GURGAON: Going by a region’s prevailing unsold housing inventory as an indicator of its realty market’s health, North India’s Delhi-NCR – once notorious for speculation-driven oversupply and all-round market disarray – is in significantly better shape than the other regions.
Latest data by real estate consultants indicates that Delhi-NCR’s unsold inventory declined by a massive 57% in the last five years.
NCR is followed by Southern markets – Bengaluru, Hyderabad, and Chennai – which saw their collective unsold stock shrink by 11% in this period. MMR and Pune in the West saw their cumulative unsold stock reduce by 8%. In the East, Kolkata saw its unsold inventory decline by an impressive 41% in the period. NCR’s unsold stock declined from approx. 2 lakh units at Q1 2018-end to approx. 86,420 units by Q1 2024-end.
NCR based developers are upbeat with the development and said the residential market has regained confidence and will continue in the coming years. Mr. Surinder Singh, Director GLS Group, said “The improved sentiments in the real estate sector, coupled with increased demand for homes, have significantly reduced our unsold inventory. This positive shift reflects our commitment to meeting market needs and delivering quality living spaces.”
Of the total unsold inventory in NCR, Gurgaon currently has the maximum stock of approx. 33,326 units – a 37% decrease in the last five years.
Noida had approx. 7,451 unsold units by Q1 2024-end, against 25,669 units in the same quarter of 2018 – thus declining by 71%, topping the list. “Greater Noida is next with approx. 18,668 units lying unsold as of Q1 2024-end. However, Greater Noida reduced its stock by a whopping 70% since Q1 2018. Ghaziabad saw its unsold stock decline to approx. 11,011 units in Q1 2024, from approx. 37,005 units in Q1 2018 – a massive 70% 5-year decline” said the report.
Delhi, Faridabad & Bhiwadi together had approx. 15,964 unsold units as on Q1 2024-end, from approx. 23,038 units at Q1 2018-end – a 31% decrease.
“What really worked for the NCR market was developers’ determination to keep new supply additions under control. ANAROCK data indicates that NCR witnessed total new supply of approx. 1.81 lakh units between Q1 2018 to Q1 2024. NCR’s upbeat performance also reflects renewed buyer confidence in the region”
Mr. Surinder Singh, Director GLS Group