The number of homes for sale in housing schemes in the eight major cities of the country declined by nearly two per cent to 7.05 lakh units in the January-March quarter compared to the previous quarter.
According to a report by real estate company RealInsight, if the pace of sale is the same, it will take developers about four years to sell these units. Housing brokerage company Prop Tiger said in its report that there was an 18 per cent drop in housing sales in residential or ready-to-wear homes. According to the report, the number of homes ready for sale by the end of the first quarter of 2021 is 7,05,344. The number was 7,18,483 in the previous quarter.
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A total of 66,176 homes were sold and 53,037 new homes were ready for the quarter under review. Managing Director of Prop Tiger, Mani Rangarajan said, “There are such residential units in Mumbai and Pune. 54% of these unsold homes are in these two cities only.” The remaining 15 per cent of the houses are in Delhi-NCR and ten per cent in Bangalore.