Unsold Housing Stocks Drop By 11% In Top 9 Cities
Unsold housing stocks in Tier 1 cities in India dropped to 5,08,464 units in Q3 2023 from 5,26,497 units in Q3 2022, representing an 11% decrease. PropEquity research data shows that in Hyderabad, there is a significant 6 percent increase in unsold stock in Q3 2023 among the top seven cities in the country. In Delhi-NCR region unsold stock dropped by 7 percent in the third quarter of 2023 as compared to Q2 2023, while residential property sales continued the upward momentum gained after the pandemic. On the other hand, New launched increased by 2% in tier one cities to 97,871 units in July to September 2023 from 96,408 units in the previous year. While this quarter saw a decline in new launches of 11% on Q-o-Q basis, due to lower demand due to rise in property prices as well as mortgage rates. Indian developers are strategically prioritizing the reduction of older unsold inventory, resulting in a decline in unsold stocks, while also launching fewer new projects. Hyderabad witnessed 46 percent rise in new launches on Q-o-Q basis, 5percent in total absorption and 6 percent decline in unsold stock. Thane saw 2 percent drop in new launches,2 percent in total absorption and 14 percent decline in unsold stock. Total Absorption in Pune increased by 3 percent. Whereas, there is a 12 percent drop in unsold stock on Q-o-Q basis. New Launches and total absorption of Maya Nagri (Mumbai) witnessed a decline of 24 and 19 percent respectively in third quarter of 2023. On the other hand, unsold stock also decreased by 14 percent. Bengaluru saw a 24 percent increase in new launches and 13% in total absorption on Q-o-Q basis. Delhi NCR witnessed a surge in supply of new residential units, 5,450 launches by various developers in Q3 2023, marking a 9 percent year-on-year growth. There is rise of 77 percent in new launches, 5 percent rise in total absorption on Q-o-Q basis and 3 percent decline in unsold stock. Chennai witnessed a 19 percent drop of new launches and 3 percent drop in unsold stock. Kolkata witnessed a downfall of 45 percent in new launches and 13 percent increase in total absorption.
Tags : unsold housing stocks Tier 1 cities India units data Hyderabad cities country Delhi-NCR residential property sales momentum launched mortgage rates Mumbai