarter.
This was because housing sales across eight major cities stood at 66,176 units while new supply was 53,037 during January-March 2021.
"Mumbai and Pune continue to hold the maximum share of unsold stock. Both the cities together account for 54 per cent of the total available stock, followed by NCR and
Bengaluru with 15 per cent and 10 per cent share, respectively, " said Mani Rangarajan, COO of Housing.com and PropTiger.
In terms of inventory overhang, Housing.com and PropTiger Director Research Ankita Sood said the overall inventory overhang increased to 47 months as of March 2021, as compared to 28 months in Q1 2020 and 43 months in Q4 2020.
"This implies that with the current sales velocity, it will take nearly four years to absorb the current residential inventory," she said.
According to the data, unsold inventories in Ahmedabad and Chennai have risen while the other cities have reported a drop.
Unsold housing stocks in Ahmedabad rose to 42,991units from38,614 units in the previous quarter, while in Chennai, the numbers grew to 37,697 units from 36,609 units.
In Bengaluru, unsold inventories declined to69,285units from71,198 units.
Delhi NCRhas 1,05,279unsold housing units in January-March 2021 period as against 1,06,689 units in the previous quarter.
In Hyderabad, unsold inventories dropped marginally to 39,191units from 39,308 units.
Unsold housing stock in Kolkata decreased to 28,827units from 30,210 units.
In Maharashtra's two major markets, Mumbai saw unsold housing stock declining to 2,54,183units from 2,63,987 units.
Unsold inventories in Pune dipped to 1,27,891 units in the January-March 2021 from 1,31,868 units in the October-December period of last calendar year.
Hyderabad continued to remain the best performing market during Q1 of 2021 calendar year with the lowest inventory overhang of 25 months, followed by
Kolkata and Bengaluru with 36 and 37 months, respectively, the report revealed.