Over 9L housing units remain unsold in 8 cities

New Delhi: Unsold housing stock rose marginally by 1 per cent to 9.01 lakh units during January-March quarter (Q1) 2022 across eight major cities as compared to the previous quarter on increased new launches of residential properties, according to a joint report 'Housing Price Tracker' by industry body Credai, property consultant Colliers India and data analytics firm Liases Foras.

As per the data, the unsold inventories increased to 9,01,967 units during Q1 period of this year from 8,94,100 units in the previous quarter. Out of the total unsold housing stocks across eight cities during the first quarter of this calendar year, Mumbai Metropolitan Region (MMR) and Delhi-NCR, the two biggest property markets in India, contribute 50 per cent.

The MMR accounts for the highest share of unsold inventory at 32 per cent, followed by Delhi-NCR (18 per cent) and Pune (14 per cent). Unsold inventory constantly dropped starting Q2 of 2020 till Q4 of 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. During the period under review, Hyderabad witnessed a maximum 14 per cent rise in unsold housing stocks at 68,243 units from 59,716 units. Ahmedabad saw a 6 per cent rise in unsold housing stocks at 73,769 units from 69,736 units.

The MMR saw a 4 per cent increase in unsold housing stocks at 2,91,266 units from 2,81,382 units. According to the data, the unsold housing stocks in Bengaluru fell 5 per cent to 70,927 units during January-March 2022 from 74,890 units in the previous quarter. Chennai saw a 5 per cent decline in unsold homes at 75,164 units from 79,262 units.

While Delhi-NCR market witnessed a 3 per cent fall to 1,58,563 units from 1,62,766 units, the unsold housing stocks in Pune fell 2 per cent to 1,23,665 units during Q1 of 2022 from 1,25,662 units in the previous quarter. Kolkata saw a fall of marginal 1 per cent to 40,370 units from 40,686 units during the period under review.