While the brand new provide of reasonably priced housing has been shrinking over the past two pandemic years, demand stays wholesome. Out of the whole unsold inventory throughout the highest 7 cities, reasonably priced housing stock noticed probably the most important decline of 21% – from 2,34,600 items by Q1 2020-end to 1,86,150 items by Q1 2022-end, ANAROCK information reveals.
Among the highest 7 cities, Chennai, Pune and MMR noticed the best decline of their unsold reasonably priced housing inventory over the past two years, with 52%, 33%, and 27% reductions. These declines instantly correlate to the intentional restriction of recent price range housing provide.
The unsold inventory of the ultra-luxury properties priced >INR 2.5 Cr within the high 7 cities witnessed a 5% decline in the identical interval – from approx. 41,750 items by Q1 2020-end to approx. 39,810 items by Q1 2022-end. MMR and Kolkata noticed the utmost discount in unsold ultra-luxury stock, shedding 16% and 15%, respectively.
Commenting on the identical, Anuj Puri, Chairman, ANAROCK Group, mentioned, “Affordable housing took the biggest hit from the pandemic, with the first perceivable change being its declining share of new supply. Data reveals that out of approx. 70,480 units launched in the top 7 cities in Q1 2019, affordable housing had a 44% share. This segment’s supply share has been declining y-o-y, reducing to 38% in Q1 2020 and further to 30% in Q1 2021. In Q1 2022, its share of new supply had declined to 25%.”
“That said, restricting new affordable housing supply has helped developers clear previous stock of unsold budget homes by at least 21% in the top 7 cities,” added Puri. “This is the highest supply reduction among all budget categories – clearly reflecting an enduring demand for affordable homes.”
The ultra-luxury properties section additionally fared effectively, seeing a 5% provide decline throughout the highest 7 cities in the identical interval – regardless of the addition of great new provide to deal with resurging demand for ultra-luxury properties within the pandemic. MMR and Kolkata noticed the best stock discount of 16% and 15%, respectively.
Notably, the premium and luxurious segments (INR 80 lakh to INR 2.5 Cr) witnessed a rise within the whole unsold inventory in the identical interval.
Source: www.financialexpress.com”