Value of Unsold Houses In Mumbai Almost Double Of Delhi NCR
New Delhi: Delhi NCR, with includes the important submarkets of Gurugram, Noida and others, is far behind Mumbai in terms of value of unsold houses.
The value of the piled up inventory of homes with developers in Delhi NCR stood at Rs 81,300 crore at the end of first quarter (Q1) of 2020 as compared to Rs 1,37,900 crore worth of houses lying unsold in Mumbai, according to a report by JLL.
Delhi NCR will take about 4.4 years to sell off all the unsold stock at the current pace of sales. On the other hand, Mumbai will take 4.2 years for the same.
The number of unsold houses in Delhi NCR has gone down from 1,24,720 units at the end of fourth quarter of 2019 to 1,21,800 units at the end of Q1 of 2020. On the other hand, the number of unsold homes in Mumbai has gone up from 1,19,173 units at the end of fourth quarter of 2019 to 1,24,059 units at the end of Q1 of 2020.
The total value of unsold homes in the top seven cities of the country stands at Rs 3,65,100 crore at the end of Q1 of 2020.
The south Indian cities of Bengaluru, Hyderabad and Chennai have Rs 64,000 crore, Rs 19,200 crore and Rs 22,200 crore respectively. Bengaluru will take about 3.3 years to sell off the entire ready stock of homes at the current speed of sales. Hyderabad will take 1.6 years and Chennai will take 2.5 years to sell off the stock.
Pune has about Rs 25,200 crore worth of homes lying unsold. It will take 1.7 years to get rid of the piled up inventory. Kolkata has around Rs 15,300 crore worth of houses lying unsold. It will take about 4.2 years to clear the inventory.
The number of unsold homes in these top cities has gone up from 4,42,228 units at the end of fourth quarter of 2019 to 4,55,351 units at the end of Q1 of 2020.