Bengaluru, Kolkata, Chennai, Delhi NCR see reduction in unsold stock of homes
New Delhi: Despite corona pandemic playing spoil sport for sales of residential property across the country, four major cities-Bengaluru, Kolkata, Chennai, Delhi NCR have been able to shed piled up inventories of homes in the second half (H2) in 2020.
The stock of unsold properties came down by 14-5 percent in these cities in the June-December period of 2020 as compared to same time period of 2019.
While Kolkata saw reduction in unsold stock of homes to the tune of 14 percent, Bengaluru witnessed the piled up inventory going down by five percent in the H2 of 2020. Chennai saw reduction of 10 percent and Delhi NCR witnessed reduction of 9 percent over H2 of 2019, according to report by Knight Frank.
Kolkata had unsold inventory of 28,160 houses at the end of 2020 with an average age of the homes being 15.2 months. Bengaluru had piled up inventory of 74,764 houses at the end of 2020 with an average age of the homes being 15 months. Chennai had unsold inventory of 12,190 houses with an average age of the homes being 15.5 months. Delhi NCR had piled up inventory of 1,10,764 houses with an average age of the homes being a whopping 23.5 months.