Over 81,300 unsold homes in top 7 cities are ready for possession: Report

A recent research on the real estate market by Pune-based ANAROCK Property Consultants indicates that nearly 81,300 unsold homes are currently ready-to-move-in across the country’s top 7 cities – Mumbai (MMR), Delhi-NCR, Bangalore, Pune, Hyderabad, Kolkata, and Chennai. At the end of Q3 2019, approximately 656,000 homes lay unsold across the cities, and out of this nearly 12 percent are ready to be occupied.

Anuj Puri, Chairman of ANAROCK, said, “Among the top 7 cities, Mumbai Metropolitan Region (MMR) has the maximum ready unsold stock of nearly 21,000 homes, followed by the National Capital Region (NCR) with about 16,800, and Pune with 14,260.”

“In the South, Bangalore and Chennai have similar numbers with 10,640 and 10,160 unsold read homes respectively. Kolkata has 5,620 such homes, and Hyderabad has the least with about 2,520 unsold units. Hyderabad also has the least overall unsold stock (of 23,890 units) among the 7 cities,” he added.

Also read: Indian Cities – An Important Step Towards Economic Development

On studying the overall share of ready units out of the total unsold stock in each of these cities, the report finds that Chennai tops out – of the total 31,380 unsold homes in the city (as of September 2019), 32 percent are ready-to-move-in (about 10,160).

Bangalore follows with nearly 10,640 homes ready for possession out of a total 63,540 unsold units – a 17 percent share.

In Pune, about 15 percent of the total unsold homes – nearly 14,260 units out of 92,560 – are ready-to-move. In Hyderabad and Kolkata, the share of ready homes among total unsold stock is 11 percent and 13 percent respectively.

Ready Homes: A Budget Analysis

The report also states that the maximum share of ready real estate – about 35 percent of the total 81,300 – is in the affordable segment, priced under Rs. 40 lakhs, followed by mid-segment homes. The luxury segments have the least ready-units.

MMR and Pune have the most ready affordable homes, with 9,730 units and 5,990 units respectively.

Also read: How Asia transformed from the poorest continent in the world into a global economic powerhouse

In the mid-segment (homes priced between Rs 40 lakhs and Rs 80 lakhs) approximately 26,180 unsold homes – 32 percent of the total – are ready-to-move-in. Bangalore, Pune and NCR have the maximum ready units in the mid-segment with about 5,300 units, 5,140 units and 5,060 units respectively.

Nearly 20 percent of around 16,290 ready unsold units in these 7 cities are priced between Rs 80 lakhs and Rs 1.5 crore. MMR, NCR and Pune collectively have more than 10,170 ready homes in this budget range.

Nearly 10,000 homes in the 7 cities are in the luxury and ultra-luxury segments, priced above Rs 1.5 Crore. Not surprisingly, MMR and NCR have the highest number of ready unsold units in these segments. Together, they account for nearly 66 percent of the total 10,000.

Top Micro-markets with Ready Supply

The report lists prominent micro-markets with a generous number of unsold ready homes in the top 7 cities:

  • MMR – Badlapur, Palghar and Virar have nearly 3,060 ready unsold units
  • NCR – Central Noida, Greater Noida West and Yamuna Expressway have more than 7,270 units that are ready-to-move-in.
  • Bangalore – the prominent IT hubs of Whitefield, Electronic City and Sarjapur Road collectively have more than 2,810 unsold ready units
  • Pune – Balewadi, Talegaon Dabhade and Wagholi have ready unsold inventory of nearly 2,830 units.
  • Hyderabad – Gachibowli, Kondapur and Narsingi have approx. 1,040 units that are ready-to-move-in.
  • Chennai – Iyyappanthangal, OMR and Perambur have around 4,450 unsold ready units.
  • Kolkata – Maheshtala, Rajarhat and Rajpur Sonarpur have more than 2,290 ready unsold units.

Also read: Policy uncertainty in Indian e-commerce

Follow Indus Dictum on Facebook, Twitter, and LinkedIn for the latest updates.

Subscribe to Indus Dictum to receive a briefing about the latest news & feature articles. No spam, we promise.

Success! You're on the list.

The ID Staff

Daily stories by the Indus Dictum Staff

Have some feedback for the author? Click here to comment.