Mumbai Has More Than Twice The Number Of Luxury Homes Lying Unsold Than Delhi NCR
New Delhi: Mumbai has more than twice the number of luxury properties lying unsold than Delhi NCR at the end of 2019. While the Maximum City has 48,970 luxury homes that were unsold at the end of 2019, Delhi NCR has 18,4900 such units were waiting to find buyers at the end of last year, according to ANAROCK Property Consultants.
But Delhi NCR witnessed its stock of unsold luxury homes go up by 17 percent in 2019 as compared to just 2 percent increase that Mumbai saw. Delhi NCR had 15726 luxury units that were lying unsold at the end of 2018 while Mumbai had 48,009 such homes at the end of 2018.
Hyderabad, which is emerging as a promising real estate market in the country, however saw the highest percentage jump in unsold stock of luxury properties at 58 percent. The city had 3,000 luxury houses that were unsold at the end of 2018 which went up to 4,740 units at the end of 2019.
It was Kolkata which bucked the trend in rise in unsold stock of luxury properties. The city saw 10 percent decline in stock of unsold units, from 2,265 units at the end of 2018 to about 2,050 houses by the end of 2019.
Pune witnessed 56 percent jump in unsold stock of luxury units. The city had 2,750 unsold luxury units at the end of 2018 which went to 4,290 units at the end of 2019.
Chennai saw 33 percent increase in unsold stock of luxury units. The city had 2,480 unsold luxury units at the end of 2018 which went to 3,300 units at the end of 2019.
Benagluru’s unsold luxury stock went up by 6 percent from 7,010 houses at the end of 2018 to 7,470 homes at the end of 2019.
“Snapped up like hot cakes by investors in previous years, luxury housing sales are still in the doldrums and hinging largely on end-user sales. Even after three years of demonetization, despite having the lowest share of overall unsold stock in the top 7 cities, it remains the worst-performing of all budget categories,” said Anuj Puri, Chairman, ANAROCK Property Consultants.