A recent survey carried out by property consultant JLL India revealed that in 2017, a total of 4.4 lakh houses were unsold at the end of 2017. The survey was carried out in seven major cities, from which Delhi-NCR had the maximum number of property hanging. Data showcased that in Delhi, about 1,50,654 units remained unsold in 2017, however, Chennai had the highest percentage of complete unsold properties somewhat 20%. In Delhi-NCR property market, the unsold properties were spread in the perimeter of Delhi, Gurgaon, Ghaziabad, Faridabad, Noida and Greater Noida.
A JLL India carried a survey in cities like Mumbai, Delhi – NCR, Hyderabad, Pune, Bengaluru and Kolkata. Among the top cities, Kolkata had the lowest number of unsold properties – somewhere about 26,000 units. While in Mumbai recorded 86,000 units of unsold property, Bengaluru saw about 70,000 units unsold, whereas Pune witnessed 36,000 units of unsold houses. Hyderabad, on the other hand, registered 28,000 units unsold. From the total unsold stocks, it was known that 34,700 units of houses were ready-to-move-in flats.
It needs to be noted, that Delhi is among most expensive premium office locations in the world, and earlier another study revealed that most of the homebuyers prefer to purchase a property close to their work in this city.
Last year in December 2017, the JLL Global Premium Office Rent Tracker report for the fourth quarter of 2017 (Q42017) revealed that Delhi stood at sixth place in the world’s most expensive premium office with a rent of $147 per square foot per year. Later a study by OLX revealed that 50% of all the interested homebuyers in Delhi-NCR want to buy a home in close proximity to their workplace.
Irwin Preet Singh Anand, COO, OLX India that time said, “Government reforms like GST and RERA will reduce the tax burden on consumers and increase consumer confidence, encouraging them to invest in the sector. Combination of these initiatives is likely to increase transactions in the Real Estate industry in 2018.”
JLL India CEO and Country Head Ramesh Nair said: “The residential market has been on a wait and watches mode for some time on account of many structural changes that have happened,” reported in PTI.
Nair reportedly said, “We expect sales velocity to start picking pace in the second half of the year mostly on account of stable prices making entry attractive.”