Delhi-NCR's Unsold Housing Stock Drops 57% in Six Years: Report

New Delhi's unsold housing inventory declined by 57% over six years to 86,420 units by March 2024, according to Anarock. Developers' efforts to control new supply and rising demand for modern living contributed to the reduction. Major reductions were seen in Gurugram, Noida, and Greater Noida.

PTI | New Delhi | Updated: 23-05-2024 17:14 IST | Created: 23-05-2024 17:14 IST
Delhi-NCR's Unsold Housing Stock Drops 57% in Six Years: Report
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The unsold housing stock in Delhi-NCR has declined 57 per cent in the last six years to 86,420 units at the end of March quarter this year, according to Anarock.

Real estate consultant Anarock said in its latest report that NCR's unsold stock declined from 2,00,476 units at the end of the March 2018 quarter to 86,420 units as of March 31, 2024.

In the same period, the main southern cities (Bengaluru, Hyderabad and Chennai) saw their unsold stock decline from 1.96 lakh units in Q1 2018 to over 1.76 lakh units in Q1 2024.

Santhosh Kumar, Vice Chairman of Anarock, said, ''What really worked for the NCR market was developers' determination to keep new supply addition under control''. Quoting Anarock's data, he said the NCR witnessed a total new supply of about 1.81 lakh units between Q1 2018 to Q1 2024.

In contrast, southern and western markets witnessed significantly higher new supply additions of about 6.07 lakh units and 8.42 lakh units, respectively.

As per the data, the unsold housing stocks in Gurugram fell to 33,326 units from 53,136 units.

Noida saw a decline of 71 per cent to 7,451 units from 25,669 units.

In Greater Noida, the unsold inventories fell 70 per cent to 18,668 units against 61,628 units.

Ghaziabad too saw a 70 per cent decline in unsold stocks to 11,011 units from 37,005 units.

In Faridabad, Delhi, and Bhiwadi combined, the unsold inventories dipped 31 per cent to 15,964 units as of March 31, 2024, from 23,038 units at the end of March 2018.

Commenting on the data, Mohit Jain, Managing Director of Krisumi Corporation, said the significant reduction in unsold inventory, particularly in Delhi NCR, indicates strong demand in recent years.

''The high demand for housing is driven by those seeking a modern, luxurious, and integrated lifestyle,'' Jain said.

Gaurs Group CMD Manoj Gaur attributed the fall to high demand for residential properties, especially after the pandemic.

''At present, the supply and demand gap is at healthy levels,'' he said.

Ankush Kaul, Chief Business Officer of Ambience Group, said the unsold inventory is now a thing of the past.

''The rising demand, especially, in the post-pandemic period combined with rapid infrastructural development and economic prosperity will ensure a bright future for the real estate sector,'' he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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