Friday, April 19, 2024
Google search engine
HomeNewsPropertyQ2 2023 Sees NCR’s Unsold Housing Stock Drop 21% Amid Robust Sales

Q2 2023 Sees NCR’s Unsold Housing Stock Drop 21% Amid Robust Sales

  • Clocking the steepest decline of unsold inventory among the top 7 cities, NCR went from approx. 1,41,250 units by Q2 2022-end to approx. 1,10,990 units by Q2 2023-end
  • Budget-wise, mid-segment homes (priced b/w INR 40 – 80 lakh) saw the highest yearly decline of 25% – from approx. 47,160 units by Q2 2022-end to approx. 35,450 units by Q2 2023-end
  • Affordable housing (priced <INR 40 lakh) inventory declined 24% annually – from approx. 51,680 units by Q2 2022-end to approx. 39,400 units by Q2 2023-end
  • Premium homes (priced b/w INR 80 lakh to INR 1.5 Cr) saw inventory decline 23% yearly; luxury homes (priced b/w INR 1.5 Cr – INR 2.5 Cr) saw inventory drop by 19% y-o-y
  • Ultra-luxury homes (priced >INR 2.5 Cr) saw a 18% yearly inventory rise amid increased new supply in the last few quarters

New Delhi, July 05, 2023: Residential property sales in Delhi-NCR skyrocketed since the pandemic and there are no indications of this momentum slackening in the second quarter of 2023. Unsold housing inventory in the region declined by over 21% annually – the steepest drop of available stock among all the top 7 cities, finds ANAROCK Research data.

Delhi-NCR’s unsold stock as of Q2 2023-end stands at approx. 1,10,990 units against approx. 1,41,250 units in the corresponding period of 2022. Segmenting the data by budget categories:

Inventory of mid-segment homes priced (between INR 40 – 80 lakh) saw the highest yearly decline of 25% – from approx. 47,160 units at Q2 2022-end to approx. 35,450 units by Q2 2023-end.

Within the affordable housing category, unsold stock reduced by over 24% annually from approx. 51,680 units in Q2 2022 to approx. 39,400 units as of Q2 2023-end. Interestingly, new supply in this budget segment reduced by 19% annually – from approx. 1,570 units by Q2 2022-end to approx. 1,260 units as of Q2 2023. The moderated new supply pipeline helped developers clear their previous stock.

Premium homes witnessed an over 23% y-o-y decline in unsold stock. As on Q2 2022-end, approx. 22,940 units were unsold in NCR in this budget category; by Q2 2023-end, it had declined to approx. 17,650 units.

Luxury homes (priced INR 1.5 Cr – INR 2.5 Cr) saw unsold inventory reduce from approx. 11,920 units by Q2 2022-end to approx. 9,610 units by Q2 2023-end – 19% annual drop.

Ultra-luxury homes (priced >INR 2.5 Cr), on the other hand, saw available inventory rise by 18% 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 approx. 8,880 units – the lowest among all budget categories.

Budget Segmentation Unsold Inventory as on Q2 2023-end Unsold Inventory as on Q1 2022-end % Change
< INR 40 Lakh 39,400 51,680 -24%
INR 40 Lakh – INR 80 Lakh 35,450 47,160 -25%
INR 80 Lakh – 1.5 Cr 17,650 22,940 -23%
INR 1.5 Cr – 2.5 Cr 9,610 11,920 -19%
> INR 2.5 Cr 8,880 7,550 18%
Total Inventory 1,10,990 1,41,250 -21%

Source: ANAROCK Research

Santhosh Kumar, Vice Chairman – ANAROCK Group, says, “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% reduction in overall unsold housing stock in the whole of NCR.” 

NCR City-wise Analysis

Currently, Gurgaon has the maximum unsold stock of approx. 46,650 units, followed by Greater Noida with approx. 23,170 units. Noida has the least unsold stock of approx. 8,440 units as of Q2 2023-end.

In terms of yearly change, Noida saw the maximum yearly decline of 31%, followed by Ghaziabad (26%), Gurgaon (21%) and Greater Noida (20%). Gurgaon took the third spot since it saw a lot of new supply added in the last 1-2 years.

Cities Unsold Stock as on Q2 2023-end Unsold Stock as on Q2 2022-end % Change
Gurgaon 46,650 59,120 -21%
Noida 8,440 12,150 -31%
Greater Noida 23,170 28,870 -20%
Ghaziabad 13,385 18,000 -26%
Faridabad, Delhi, Bhiwadi 19,345 23,110 -16%
Total 1,10,990 1,41,250 -21%

Source: ANAROCK Research

  • Noida: Unsold stock down 31% annually – from approx. 12,150 units by Q2 2022-end to approx. 8,440 units by Q2 2023-end.
  • Ghaziabad: Unsold stock down 26% annually – from approx. 18,000 units by Q2 2022-end to approx. 13,385 units by Q2 2023-end.
  • Gurgaon: Unsold stock down 21% – from approx. 59,120 units by Q2 2022-end to approx. 46,650 units by Q2 2023-end.
  • Greater Noida: Unsold stock down 20% annually – from approx. 28,870 units by Q2 2022 to approx. 23,170 units by Q2 2023-end.
  • FaridabadDelhi & Bhiwadi: Cumulative unsold stock down 16% annually – from approx. 23,110 units by Q2 2022 to approx. 19,345 units by Q2 2023-end.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

Optimized by Optimole