Delhi-NCR’s Unsold Inventory at Decadal Low – Under 1 Lakh Units for 1st Time

• Inventory Decline: Delhi-NCR witnessed a substantial yearly decline of 23% in its housing inventory, dropping from approximately 1,23,692 units by the end of 2022 to around 94,803 units by the end of 2023. This marks the highest annual reduction in unsold housing stock among the top 7 cities.
• Historic Low: For the first time in the last ten years, the unsold housing inventory in Delhi-NCR has plunged below one lakh units, standing at a decadal low.

Regional Breakdown of Unsold Inventory:

• Gurugram: The highest unsold stock in the NCR region stood at approximately 37,575 units, although it saw a decline of 27% year-on-year.
• Greater Noida: Witnessed over 18,825 unsold units by the end of 2023, marking a 28% annual reduction.
• Ghaziabad: Unsold stock declined by 19% to approximately 12,546 units by the end of 2023.
• Noida: Recorded unsold stock at around 8,648 units by the end of 2023, showing a 15% annual decline.
• Delhi, Faridabad & Bhiwadi: Cumulatively, these areas accounted for over 17,199 unsold units by the end of 2023.

Market Analysis:

• Market Performance: Delhi-NCR emerged as one of the most vibrant residential markets among the top 7 cities in 2023. The region showcased robust sales while developers curtailed new supply, focusing on liquidating previous unsold stock, resulting in a significant reduction in market inventory.
• New Supply and Sales: Approximately 36,735 units were launched in 2023, accompanied by robust housing sales of approximately 65,625 units. Developers strategically restricted new supply to prioritize project completions and diminish previous unsold stock.
• Comparative Analysis: Delhi-NCR’s current unsold stock is notably lower than other major real estate markets like the Mumbai Metropolitan Region (MMR), where available stock has risen to more than 2 lakh units. Furthermore, the NCR’s inventory has fallen below that of cities like Pune and Hyderabad, signifying a remarkable turnaround from historically higher unsold stock burdens.

Statement from Santhosh Kumar, Vice Chairman – ANAROCK Group:

Delhi-NCR witnessed significant housing launches and robust sales in 2023. Developers have consciously minimized new supply, focusing on project completions to reduce unsold inventory. This strategic approach has led to the region’s unsold stock dropping below the historically higher levels, showcasing an exceptional trend compared to other major realty hotspots.

Source: ANAROCK Research

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Also read: Housing Sales in Top 7 Cities Surge by 31% in 2023, Setting New Record