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In a positive development in the Indian real estate sector, unsold inventory has reached its lowest mark in the last eight quarters, or two years. During the first quarter in 2022, the number of unsold residential units in India was 6,27,280. This underlines that the real estate sector is gradually healing back to health after the impact of the pandemic. This would also be a welcome news for the developers.
According to market sources and analysts, there was a 3% decline in unsold property across the seven major cities in India. From the first quarter in 2020 (6,44,420 units), the figure significantly declined (6,27,280) units.
Analysts further stated that the unsold inventory remained spread across the premium homes that are priced between INR 80 lakhs to INR 15 crores and the mid-segment, where the prices range between INR 40 lakhs to INR 80 lakhs. This trend was also visible in the affordable market segment.
In the NCR, there was a 12% decline in unsold properties in the first quarter of 2022 when compared to the figures of the same period in 2020. Meanwhile, there was a collective rise by 32% in unsold stock in the cities in the south, such as Chennai, Hyderabad, and Bengaluru.
Analysts believe that the buyers are gradually finding their confidence in the realty sector. A number of established players have boosted their supply pipeline in recent months. There was a 116% jump in the supply of residential real estate in the seven key cities in India. These include Chennai, Delhi and NCR, Mumbai, Kolkata, Pune, Bengaluru, and Hyderabad. One of the experts revealed that even during the pandemic, sales continued to take place in these cities. This explains the declining trend of unsold inventory. With this trend dominating the real estate segment, the players can expect better prospects in the coming months.
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