Unsold Inventory in Real Estate Sees Significant Decline: A 31% Reduction in Selling Time
The real estate market is witnessing a turnaround, with unsold inventory reducing by 31% since 2019, leading to a significant decline in selling time.
Real EstateUnsold InventoryJllProperty MarketHousing DemandReal EstateJun 06, 2024
This reduction in selling time is a positive indicator for the industry, which has been struggling to clear its inventory. The report further stated that the number of unsold units is expected to come down to approximately 468,000 units by March 2024, marking a 24% rise since December 2019.
This decline in unsold inventory can be attributed to various factors, including the government's initiatives to boost the sector, such as the relaxation of norms for foreign investors and the reduction of GST rates. Additionally, the rise of affordable housing and the increasing demand for housing have also contributed to the decline.
The reduction in selling time is not only beneficial for developers but also for homebuyers. With reduced selling time, homebuyers can expect faster possession of their properties, which will lead to increased customer satisfaction.
JLL is a leading international real estate services company that specializes in providing commercial property and investment management services. With operations in over 80 countries, JLL is one of the largest and most well-established players in the real estate industry.
JLL is a Fortune 500 company that has been operating in India since 1997. With a strong presence in the country, JLL provides a range of services, including property and asset management, capital markets, and project and development services.
Frequently Asked Questions
What is the current selling time for unsold inventory in the real estate sector?
The selling time for unsold inventory has reduced by 31% to 22 months, a significant improvement from 2019.
How many unsold units are expected to be cleared by March 2024?
The number of unsold units is expected to come down to approximately 468,000 units by March 2024, marking a 24% rise since December 2019.
What are the factors contributing to the decline in unsold inventory?
The decline in unsold inventory can be attributed to various factors, including the government's initiatives to boost the sector, such as the relaxation of norms for foreign investors and the reduction of GST rates.
How will the reduction in selling time benefit homebuyers?
The reduction in selling time will benefit homebuyers as they can expect faster possession of their properties, leading to increased customer satisfaction.
What is JLL's role in the real estate sector?
JLL is a leading international real estate services company that specializes in providing commercial property and investment management services.
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