Delhi-NCR’s unsold inventory segment has witnessed a massive decline of 57 per cent in the last five years, recent data by ANAROCK shows.
“Delhi-NCR once notorious for speculation-driven oversupply and all-round market disarray is in significantly better shape than the other regions,” the report indicates.
In southern markets, Bengaluru, Hyderabad, and Chennai saw their collective unsold stock decline by 11 per cent since 2019. Mumbai Metropolitan Region (MMR) and Pune also witnessed their cumulative unsold stock shrink by 8 per cent. Kolkata’s unsold inventory declined by 41 per cent during this period.
‘Developers’ determination to keep new supply addition under control worked in favour of NCR’s market,’ says Santhosh Kumar, Vice Chairman of ANAROCK Group.
NCR’s unsold stock declined from approximately 2 lakh units at Q1 2018-end to around 86,420 units by Q1 2024-end. During the same period, the main southern cities witnessed their unsold stock shrink from over approx. 1.96 lakh units in Q1 2018 to over 1.76 lakh units at the end of the first quarter of 2024.
As per ANAROCK’s data, South India’s low decline in unsold inventory was due to a massive new launch rate in Hyderabad, significantly over the last two years. The city saw its housing stock grow four times in the last five years. Bengaluru witnessed its unsold inventory decline by 50 per cent in this period.
In the West, MMR and Pune saw unsold stock decline from approx. 3.13 lakh units in Q1 2018 to around 2.90 lakh units in the first quarter of 2024.
“NCR's upbeat performance also reflects renewed buyer confidence in the region," Kumar, says. He further mentions that RERA, GST, and the intervention of AIFs like the SWAMIH fund have played a major role in the buyer sentiment revival. This has propelled more leading and listed players to increase supply in the region.
- Gurgaon currently has the maximum stock of around 33,326 units which is a 37 per cent decrease in the last five years.
- Greater Noida has around 18,668 units lying unsold at the end of the first quarter of 2024. However, Greater Noida reduced its stock by a whopping 70 per cent since Q1 2018, the data suggests.
- Ghaziabad’s unsold stock declined to approx 11,011 units in the first quarter of 2024, from almost 37,005 units in Q1 2018. This is a massive 70 per cent decline in the last 5 years.
- Noida had approx. 7,451 unsold units by Q1 2024-end, against 25,669 units in the same quarter of 2018 - thus declining by 71 per cent.
- Delhi, Faridabad & Bhiwadi together had around 15,964 unsold units as of Q1 2024-end, as compared to (approx) 23,038 units in Q1 2018-end. This showed a 31 per cent decline in unsold inventory in these areas.
