JLL Report On Real Estate
There was some relief from house prices during the Covid period. Demand for housing increased due to increased work from home and cheaper home loan interest rates from banks. Due to this, the prices of flats started increasing. Interestingly, even after the increase in repo rate from 2022, the demand for houses has not decreased.
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Property sales have not been affected much despite rising home loan EMIs and rising prices. Looking at the reports from the past few months, the demand for luxury homes is steadily increasing. Therefore, houses worth lakhs of crores of rupees are being booked in just a few hours.
Millions of flats are vacant in big cities
Now a shocking report has come out about the properties and flats. The number of unsold flats in 7 major cities of the country has increased by 24 percent compared to 2019. Construction professionals say that the sale of these houses will be completed in 22 months.
Real estate consultancy JLL India said in a report on Thursday that the number of unsold houses till March 2024 stood at around 4,68,000 units, up 24 per cent from December 2019. These cities include major cities like Delhi-NCR, Mumbai, Pune, Bangalore, Chennai, Hyderabad and Kolkata.
Despite the increase in the number of completed homes, the estimated time to sell them has decreased. JLL said the time it takes to sell unsold homes has fallen by 31 percent.
In the January-March quarter, the estimated time to sell these homes came to just 22 months, while at the end of 2019 it was 32 months. This is mainly due to the sharp increase in housing demand. According to experts, in the past, houses took longer to sell due to low demand.
#Delhi-NCR’s unsold inventory declined from approximately 2 lakh units by Q1 2018-end to approximately 86,420 units by Q1 2024-end, a new report has said
Read more: https://t.co/rE1K4phTzF
— Hindustan Times (@htTweets) May 26, 2024
This assessment is based on the average sales rate recorded in the last eight quarters. Only apartment flats are included in this figure. This excludes houses, villas and plot developments built on plots.
Mumbai market includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai while Delhi-NCR includes data from Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna.
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