Mumbai, May 23
The unsold home inventory in Delhi-NCR declined by a massive 57 per cent in the last five years, from nearly 2 lakh units in the first quarter of 2018-end to around 86,420 units by Q1 2024, a report showed on Thursday.
Bengaluru, Hyderabad and Chennai saw their collective unsold stock shrink by 11 per cent in the same period, according to Anarock Research.
In the last five years, Mumbai Metropolitan Region (MMR) and Pune saw their cumulative unsold stock reduce by 8 per cent.
Meanwhile, Kolkata saw its unsold inventory decline by 41 per cent in the period.
"Delhi-NCR witnessed total new supply of approximately 1.81 lakh units between Q1 2018 to Q1 2024. In contrast, the southern and western markets saw significantly higher new supply additions of nearly 6.07 lakh units and 8.42 lakh units, respectively," informed Santhosh Kumar, Vice Chairman, ANAROCK Group.
The relatively low decline of unsold inventory in South India is attributable to a massive new launch rate in Hyderabad, most notably over the last two years.
The city saw its housing stock almost quadruple in the last 5 years.
However, Bengaluru saw unsold inventory decline by 50 per cent in this period, the report noted.
"NCR's upbeat performance also reflects renewed buyer confidence in the region," said Kumar.
Real Estate (Regulation and Development) Act 2016 (RERA), Goods and Services Tax (GST) and the intervention of Alternate Investment Funds (AIFs) like the 'SWAMIH' fund have played a major role in this sentiment revival.