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The number of units left unsold is becoming a real headache for the real estate business. The current situation has a huge unsold stock of about 7 lakh units in seven major cities of India. As per the study, the total number of unsold housing units includes about 2 lakh units in the NCR region alone.
The housing sector is facing decline as there is a major 43% reduction in the sale of housing units. Elaborating this, company’s Chief Economist and Director Research Samantak Das said: “This is decade-low sales in NCR. Main reasons of fall are basically the delayed economic revival, high interest regime, bad market sentiments among investors as well as end-users and regulatory issues.”
When compared with September 2016, the results have gotten better, with 12,000 excess units sold. This seems to be the outcome of changes that were implemented to rule out corruption and black money from this sector, or the major changes associated with the new policies of Real Estate Regulation Bill (RERA).
Though, it is still very early to forecast any of the forthcoming trend that could help this economy rise back to the position it desires to be. Also, it becomes important that the assessment of property be done properly by promoters in the sectors across different project category in the housing segment.