Unsold housing stock fell 10% to 461,600 units at December-end: PropEquity

Unsold housing stocks dropped 10 per cent to 4,61,600 units across nine major cities at the end of the December on better sales, PropEquity said on Monday.

According to its data, unsold housing inventories stood at 5,12,526 units at the end of the September quarter across these nine cities.

"Despite many challenges ...home sales strongly recovered this year. It is worth noting that the demand in the industry and the positive sentiment is growing. Even with the steady rise in mortgage rates, customers were still taking loans in anticipation of appreciation of properties and as end users for the units," said Samir Jasuja, Founder and Managing Director of PropEquity, said.

In Kolkata, unsold housing stocks fell 12 per cent to 17,715 units from 20,096 units at the end of the September quarter.

In Navi Mumbai, unsold housing inventories fell 10 per cent to 27,815 units from 30,986 units, while in Mumbai unsold stocks declined 5 per cent to 58,587 units from 61,755 units. Thane saw a 11 per cent fall in unsold stocks to 97,117 units from 1,08,854 units.

Unsold residential stocks in Delhi-NCR fell 10 per cent to 41,693 units from 46,452 units.

Bengaluru saw a 16 per cent decline in unsold stocks to 49,246 units from 58,390 units in the September quarter, while Pune witnessed a 11 per cent fall to 65,612 units from 73,644 units.

Unsold housing stocks in Hyderabad stood at 84,545 units at the end of the December, from 93,473 units at the end of the previous quarter.

However, the PropEquity data showed that unsold housing stocks rose 2 per cent to 19,270 units at December-end from 18,876 units in the previous quarter.

Housing sales stood at 1,20,275 units across these nine cities during the October-December quarter, up 8 per cent from the previous quarter and 10 per cent from the year-ago period.

"The sales across India witnessed a massive jump in Q4 and 2022 as market sentiment for home purchases have improved massively. Many customers who were sitting on the fence are now back in the market finally closing the deals as evident from the ongoing blockbuster sales by well known developers," Shiwang Suraj, Founder Director of INFRAMANTRA, said.

The data for Delhi-NCR includes New Delhi, Gurugram, Faridabad, Noida, Greater Noida and Ghaziabad.

The real estate data analytic firm said the data includes apartments, independent floors and villas/row houses data, excluding sales on hold and construction on hold, excluding lottery projects.