The highest unsold homes are in Mumbai Metropolitan Region (MMR) and National Capital Region (NCR). While MMR has around 2.09 lakh homes that are waiting to be sold, there are another 1.71 homes in NCR that are awaiting for home buyers. This does not stop new launches in both the regions, according to the Anarock report.
According to Anarock data, Bengaluru continues to be the most active market, while Hyderabad has the least unsold inventory.
Despite COVID-19 pandemic, 57,940 units were sold, and sales continued to exceed launches in the first half of 2020. It was found that only 17,530 units were sold in the Mumbai region in the first half of 2020, as against 45,370 homes that were sold in the first half of 2019. Like Mumbai region, Delhi region witnessed a degrowth of 61 per cent in first half of 2020 — from 26,380 units in first half of 2019 to 10,250 units in the first half of 2020. More than 65 per cent contradiction was witnessed in Hyderabad in the first half of 2020 — from sales of 9,830 units in the first half of 2019 to 3,340 units in the first half of 2020. All major cities witnessed a contraction in sales. The contraction was in the range of 46 per cent to 51 per cent across the top seven cities of India.
Affordable housing segment continued to be one of the largest contributors, although its share declined from 41 per cent in the second half 2019 to 36 per cent in the first half of 2020.
Unsold inventory registered a marginal decline of 2 per cent in the first half of 2020 compared to the second half of 2019. “Sales continued to exceed new launches, resulting in unsold inventory reduction,” stated Anarock.
The reports also stated going forward the design specifications are likely to be altered as there will be a higher demand for flexible homes that are capable of functioning as offices and classrooms. Pointing at new trends in the home segment, the reports stated with work from home gaining prominence among Indian corporates, this will lead to spike in reverse migration of professionals. “As a result, housing demand may gain momentum in tier II and tier III cities.”