Unsold housing stock marginally rises to 9 lakh units in March quarter across top eight cities

Unsold housing stock rose to 9.01 lakh units during January-March 2022 across eight major cities. According to a report by Credai, Colliers India and Liases Foras, this stock marginally climbed by 1% as compared to the previous quarter on increased new launches of residential properties, as per PTI reported.

According to the data, unsold inventories grew to 9,01,967 units in the first quarter of this year, up from 8,94,100 in the previous quarter.

The Mumbai Metropolitan Region (MMR) and Delhi-NCR, India's two largest property markets, account for half of the total unsold housing stocks across eight cities in the first quarter of this calendar year, said PTI.

According to a joint report 'Housing Price Tracker' by industry body Credai, property consultant Colliers India and data analytics firm Liases Foras, the MMR has the biggest share of unsold inventory at 32 percent, followed by Delhi-NCR (18 percent), and Pune (14 percent).

"Unsold inventory constantly dropped starting Q2, 2020 till Q4,2021 as demand improved in the market, led by low loan rates and largely stable prices. However, an increase in launches and third wave of COVID in Q1 2022, led to an uptick in the unsold inventory. Hence, after dropping for seven consecutive quarters, unsold inventory rose 1 per cent QoQ (Quarter-on-Quarter)," the report said.

Hyderabad saw a maximum 14 percent increase in unsold housing stocks from 59,716 units to 68,243 units during the period under review.

According to PTI, unsold housing stocks in Ahmedabad increased by 6% to 73,769 units from 69,736 units. whereas unsold housing stocks increased by 4% to 2,91,266 units, up from 2,81,382 units in the MMR.

Bengaluru's unsold housing stocks declined 5% to 70,927 units in January-March 2022, down from 74,890 in the previous quarter, according to the data. Whereas Chennai, too, experienced a 5% drop in unsold homes to 75,164 units from 79,262 units, while the Delhi-NCR market saw a 3% drop to 1,58,563 units from 1,62,766 units, said PTI.

From October to December 2021, unsold housing stocks in Pune declined 2% to 1,23,665 units in January-March 2022, down from 1,25,662 units in October-December 2021. During the year under review, Kolkata saw a little drop of 1% to 40,370 units from 40,686 units, PTI said.

Liases Foras gathers information about real estate projects from primary and secondary sources.