Developers have over Rs 3,70,000 crore worth of residential units sold

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Mumbai, 07.07 April 2020, Tuesday

Real estate developers across the country have an estimated Rs. 5,700 crore unsold residential units. As a result of the impact of the coronavirus, those wishing to buy a residence have been forced to postpone their current housing purchase plans. In the first quarter of the year, residential sales declined 5 percent year-on-year, according to a report.

With the demand for homes weakening, developers' capital is currently stuck at Rs. In the first quarter of the year, the amount of new construction started to increase, compared to the sales figures for the dwellings. In the first quarter of 2, the number of un-sold units increased to 5 units compared to 3 units in the first quarter of 2.

Mumbai is ahead of Delhi in terms of the highest inventory of accommodation, the report said. The number of units not sold in Mumbai has been 5 units while in Delhi the number is 6. Looking at the sales figures of the last few years, it seems that developers may need 1.5 years to free up this stock.

Given the prospect of a slowdown in sales in the coming days due to the impact of the Corona, these stocks may also be lengthened to clear. Therefore, developers may have to wait a long time to sell this inventory worth Rs. Due to the current situation, home buyers' trust has also faded.

The report also shows the possibility that the Reserve Bank will cut housing prices to attract buyers after Covid-1 as a result of the interest rate cuts due to the slowdown. Affordable housing will be available in the market due to the reduction in prices which will improve the mentality of the buyers.

However, all of this depends on how long the lockdown lasts. If the lockdown is prolonged, the stocks' clearing period may also be extended. Construction workers have also been stranded due to coronaviruses working in the construction sector and have started delaying their resume.

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