New Delhi, Nov 13 (IANS) A report by Anarock Property Consultants on Wednesday said that the stock of unsold housing units in the NCR would take at least 44 months to be sold off, the highest overhang period among the country’s seven major cities.
However, the report noted that the the overhang period has come down from 58 during the July-September quarter of 2018.
“NCR, one of the worst-affected residential markets in the country, currently has unsold stock which will take at least 44 months to clear. Back in Q3 2018, it was 58 months while in the corresponding period of 2017, it was 59 months,” it said.
The overall inventory overhang in the top seven cities reduced to 30 months by the end of the third quarter of 2019 from 37 months in the corresponding period of 2018. The overall unsold inventory across the cities recorded a 5 per cent yearly reduction from 6.87 lakh units in Q3, 2018 to nearly 6.56 lakh units as on Q3, 2019.
Anuj Puri, Chairman, Anarock Property Consultants said: “The annual change of unsold inventory overhang in the third quarter of 2019 was fairly better than the previous year. This suggests that builders now are following a laser-focused approach towards clearing their previous unsold stock.”
“Simultaneously, unlike earlier, builders have now also limited their new supply into the market. No wonder, new launches in Q3 2019 fell by 13 per cent against the year-ago period in the top seven cities whereas it had increased by 51 per cent in Q3 2018 as against Q3 2017,” he said.
By the end of quarter ended September, Bangalore had the lowest unsold inventory overhang among the major cities at about 15 months. The report further said that Hyderabad’s unsold inventory would take 16 months to clear in the present scenario, while the inventory overhang in Pune has declined to 27 months.
Chennai’s unsold inventory overhang has reduced from 35 months in the third quarter of 2018 to 31 months in 2019, the report said adding that the inventory overhang in the Mumbai Metropolitan Region stood at 34 months. In Kolkata, unsold inventory would take at least 38 months to clear from hereon, it said.