New Delhi: In the three months from January to March 2022, unsold homes in the country’s eight largest cities grew by one per cent. 9,01,967 houses remained unsold during the quarter. The main reason for the rise in unsold homes is the launch of new housing projects in these eight cities, according to a report. The report was compiled by CREDAI, Colliers India and Licensing Force.
Looking at the number of unsold homes in the last four quarters, there were 8,94,100 unsold homes in the third quarter from October 2021 to December 2021. That’s up one percent from the fourth quarter. In these eight cities, the highest number of unsold houses in the Mumbai Metropolitan Region (MMR) fell by 32 per cent in the first quarter of this year. This is followed by Delhi National Capital Territory (Delhi NCR) with 18 per cent houses falling. After that, Pune’s number is rising and 14% of houses in Pune are lying unsold.
The number of unsold homes continued to decline from the second quarter of 2020 to the fourth quarter of 2021. Many were working from home at that time. As a result, the demand for large houses was increasing exponentially. At the same time, banks are offering affordable home loans. As a result, home sales continued to grow. To take advantage of this, in the first quarter of the current year 2022, many builders announced new housing projects. This has led to an increase in the number of unsold homes.
Unsold Homes (January to March 2022)
City Proportion (Percentage) Homes Without Sale (Number)
Hyderabad 14 68,243
Ahmedabad 6 73,769
MMR 42,91,266
Bangalore 570,927
Chennai 5 75,164
Delhi NCR 3 1,58,563
Pune 2 1,23,665
Kolkata 1 40,370
