Unsold Inventory in Real Estate: A 31% Reduction in Selling Time
JLL reports a significant decrease in selling time for unsold inventory, with a 24% rise in inventory clearance expected by March 2024.
Real Estate NewsUnsold InventoryJllIndian Real EstateProperty MarketReal Estate NewsJun 06, 2024
This decline in selling time is attributed to various factors, including the ongoing pandemic, which has led to a change in consumer behavior. With more people opting for homeownership, the demand for properties has increased, resulting in a decrease in the inventory levels.
As of 2022, there are approximately 468,000 unsold units in the country, which is expected to come down to around 350,000 units by March 2024, marking a 24% rise since December 2019. This indicates a positive trend in the real estate sector, with more inventory being cleared and new projects being launched.
The reduction in selling time is also attributed to the efforts of the government and the Reserve Bank of India (RBI) to boost the sector. The RBI's decision to reduce the repo rate has led to a decrease in home loan interest rates, making it easier for people to purchase properties.
Additionally, the government's initiative to provide affordable housing has led to an increase in demand for properties in the affordable segment. This has resulted in a decrease in inventory levels, leading to a reduction in selling time.
Jones Lang LaSalle (JLL) is a leading international property consultancy company, providing expertise in the real estate sector. With operations in over 80 countries, JLL is a trusted advisor to many real estate companies, providing them with valuable insights and market trends.
The Indian real estate sector has been witnessing a slowdown in the past few years, with high inventory levels and slow sales. However, with the ongoing pandemic, the sector has seen a significant shift, with more people opting for homeownership.
Frequently Asked Questions
What is the current number of unsold units in the Indian real estate market?
As of 2022, there are approximately 468,000 unsold units in the country.
What is the expected reduction in unsold units by March 2024?
The unsold units are expected to come down to around 350,000 units by March 2024, marking a 24% rise since December 2019.
What are the factors contributing to the reduction in selling time for unsold inventory?
The factors contributing to the reduction in selling time include the ongoing pandemic, government initiatives, and the RBI's decision to reduce the repo rate.
What is the current selling time for unsold inventory in the Indian real estate market?
The selling time for unsold inventory has decreased by 31% to 22 months, compared to 2019.
Who is the leading international property consultancy company that has reported the reduction in selling time for unsold inventory?
Jones Lang LaSalle (JLL) is the leading international property consultancy company that has reported the reduction in selling time for unsold inventory.
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