Homebuyers looking for ready-to-move-in options may find Bengaluru and Delhi NCR the most attractive destinations in India. A recent report by JLL India reveals that these two major cities boast the shortest timeframes for selling unsold housing inventory, with Bengaluru taking just 13 months and Delhi NCR following closely at 14 months.
Good news for homebuyers seeking readily available properties! A recent study by JLL India highlights Bengaluru and Delhi NCR as the frontrunners for possessing the least unsold housing inventory and the fastest turnaround times.
The report, released in Q1 of 2024, indicates that Bengaluru leads the pack with an average time of 13 months to sell unsold housing units. Delhi NCR follows closely behind, requiring only 14 months to liquidate similar inventory. This signifies a significant improvement compared to 2019, when the average time to sell unsold housing stock across major Indian cities stood at 32 months.
Analysts attribute this positive trend to a surge in housing demand across major Indian cities, particularly for luxury apartments. The report reveals that the time required to sell premium housing units has dropped considerably, from 51 months in 2019 to 29 months in the first quarter of 2024. This suggests a growing preference for high-end properties among buyers.
While Bengaluru and Delhi NCR emerge as the fastest markets for unwinding unsold inventory, other major cities like Chennai (20 months), Mumbai (29 months), and Pune (16 months) also exhibit a positive trend. Hyderabad, however, faces a longer average liquidation time of 48 months.
Experts believe this scenario reflects a combination of factors. Increased disposable income, a growing middle class, and a post-pandemic shift towards homeownership are all contributing to the rise in housing demand. Additionally, a focus on project completion by developers and a preference for established builders with proven track records are streamlining the buying process.
For potential homebuyers seeking readily available options, Bengaluru and Delhi NCR offer a clear advantage. However, the report also highlights the overall improvement in the Indian real estate market, with a significant reduction in unsold inventory across major cities. This paints a promising picture for the future of the sector.
