Business Bureau :
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 reported that nearly 18 per cent of the total unsold inventory falls in the ready-to-move-in 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 Director Research Ankita Sood said the overall inventory overhang increased to 47 months as of March 2021, as compared to 28 months in Q1 2020 and 43 months in Q4 2020.