– by Anuj Puri
Homebuyers seeking ready-to-move-in properties in the ongoing festive quarter are spoiled for choice. ANAROCK research indicates that nearly 81,300 unsold homes are currently ready-to-move-in across the top 7 cities. As on Q3 2019 end, approx. 6.56 lakh units were lying unsold across the top 7 cities and out of this nearly 12% are ready to be occupied.
Anuj Puri, Chairman – ANAROCK Property Consultants says, “Among the top 7 cities, MMR has the maximum ready unsold stock equalling nearly 21,000 units, followed by NCR which has nearly 16,800 unsold ready units and Pune with 14,260 ready units. In the South, Bangalore and Chennai have an almost equal number of ready unsold supply with 10,640 units and 10,160 units respectively. Kolkata has 5,620 ready unsold homes, and Hyderabad has the least ready stock with about 2,520 unsold units. Hyderabad also has the least overall unsold stock (of 23,890 units) among the top 7 cities.”
Interestingly, on studying the overall share of the ready units out of the total unsold stock in each of these cities, Chennai tops out – of the total 31,380 unsold units in the city (as in September 2019) 32% is ready-to-move-in (approx. 10,160 units). Bangalore follows with nearly 10,640 units ready for possession out of a total of 63,540 units – a 17% share. In Pune, nearly 15% of the total unsold stock – nearly 14,260 units of 92,560 unsold units – are ready-to-move. In Hyderabad and Kolkata, the share of ready stock among total unsold stock is 11% and 13% respectively.
Ready Homes: Budget Analysis
The data of current ready unsold inventory across the top 7 cities reveals that the maximum ready stock is in the affordable segment priced <INR 40 lakhs, followed by mid-segment homes. The luxury segments have the least ready stock.
Nearly 35% (approx. 28,830 units) of the total 81,300 unsold ready units are in the affordable bracket (priced < INR 40 lakhs). MMR and Pune have the maximum ready affordable stock with 9,730 units and 5,990 units respectively.
In the mid-segment (homes priced within INR 40-80 lakhs) approx. 26,180 units – or 32% – of unsold stock is ready-to-move-in. Bangalore, Pune, and NCR have the maximum ready units in the mid-segment with approx. 5,300 units, 5,140 units and 5,060 units respectively.
Nearly 20% of around 16,290 ready unsold units in the top 7 cities are priced within INR 80 lakhs to INR 1.5 Crore. MMR, NCR, and Pune collectively have more than 10,170 ready units in this budget range.
Nearly 10,000 units across the top 7 cities are in the luxury and ultra-luxury segments priced > INR 1.5 Crore. Not surprisingly, MMR and NCR have maximum ready unsold stock in the luxury and ultra-luxury segments. Together, they account for nearly 66% of the total 10,000 available ready units.
Top Micro-markets with Ready Supply
The prominent micro-markets with generous ready unsold stock in the top 7 cities are:
- 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.