The number of unsold housing units in the seven major cities stood at 6.85 lakh units at the end of September quarter, a fall of 9 per cent from the year-ago period, according to Anarock Property report.
The national capital region (Delhi-NCR) has the maximum unsold units at 2 lakh, although the number has declined by 12,000 units from the September quarter of 2016 calendar year.
“Currently, NCR has the maximum number of unsold units among all the top cities in India. An approximate 2 lakh unsold units are stocked up across different cities in the region,” Anarock Property Consultants chairman Anuj Puri said.
Greater Noida has maximum share of unsold inventory, followed by Gurgaon, he added.
The unsold inventory in the Mumbai Metropolitan Region (MMR), has fallen to 1.8 lakh units at the end of September quarter of 2017 from 1.92 lakh units in the year-ago period.
In Bangalore, the number of unsold inventories have dropped to 1.04 lakh units from 1.24 lakh units during the period under review.
Pune saw a decline of 8,000 units to 1.05 lakh units, while the number of unsold inventories fell by 7,000 units each in Chennai and Hyderabad at 28,000 units and 27,000 units, respectively.
However, unsold inventories rose in Kolkata to 49,000 from 48,000 units.
The report said that cities in South India – Hyderabad, Chennai and Bangalore – have shown the fastest recovery and the unsold residential property inventory has declined rapidly in South India as compared to other parts of the country.
“One of the key reasons for this decline was the restricted supply of fresh projects in these cities. The fine equilibrium that developers have achieved in terms of restricting new launches and focusing on clearing unsold stock in the predominantly end-user driven markets has been a defining factor in South India,” Puri said.
Anarock’s head – research Prashant Thakur said the analysed data for this study covers projects that have been launched in the primary market and includes new launches, under-construction and as well as ready-to-move-in projects.
The assessment covers projects of various tiers of developers from small promoter-driven firms to large corporate player, he added.
“As of now, a lot of details are not available on the Real Estate (Regulation and Development) Act, 2016 (Rera) website. The actual figures could potentially change significantly if more exhaustive data was made available on the Rera website,” Thakur said.