Unsold stocks increase by 32% in southern cities of Bengaluru, Hyderabad and Chennai put together. Other regions like MMR and Pune saw their cumulative unsold inventory reduce by 10%.
The real estate market in NCR is gradually improving post Covid overcoming the delays and lockdowns. Unsold inventory of flats in the NCR region has declined by 12% as compared to first quarter of 2020 and that of 2022 as per the study by real estate consultants Anarock.
During the same period, unsold stocks increase by 32% in southern cities of Bengaluru, Hyderabad and Chennai put together. Other regions like MMR and Pune saw their cumulative unsold inventory reduce by 10%.
In absolute numbers, the number of unsold flats in the NCR cities declined from around 1.7 lakh units in the first quarter of 2020 to 1.5 lakh this year.
Real Estate consultants Anarock vice-chairperson, Santhosh Kumar said, “NCR’s unsold stocks declined from around 1.7 lakh units in quarter 1 of 2020 to 1.5 lakh units by the end of the first quarter of 2022. During the same period, the main southern cities saw their unsold stock increase from 1.2 lakh units to over 1.6 lakh units. However, this rise in unsold inventory was primarily because of a massive new launch rate in Hyderabad.”
For the first time NCR’s total unsold stock was lower than that in the southern cities. Nayan Raheja of Raheja Developers said, “The last two years have certainly been challenging, but there has been growth. There was a huge response from prospective buyers, who consider investing in homes as a secured step. That’s what most of the residential developers are working on. This trust of buyers has resulted in the decline in unsold inventory.”
The concept of mixed use of land with shops-cum-offices, affordable housing and estates, has attracted lucrative investments in realty sector.
Sheeshram Yadav, founder and managing director of Timespro Consulting, said, “Affordable homes have always been the choice of buyers. But there has also been a tremendous increase in the sale of luxury properties. The major deal has been in the high-end category. Properties are being sold out at a remarkable rate in NCR, which has resulted in a 12% dip in unsold inventory.”
Anarock’s Santosh Kumar added, “We attribute NCR’s upbeat performance to the return of confidence among the consumers.”
According to the Anarock report, there has been a 204% increase in new homes between the first quarter of 2020 and 2022. NCR has also broken its previous trend of restricted new supply. “Despite this massive new supply, the region’s unsold stock has seen the sharpest dip in the country,” Kumar said.
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