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The data analytics company PropEquity revealed that the unsold housing stocks reduced by 6% between January and March to approximately 5.18 lakh units across 14 Indian cities, compared to the prior quarter.
Between the first trimester of the year, unsold inventory decreased from 5,48,217 units to 5,17,879 units. Housing sales were 1,23,938 units during the January to March 2023, while there were 93,600 new units launched.
In the first quarter of the year, the Indian residential market grew beyond expectations. According to founder and CEO of PropEquity Mr. Samir Jasuja, “Market revival has been brought about by the recovery trend since last year, with quarterly sales surpassing the new launches in the first quarter of the year by 32%.
In the first quarter of the year, sales overtaken new supply, which is positive news for the real estate market, he continued. The unsold stock was remaining almost the same in Delhi at 793 units between January and March, compared to 790 units in the previous quarter. Unsold inventory in Faridabad area shrunk by 17%, from 1,110 units to 920 units.
Unsold stockpiles in Ghaziabad decreased by 8% to 11,542 units from 12,614 units, while they decreased by 7% in Noida to 6,843 units from 7,371 units. Unsold housing stock in Greater Noida declined by 5%, from 25,241 units to 23,865 units. The overall unsold stock decreased by 11% from 20,566 units to 18,247 units in Kolkata.
Unsold housing units lessened by 8% to 62,735 units from 68,310 units in Mumbai and in by 9% to 31,735 units from 34,883 units in Navi Mumbai area.
Unsold inventory in Thane declined by 4%, from 1,13,700 units to 1,09,511 units. Unsold housing units decreased by 11% in Pune, from 77961 to 69331 units.
Bengaluru’s unsold housing stock dropped by 8% to 49,986 units from 54,143 units, while Hyderabad’s stock dropped by 2% to 95,106 units from 97,473 units in the prior quarter.
However, throughout the time under review, the number of unsold home stocks increased in Chennai and Gurugram. The number of unsold housing stocks in Gurugram increased by 17% to 12,903 units from 11,051 units.