Unsold real estate properties decline in Delhi-NCR by 57 %, rate slower in South India
May 23, 2024
New Delhi [India], May 23 : Once notorious for oversupply and all-round market disarray, Delhi-NCR's real estate sector is witnessing a reversal of winds as the unsold inventory in the region has declined by a massive 57 per cent in the last five years, the latest report by real estate consultant Anarock Group observed.
The report added the unsold real stock in the national capital region declined from approx. 2 lakh units at Q1 2018-end to approx. 86,420 units by Q1 2024-end.
In the same period, the main southern cities saw their unsold stock decline from over
approx. 1.96 lakh units in Q1 2018 to over 1.76 lakh units in Q1 2024.
Gurgaon holds the highest stock with approximately 33,326 units, marking a 37 per cent decrease. Greater Noida follows with about 18,668 units, having reduced its stock by 70 per cent. Ghaziabad's inventory declined dramatically by 70 per cent to around 11,011 units. Noida saw a 71 per cent decrease, with approximately 7,451 unsold units remaining. Combined, Delhi, Faridabad, and Bhiwadi have about 15,964 unsold units, a 31 per cent reduction since 2018, as per the report.
It further observes the top Southern markets Bengaluru, Hyderabad, and Chennai saw their collective unsold stock shrink by 11 per cent in this period. MMR and Pune in the West saw their cumulative unsold stock reduced by 8 per cent. In the East, Kolkata saw its unsold inventory decline by an impressive 41 per cent in the period.
Citing the reason behind the low decline of unsold inventory, the real estate consultant added that there have been massive new property launches in Hyderabad, most notably over the last two years. The city saw its housing stock almost quadrupled in the last 5 years.
Bengaluru saw unsold inventory decline by 50 per cent in this period. In the West, MMR and Pune saw unsold stock decline by 8 per cent in the last five years - from approx. 3.13 lakh units in Q1 2018 to approx. 2.90 lakh units in Q1 2024, the report added.
