Unsold housing stock dips 2% in Q4 to 7.05 lakh units

New Delhi, May 2: Unsold housing inventories in primary markets across eight major cities fell marginally by 2 per cent at 7.05 lakh units during January-March as compared to the previous quarter and it will take four years for developers to sell these units at current speed, according to a report.

In its report 'Real Insight', housing brokerage firm PropTiger said nearly 18 per cent of the total unsold inventory falls in the ready-to-movein category.

As per the data, unsold housing stock declined to

7,05,344 units during the first quarter of 2021 calendar year across eight cities from 7,18,483 units in the previous quarter.

This was because housing sales across eight major cities stood at

66,176 units while new supply was 53,037 during January-March 2021.

"Mumbai and Pune continue to hold the maximum share of unsold stock. Both the cities together account for 54 per cent of the total available stock, followed by NCR and Bengaluru with

15 per cent and 10 per cent share, respectively, " said Mani Rangarajan, COO of Housing.com and PropTiger.

In terms of inventory overhang, Housing.com and PropTiger directorresearch Ankita Sood said the overall inventory overhang increased to 47 months as of March 2021, as compared to 28 months in March 2020 and 43 months in December 2020.

"This implies that with the current sales velocity, it will take nearly four years to absorb the current residential inventory," she said.

Unsold inventories in Ahmedabad and Chennai have risen while the other cities have reported a drop.

Unsold housing stocks in Ahmedabad rose to

42,991 units from 38,614 units in the previous quarter, while in Chennai, the numbers grew to

37,697 units from 36,609 units. In Bengaluru, unsold inventories declined to 69,285 units from 71,198 units.

Delhi NCR has 1,05,279 unsold housing units in January-March 2021 period as against 1,06,689 units in the previous quarter.

In Hyderabad, unsold inventories dropped marginally to 39,191 units from 39,308 units.

Unsold housing stock in Kolkata declined to 28,827 units from 30,210 units.

In Maharashtra's two major markets, Mumbai saw unsold housing stock declining to 2,54,183 units from 2,63,987 units.

Unsold inventories in Pune dipped to 1,27,891 units in the JanuaryMarch 2021 from 1,31,868 units in the OctoberDecember period of last calendar year.

Hyderabad remained the best performing market in January-March with the lowest inventory overhang of 25 months, followed by Kolkata and Bengaluru with 36 and 37 months.