 "Selling time for unsold real estate inventory down by nearly one-third: JLL")
On the back of high demand, the time taken to sell unsold housing inventory across the top seven cities of India has reduced by nearly one-third to 22 months as compared to 32 months at the end of 2019, according to real estate consultancy JLL.
The consultancy released the findings based on an analysis of seven cities -- Delhi NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata -- over the last eight quarters.
It said that in terms of the price range, the highest reduction in selling time was witnessed in the “premium” homes priced between Rs 1.5 crore and Rs 3 crore. As compared to 51 months in December 2019, the selling time was down 43 per cent to 29 months in March this year.
It was followed by a drop of 40 per cent in the selling time for “affordable” homes priced up to Rs 75 lakh.
As compared to 32 months in 2019, their unsold inventory can now be cleared in 19 months.
“While the fall in the affordable segment was due to its reducing share in launches over the last four years, the premium segment saw this decline despite a substantial jump in the segment's share in annual launches, from 2 per cent in 2019 to 22 per cent in 2023,” the consultancy said.
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Homes priced between Rs 75 lakh to Rs 1 crore also saw a 27.5 per cent fall in their selling time to 21 months from 29 months earlier. For homes priced between Rs 1 crore and Rs 1.5 crore, and above Rs 3 crore, the selling time fell by 26.4 per cent and 11 per cent, respectively.
In all the cities which were analysed, the unsold inventory is being sold the fastest in Bengaluru at 13 months. It is followed by Delhi NCR at 14 months and Kolkata at 15 months.
“Delhi NCR has recorded the sharpest decline in terms of months to sell, coming down from 48 months to just 14 months,” said Siva Krishnan, senior managing director (Chennai & Coimbatore), head- Residential Services, India at JLL.
“This can be attributed to robust sales in the premium and luxury segment in Delhi NCR with a lot of quality projects getting completely sold out within days of their launch.”
He also added that in the near term, the months to sell the available inventory are likely to reduce further.