Unsold housing inventory drops by over 21% in Delhi-NCR

The Delhi-NCR real estate market saw unsold housing inventory go down by over 21 percent from approximately 141,250 units at the end of the first three months of calendar year 2022.

The Delhi-NCR real estate market saw unsold housing inventory go down by over 21 percent from approximately 141,250 units at the end of the first three months of calendar year 2022 to an estimated 110,990 units in the same period of 2023 , an analysis by real estate consultancy Anarock showed.

Budget-wise, mid-segment homes (priced between Rs 40 lakh and Rs 80 lakh) saw the highest yearly decline of 25 percent, from approximately 47,160 units between April and June 2022 to about 35,450 units in the second quarter of the current calendar year, the study showed.

This is on account of surge in housing ownership sentiment after COVID-19, which brought the need for a controlled environment for the family centre stage, and the fact that most of the new supply is by large and by listed developers who deliver quality projects with superior specifications and amenities, and can be relied on to deliver as per agreed timelines.

Delhi-NCR’s unsold stock as by the end of the three months to June 2022 stood at approximately 110,990 units against approximately 141,250 units in the corresponding period of 2022.

Currently, Gurugram has the maximum unsold stock of approximately 46,650 units, followed by Greater Noida with approximately 23,170 units. Noida has the least unsold stock of approximately 8,440 units as of Q2 2023-end.

In terms of yearly change, Noida saw the maximum yearly decline of 31 percent followed by Ghaziabad (26 percent), Gurugram (21 percent) and Greater Noida (20 percent). Gurugram took the third spot since it saw a lot of new supply added in the last couple of years.

Within the affordable housing category, unsold stock reduced by over 24 percent annually from 51,680-odd units in the April-June quarter of 2022 to roughly 39,400 units in the corresponding period this year. Interestingly, new supply in this budget segment reduced by 19 percent annually, from about 1,570 units in 2022 to around 1,260 units as of Q2 CY23. The moderated new supply pipeline helped developers clear their previous stock.

Premium homes witnessed an over 23 percent year-on-year decline in unsold stock. As of Q2CY22-end, approximately 22,940 units were unsold in the National Capital Region in this category; by the end of the same quarter in 2023, it had declined to almost 17,650 units.

Luxury homes priced between Rs 1.5 crore and Rs 2.5 crore saw unsold inventory reduce from nearly 11,920 units in the 2022 quarter to approximately 9,610 units by Q2 2023-end, an almost 19 percent annual drop, the report said.

Ultra-luxury homes priced upwards of Rs 2.5 crore saw available inventory rise by 18 percent annually amid increased new supply in this category over the last few quarters. The current stock of ultra-luxury housing in NCR currently stands at approximately 8,880 units, the lowest among all budget categories.