Unsold homes highest in Thane at 1.07 lakh units, lowest in Chennai at 19,900 units: PropEquity

Thane in Mumbai Metropolitan Region has the maximum 1.07 lakh unsold homes at the end of June quarter, while Chennai has the lowest at nearly 20,000 units, according to PropEquity. Across nine major cities, data analytic firm PropEquity said unsold housing stocks declined 2 per cent to 5,15,169 units at the end of June quarter from 5,26,914 units at the end of March. "The largest share for the unsold stock among the Tier-1 cities is of Thane with 21 per cent. Chennai has the minimum unsold stock of residential units in Q2 2023," PropEquity Founder and CEO Samir Jasuja said.

Housing sales in April-June across nine cities were 1,22,213 units, while new supply was 1,10,468 units. This led to a reduction in number of unsold residential units. As per the data, the unsold housing stocks in Thane were 1,07,179 units at the end of June quarter, down 2 per cent from 109,511 units at March-end. Mumbai saw a 3 per cent fall in unsold housing stocks to 60,911 units from 62,735 units. However, unsold inventories rose in Navi Mumbai to 32,997 units from 31,735 units.

The data showed that Delhi-NCR saw a maximum fall in unsold inventories by 26 per cent to 42,133 units from 56,866 units. In Chennai, unsold housing stocks declined 18 per cent to 19,900 units from 24,362 units. Pune witnessed a 9 per cent increase in unsold housing stocks to 75,905 units from 69,331 units. Unsold units in Bengaluru went up 4 per cent to 52,208 units from 49,986 units. In Hyderabad, unsold housing stocks rose 5 per cent to 99,989 units from 95,106 units.

Kolkata saw 20 per cent growth in unsold housing stocks to 21,947 units from 18,247 units.
Commenting on NCR data, realty firm Krishumi Corporation MD Mohit Jain said, "A combination of factors including decent economic growth, reasonable interest rates, pent-up demand and investment potential has contributed to the robust demand for all segments of properties including luxury properties in the last couple years." There has been a significant reduction in unsold inventories particularly in Delhi-NCR wherein demand has far outpaced newer supplies, Jain added.