Housing sales in Delhi-NCR has seen a surge since the COVID-19 pandemic, with unsold inventory in the region declining over 21 per cent annually, the steepest drop of available stock among all the top-7 cities, according to data from Anarock Research.
“Delhi-NCR’s unsold stock as of Q2 2023-end stood at about 1,10,990 units against nearly 1,41,250 units in the corresponding period of 2022,” Anarock said in a statement.
Inventory of mid-segment homes priced (between Rs 40-80 lakh) saw the highest yearly decline of 25 per cent — from about 47,160 units at Q2 2022-end to nearly 35,450 units by Q2 2023-end.
“Within the affordable housing category, unsold stock reduced by over 24 per cent annually from about 51,680 units in Q2 2022 to nearly 39,400 units as of Q2 2023-end. Interestingly, new supply in this budget segment reduced by 19 per cent annually – from about 1,570 units by Q2 2022-end to nearly 1,260 units as of Q2 2023. The moderated new supply pipeline helped developers clear their previous stock,” Anarock said in the statement.
Premium homes witnessed an over 23 per cent y-o-y decline in unsold stock. As on Q2 2022-end, about 22,940 units were unsold in NCR in this budget category; by Q2 2023-end, it had declined to nearly 17,650 units, it added.
Luxury homes (priced Rs 1.5 crore-Rs 2.5 crore) saw unsold inventory reduce from 11,920 units by Q2 2022-end to 9,610 units by Q2 2023-end, which is a 19 per cent annual drop.
Ultra-luxury homes (priced more than Rs 2.5 crore), on the other hand, saw available inventory rise by 18 per cent 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 about 8,880 units — the lowest among all budget categories.
Santhosh Kumar, vice-chairman of ANAROCK Group, said, “The increasing sway of branded developers has been steadily boosting homebuyer confidence in Delhi-NCR. Before the pandemic, this market was being burdened by excessive supply from unbranded players. Today, despite very healthy sales, branded developers are carefully calibrating the supply pipeline. Besides the yearly drop, if we consider pre-Covid Q2 2019-end period, there has been a 39 per cent reduction in overall unsold housing stock in the whole of NCR.”
NCR City-wise Markets
Currently, Gurgaon has the maximum unsold stock of about 46,650 units, followed by Greater Noida with nearly 23,170 units. Noida has the least unsold stock of approx. 8,440 units as of Q2 2023-end, according to the Anarock data.
In terms of yearly change, Noida saw the maximum yearly decline of 31 per cent, followed by Ghaziabad (26 per cent), Gurgaon (21 per cent) and Greater Noida (20 per cent). Gurgaon took the third spot since it saw a lot of new supply added in the past 1-2 years.
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