Mumbai: The Mumbai Metropolitan Region (MMR) has witnessed a significant reduction in its unsold apartment stock over the past six years, according to a recent report by ANAROCK Research.
The report, released on Thursday, highlights a 14% decrease in unsold units, from 2.23 lakh in the first quarter of 2018 to 1.93 lakh by March 2024. This reduction in unsold inventory is noteworthy, considering the substantial number of new launches in the region. Between Q1 2018 and Q1 2024, over 5.41 lakh units were launched in MMR. The report attributes this increase in supply to high demand, which persisted even during the pandemic period.
“The new supply added was significant considering that the pandemic came during 2020. Developers continued to launch more projects due to the sustained high demand in the region. Factors such as stamp duty cuts and various offers and freebies contributed to a decrease in overall property acquisition costs, driving unprecedented demand post-COVID,” the report stated. Comparatively, the Pune market experienced a 4% increase in unsold stock from 93,320 units in 2018 to nearly 97,000 units by 2024. Despite this increase, Pune also saw a robust number of new launches, with over 3.01 lakh units introduced between Q1 2018 and Q1 2024.
In contrast, the National Capital Region (NCR) demonstrated a significant improvement, with unsold stock plummeting from approximately 2 lakh units at the end of Q1 2018 to about 86,420 units by Q1 2024. Similarly, Kolkata’s unsold inventory saw an impressive decline of 41% over the same period.
The report underscores the dynamic nature of India’s real estate markets, with regional variations reflecting differing economic conditions and policy impacts. The MMR’s ability to reduce its unsold inventory while maintaining a high level of new launches illustrates the region’s resilience and the effectiveness of measures such as stamp duty reductions in stimulating demand. The ANAROCK report provides valuable insights for stakeholders in the real estate sector, highlighting trends and potential areas for strategic focus. The data suggests that while some regions like Pune still grapple with increasing inventory, others like NCR and Kolkata have made significant strides in reducing their unsold stock, potentially setting a benchmark for other markets to follow.
As the real estate market continues to evolve, the experiences of MMR, NCR, and Kolkata could offer valuable lessons in balancing supply and demand, ensuring sustainable growth, and adapting to changing economic conditions. The report also hints at a potentially positive outlook for future developments, contingent upon continued policy support and market responsiveness to consumer needs.
