Inventory of unsold units in country put at 10 lakh

On one hand the sale of housing units is progressive in the country, but on the other, the inventory of unsold units across seven major cities of the country is on the rise. The total number of unsold units in the country in the seven cities is put at 10,36,860, which is 6.02% more than the previous inventory of unsold units. By the end of 2022-23, the Mumbai metropolitan region had an unsold units of 3,77,152 and topped the list.

At the end of the third quarter of the fiscal year 2019-20 the inventory of unsold units in the country stood at 9.77,993 units. The subsequent pandemic situation, lockdown imposed in the country in its wake, severely affected the new launches of projects. In this backdrop, the number of unsold units across the nation crossed 10,00,000-mark.

City-wise, the number of unsold units prior to the Covid in MMR was 2,93,376 units. By March 2033, the inventory rose by 28.55% to reach 3,77,152 units. In Hyderabad Market, the growth of the unsold inventory was 105.24% and reached 94,316 units. The inventory of unsold units in Ahmedabad rose by 45.04%. To clear the inventory the time required by various cities is as follows: Chennai- 61 months, Mumbai -52 months, Delhi -44 months, Kolkata -39 months, Ahmedabad -38 months, Hyderabad -31 months, Pune -24 months and Bangalore -22 months.

Piling up of the inventory of unsold units is attributed to the launch of the new projects. The annual new launch of various cities is as follows:Chennai-405%, Kolkata-102%, Delhi-73%, Bangalore-52% Pune-28%, Mumbai-11%, Ahmedabad-10% and Hyderabad-6%. Meanwhile, all the eight major cities in the country registered strong growth in the supply of inventory of new homes. During 2023, the supply of units worth Rs 5 lakh crore commenced. The sale of units registered growth and reached Rs 2.9 lakh crore.