Top 7 cities have inventory of 78,000 unsold apartments: Anarock report

By: |
April 25, 2020 1:00 AM

Despite the nationwide lockdown, Anarock said it closed the digital sale of 240 homes worth Rs 214.6 crore and 62 office spaces collectively worth Rs 37 crore.

Virtual site visits are now a firm reality and a large chunk of the property selection and purchase process can now be done digitally, Puri noted. (Representative image)Virtual site visits are now a firm reality and a large chunk of the property selection and purchase process can now be done digitally, Puri noted. (Representative image)

The top seven cities across the country have an inventory of 78,000 unsold apartments worth close to Rs 66,000 crore, with almost half the number being in the Mumbai Metropolitan Region (MMR) and Pune, real estate consultancy Anarock said.

A report by Anarock Property Consultants reveals that out of the total unsold stock of over 6.44 lakh units in the top seven cities as on March 2020, nearly 12%, or around 78,000 homes, are ready-to-move-in, which is worth about Rs 65,950 crore.

Anarock chairman Anuj Puri said, “Of the total unsold ready stock, MMR and Pune together have around 35,200 units, which are collectively worth Rs 37,550 crore. This accounts for 57% of the total value of ready unsold homes across all top 7 cities.”

In terms of break-up, the MMR has the maximum ready stock of nearly 19,200 unsold homes, followed by Pune (16,000 units), Delhi-NCR (15,600), Bengaluru (10,100), Chennai (9,400), Kolkata (5,300) and Hyderabad (2,400).

Although construction activity is completely halted all across, first-time homebuyers are at an unprecedented advantage to negotiate good deals on ready-to-move-in options and simultaneously benefit from all-time-low interest rates of 7.15-7.8%, he added.

The Covid-19 lockdown has accelerated technology-led homebuying in India, making it possible to inspect properties online as well as negotiate and finalise deals. Virtual site visits are now a firm reality and a large chunk of the property selection and purchase process can now be done digitally, Puri noted.

“Some states are now also mulling the introduction of e-registration of property documents, thereby completing the entire value chain. This is necessary since physical site visits are unlikely to pick up quickly even after the lockdown ends, as both buyers and sellers will remain wary,” he added.

Despite the nationwide lockdown, Anarock said it closed the digital sale of 240 homes worth Rs 214.6 crore and 62 office spaces collectively worth Rs 37 crore.

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