June 8, 2024 |
Unsold Housing Inventory: NCR Cities Down 57%, Gurgaon Down 37%
Using the unsold housing inventory as a measure of a region’s real estate market health, Delhi-NCR in North India—formerly infamous for speculation-driven oversupply and widespread market disorder—now shows a marked improvement compared to other regions. Recent data from real estate consultants reveals that Delhi-NCR’s unsold inventory has decreased by an impressive 57% over the past 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. 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.
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” said Singh.
Source : Construction Week Online
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