Unsold housing stocks fell 6% during January-March to nearly 5.18 lakh units across 14 cities compared to the previous quarter on better sales, according to data analytic firm PropEquity.
Unsold inventories stood at 5,17,879 units during January-March this year against 5,48,217 units in the preceding quarter.
During the first quarter of this calendar year, housing sales stood at 1,23,938 units while new launches were 93,600 units.
“The residential market in India saw significant growth in Q1 2023. Market resurrection has been brought about by the recovery trend since last year, with quarterly sales surpassing the new launches in this quarter by 32%,” news agency PTI quoted Samir Jasuja, founder and managing director at PropEquity, as saying.
Sales have surpassed new supply in the first quarter, which is a healthy sign for the residential market, he added.
According to the data, unsold stock in Delhi remained flat at 793 units in January-March as against 790 units in the previous quarter. In Faridabad, the unsold inventories fell 17% to 920 units from 1,110 units.
Unsold stocks in Noida dipped 7% to 6,843 units from 7,371 units, while in Ghaziabad fell 8% to 11,542 units from 12,614 units. In Greater Noida, unsold inventories fell 5% to 23,865 units from 25,241 units.
Kolkata saw a decline in unsold stocks by 11% to 18,247 units from 20,566 units.
Unsold housing stocks in Navi Mumbai fell 9% to 31,735 units from 34,883 units, while in Mumbai by 8% to 62,735 units from 68,310 units.
In Thane, the unsold inventories fell 4% to 1,09,511 units from 1,13,700 units. Pune saw a dip of 11 pet cent in unsold stocks to 69331 units from 77961 units.
Unsold housing stock in Bengaluru fell 8% to 49,986 units from 54,143 units while in Hyderabad the stock declined 2% to 95,106 units in January-March 2023 from 97,473 units in the previous quarter.
However, the unsold housing stocks in Gurugram and Chennai rose during the period under review. In Gurugram, the unsold housing stocks rose 17% to 12,903 units from 11,051 units.
Chennai too saw a rise in unsold housing stocks by 6% to 24,362 units in January-March 2023 from 23,004 units in the previous quarter.
Ankush Kaul, chief business officer of Ambience Group, said housing sales remained strong in the first quarter of 2023.
“Given the macroeconomic headwinds, we expect demand to move in close ranges,” he added.
Moreover, in another report it was revealed that the average monthly rent in some of the top cities in India witnessed a sharp rise on account of increase in demand. Even as the demand for owning a house picked, the home loan rates were keeping prospective buyers anxious about the investment.
The report by property consultant Anarock stated that some cities have seen a jump in their rental price over a period of time.
Cities like Bengaluru, Pune, Delhi-NCR, Mumbai Metropolitan Region, Chennai, Hyderabad and Kolkata registered a rise of average monthly rent between 11 to 24%.
(With PTI inputs)
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