India will see supply of 8.70 lakh new houses in the next 24 months

New Delhi: India will see supply of 8.70 lakh new houses in the next 24 months, or in the current and the next fiscals, in the top nine cities if the country. About 5.02 lakh homes will be delivered in the current fiscal and the rest of the 3.68 lakh units will be completed in the 2021-22 fiscal.

This 8.7 lakh units that will be delivered in the in the next two fiscals will be just shy of the figure of houses completed in the top nine cities in the last two fiscals (2018-19 and 2019-2020), according to a report by real estate portal Proptiger.com.

Despite the slowdown in the real estate industry in the last few years and multiple problems of liquidity faced by real estate companies, the number of houses expected to be delivered in the current fiscal will be almost equal to the houses delivered in the last fiscal 2019-2020. Even in the coming fiscal, the number of homes expected o be delivered (3.68 lakh) will be much higher than in 2013-14 fiscal( 2.45 lakh units), 2014-15 fiscal (2.77 lalh units), 2015-16 fiscal (3.5 lakh units), 2016-17 fiscal (3.12 lakh units) and fiscal 2017-28 (3.13 lakh units).

Although sizeable delivery is lined in the next two years, there is currently substantial stock of unsold houses in all the top nine cities of the country. The current unsold inventory in these cities stands at 7.38 lakh. Its Delhi NCR which has maximum stock of unsold homes which is more than 3 years of age. Four out of every five unsold home in Noida (about 79 percent) was completed more than 3 years ago. In Gurugram , the same is 58 percent. Hyderabad, on the other hand, has the least stock of unsold houses that are more than 3 years of age (22 percent).

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