Unsold Affordable Housing Down 19% in Top 7 Cities in Q1 2025, Luxury
Stock Up 24%
· Amid restricted new
affordable housing (priced <INR 40 lakh) supply in the last one year,
unsold stock in this segment shrank by 19% - from approx. 1.40 lakh units in Q1
2024-end to approx. 1.13 lakh units by Q1 2025-end
· Unsold luxury
housing (priced >INR 1.5 Cr) stock, on the other hand, saw a 24% yearly
surge – from approx. 91,125 units by Q1 2024-end to over 1.13 lakh units by Q1
2025-end
· Bengaluru
affordable stock saw the steepest (51%) yearly decline, followed by Chennai
with a 44% drop; only Hyderabad saw a 9% surge in its unsold affordable stock
· Chennai & Pune
the only cities to see their unsold luxury stock decline in the period (4%
& 11% respectively); the other 5 top cities’ unsold luxury stock saw an
increase
· Unsold mid-segment
housing (priced INR 40 - 80 lakhs) stock also declined annually by 10% - from
approx. 1.75 lakh units by Q1 2024-end to approx. 1.58 lakh units by Q1
2025-end; unsold premium segment (priced INR 80 lakh to INR 1.5 Cr) stock held
status quo in the period
· Overall, as of Q1
2025-end, unsold stock across all budget categories declined by just 4% in the
period across the top 7 cities – from 5.81 lakh units by Q1 2024-end to approx.
5.60 lakh units by Q1 2025-end
Mumbai, 14 April 2025: Affordable housing took a major
hit post-pandemic as buyers in this segment adopted a cautious approach, with
new supply and sales plummeting in recent years. But latest ANAROCK research
highlights a promising trend - unsold inventory in the affordable
housing segment (<INR 40 lakh) fell by 19% across the top 7 cities
in the past year, from 1.40 lakh units (Q1 2024-end) to 1.13 lakh units (Q1
2025-end).
Meanwhile, luxury housing (>INR 1.5 Cr) saw a 24% surge in
unsold stock, rising from 91,125 units (Q1 2024-end) to over 1.13 lakh
units (Q1 2025-end), fuelled by robust demand and new supply.
City-wise, Bengaluru led the affordable category recovery with a sharp
51% drop in unsold stock, followed by Chennai's 44% decline. Hyderabad was the
only city to witness a 9% surge in its affordable housing stock in the period -
to approx. 1,815 units by Q1 2025-end.
 |
| Anuj Puri, Chairman - ANAROCK Group, |
Anuj Puri, Chairman - ANAROCK Group, says, "Affordable housing
faced the sharpest pandemic fallout, with sales and new launches shrinking in
the top 7 cities. ANAROCK data shows that affordable housing sales share
plummeted from 38% in 2019 to 18% in 2024, while its supply share dropped from
40% to 16% in the same period. However, a 19% dip in unsold stock hints at
sustained demand led by end-users."
"In contrast, luxury housing soared, with its sales share rising
from 7% in 2019 to 26% in 2024, and new supply share doubling from 11% to
26%," says Puri. "Nevertheless, the segment saw unsold inventory pile
up due to increased supply and cautious investor sentiment amid the ongoing
global economic uncertainty. Our data shows that unsold stock of luxury housing
- units priced over INR 1.5 Cr - rose 24% annually from about 91,125 units by
Q1 2024-end to over 1.13 lakh units by Q1 2025-end."
Among the top 7 cities, Chennai and Pune were the only cities to see
their unsold luxury stock decline in the period, by 4% and 11%, respectively.
While Chennai’s current unsold luxury stock is at 2,453 units, Pune’s is at
3,668 units. NCR, MMR, Kolkata, Hyderabad and Bengaluru also saw
their unsold luxury stock rise.
"The build-up of stock in luxury housing, which has been the
top-performing segment in the past 2-3 years, is largely due to significant
supply additions in the last one to two years," says Puri.
|
Unsold Stock Across Top 7 Cities |
|||
|
Budget Categories |
Stock as of Q1 2025-end (Units) |
Stock as of Q1 2024-end (Units) |
% Change |
|
<INR 40 lakh |
1,12,744 |
1,39,905 |
-19% |
|
INR 40 lakh - INR 80 Lakh |
1,57,741 |
1,74,572 |
-10% |
|
INR 80 lakh - INR 1.5 Cr |
1,76,130 |
1,75,293 |
0% |
|
>INR 1.5 Cr |
1,13,193 |
91,125 |
24% |
|
Total |
5,59,808 |
5,80,895 |
-4% |
Source: ANAROCK Research
City-wise Dynamics
|
Unsold Affordable Stock Across Top 7
Cities (<INR 40 Lakh) |
|||
|
City |
Q1 2025-end |
Q1 2024-end |
% Change |
|
NCR |
25,105 |
32,189 |
-22% |
|
MMR |
53,942 |
60,783 |
-11% |
|
Bangalore |
3,323 |
6,736 |
-51% |
|
Pune |
14,686 |
20,522 |
-28% |
|
Hyderabad |
1,815 |
1,660 |
9% |
|
Chennai |
1,090 |
1,946 |
-44% |
|
Kolkata |
12,783 |
16,069 |
-20% |
|
Total |
1,12,744 |
1,39,905 |
-19% |
Source: ANAROCK Research
As of Q1 2025-end, a cumulative total of approx. 5,59,808 units are
unsold across the top 7 cities. Of this, approx. 1,12,744 units fall in the
affordable housing category; the luxury segment has approx. 1,13,193 unsold
units. Together, each of these two segments account for almost 20% of the total
unsold stock.
· In MMR,
unsold affordable housing stock declined 11% between Q1 2024 and Q1 2025, while
luxury stock rose by 6% in the period
· NCR saw a 22%
decline in its unsold affordable stock, while luxury stock swelled by over 78%
· Bengaluru saw its
affordable stock decline by 51% and its luxury stock rise by 57% in the period
· Chennai saw an over
44% yearly decline in unsold affordable stock and a 4% reduction in luxury
stock
· Pune saw an almost
28% annual dip in its unsold affordable stock, and a 11% decline in luxury
stock
· In Kolkata,
unsold affordable housing stock declined by 20%, while luxury stock rose by 96%
· Hyderabad was the only
city to see its unsold affordable stock jump by 9%, while its luxury stock
increased by 6%
