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When compared to other locations, Delhi-NCR in North India, which was formerly notorious for its speculative overstock and generalized market chaos, has significantly improved when measured by the unsold housing inventory.
Over the last five years, Delhi-NCR’s unsold inventory has dropped by an astounding 57%, according to recent statistics from real estate experts. The Southern markets of Bengaluru, Hyderabad, and Chennai, which had an 11% decrease in their total unsold stock during this time, are the markets that follow the NCR.
Delhi NCR Unsold Stock Had Decreased From Around 2 Lakh Units
The total amount of unsold goods at MMR and Pune in the West decreased by 8%. Kolkata witnessed a remarkable 41% decrease in unsold inventories during that time, leading the East. By the end of Q1 2024, NCR’s unsold stock had decreased from around 2 lakh units at the end of Q1 2018 to approximately 86,420 units.
Developers in the NCR are pleased with the progress made, stating that the residential market has recovered its trust and will grow in the upcoming years. “The better sentiments for the real estate sector, tied with increased demand for homes, have considerably reduced our unsold inventory,” stated Surinder Singh, director at GLS Group.
Gurgaon Has 33,326 Units Of The Entire Unsold Inventory In Delhi NCR
This improvement shows our dedication to providing high-quality living areas and satisfying market demands. Gurgaon currently has the highest stock of around 33,326 units of the entire unsold inventory in the NCR, a 37% decrease over the last five years.
Noida topped the list with around 7,451 unsold apartments at the end of the first quarter of 2024, down from 25,669 units in the same period of 2018 — a 71% decline. Following with over 18,668 unsold apartments as of the end of Q1 2024 is Greater Noida.
Delhi NCR Had A Total Fresh Supply Of Almost 1.81 Lakh Units
But during Q1 2018, Greater Noida has cut its stock by an astounding 70%. According to the research, Ghaziabad had a major 70% 5-year drop in its unsold stock, with an estimated 11,011 units in the first quarter of 2024, down from about 37,005 units in Q1 2018.
As of Q1 2024, Delhi, Faridabad, and Bhiwadi collectively had around 15,964 unsold apartments, down 31% from over 23,038 units at Q1 2018-end. The NCR market benefited greatly from developers’ steadfast efforts to limit the entry of new supply.
According to ANAROCK statistics, between Q1 2018 and Q1 2024, the NCR had a total fresh supply of almost 1.81 lakh units. The positive performance of NCR also indicates a rise in consumer confidence in the area, according to Singh.
