Delhi-NCR region records 23% fall in unsold housing inventory

Real Estate: Delhi-NCR witnessed a 23 per cent annual decline in unsold inventory category, recording a dip to 94,803 units, during the 2023-end period from approximately 1,23,692 units in the same period previous year, according to a ANAROCK report.

After having recorded robust sales in the Delhi-NCR region in 2023, developers throttled back new supply to support the liquidation of previous unsold stock, leading to a significant reduction in market inventory.

"This is the highest annual decline of unsold housing stock among the top seven cities, registering a lower inventory than Hyderabad, and Pune for the first time," it said.

Santhosh Kumar, Vice Chairman for ANAROCK Group, said, "Delhi-NCR witnessed the launch of approximately 36,735 units in 2023, and robust housing sales cloe to 65,625 units, meanwhile, developers continue to consciously restrict new supply in the region, so that they can remain focused on project completions and thus reduce their previous unsold stock."

"The current unsold stock in the region is way below the other realty hotspot MMR, where the available stock has risen to more than 2 lakh units,” he said, while adding that the news is remarkable as "NCR historically has one of the highest unsold stock burdens among the top 7 cities.”

Of the total unsold inventory in NCR, Gurugram currently has the maximum stock of around 37,575 units, marking a 27 per cent annual decrease. Back in 2022-end, the city's unsold stock stood at approx. 51,312 units, it said.

Greater Noida came second after witnessing a 28 per cent annual fall in unsold stock from approximately 18,825 units unsold by 2023-end, as against approximately 26,096 units back in 2022-end.

Meanwhile, Ghaziabad saw its unsold stock decline to approximately 12,546 units by 2023-end from 15,475 units during 2022-end, recording a 19 per cent annual decline.

On the other hand, Noida reporte an unsold stock of 8,658 units by 2023-end, as against 10,171 units a year ago, thus posting an annual fall of 15 per cent.

While in Delhi, Faridabad and Bhiwadi together had approximately 17,199 unsold units by 2023-end. The tally was approx. 20,638 units a year ago, thus reducing by 17 per cent.