78,000 unsold homes in top seven cities; MMR and Pune lead the table, says report

Of the total unsold stock of over 6.44 lakh units in the top seven cities in India as on March 31, 2020, nearly 12 percent or approximately 78,000 homes are ready-to-move-in and their worth is about Rs 65,950 crore, a report has said.

Highly COVID-19-impacted Mumbai Metropolitan Region (MMR) has the maximum ready stock of nearly 19,200 unsold homes worth nearly Rs 26,150 crore. However, this ready stock is just 9 percent of the total unsold inventory (of 2.13 lakh units) in the region, the report by Anarock Property Consultants said.

Pune has the second-highest ready unsold stock of nearly 16,000 units worth over Rs 11,400 crore. This is close to 17 percent of the total unsold stock of 93,300 units available in the city.

The National Capital Region (NCR) comes third with nearly 15,600 unsold ready homes worth Rs 10,720 crore. This accounts for just 9 percent of the total unsold inventory of 1.73 lakh units in the region.

Bengaluru currently has ready unsold stock of approximately 10,100 units worth Rs 7,150 crore. Overall, this is nearly 16 percent of the total 62,800 units of unsold stock in the city, the report noted.

Chennai has nearly 9,400 ready unsold units in the city worth nearly Rs 5,800 crore. Interestingly, the ready stock comprises 28 percent share of the total 33,500 unsold units in the city.

"Of the total unsold ready stock, MMR and Pune together have approximately 35,200 units, which are collectively worth Rs 37,550 crore. This accounts for 57 percent of the total value of ready unsold homes across all top 7 cities,” Anuj Puri, Chairman, Anarock Property Consultants, said.

Although construction activity is completely halted all across, first-time homebuyers are at an unprecedented advantage to negotiate good deals on ready-to-move-in options and simultaneously benefit from all-time-low interest rates of 7.15 percent to 7.8 percent, he said.