In a noteworthy trend for the Delhi-NCR real estate sector, a recent report by ANAROCK reveals a substantial 23% annual decline in unsold housing inventory. The region, known for historically carrying one of the highest unsold stock burdens, now records a dip to 94,803 units at the end of 2023 from approximately 1,23,692 units in the same period the previous year.
Market Dynamics and Strategic Measures:
The dip in unsold inventory is attributed to developers scaling back new supply after robust sales in 2023. Approximately 36,735 units were launched, and close to 65,625 units were sold during the year. Developers consciously restricted new supply to focus on project completions, effectively reducing the previous unsold stock.
Regional Breakdown:
- Gurugram: Holds the maximum stock with around 37,575 units, marking a 27% annual decrease from approximately 51,312 units in 2022-end.
- Greater Noida: Witnesses a 28% annual fall in unsold stock, decreasing from approximately 26,096 units in 2022-end to around 18,825 units by 2023-end.
- Ghaziabad: Records a 19% annual decline, with unsold stock decreasing to approximately 12,546 units by 2023-end from 15,475 units in 2022-end.
- Noida: Reports an annual fall of 15%, with unsold stock at 8,658 units in 2023-end, down from 10,171 units a year ago.
- Delhi, Faridabad, and Bhiwadi: Together witness a 17% reduction in unsold units, declining to approximately 17,199 units by 2023-end from 20,638 units a year ago.
Industry Insight and Future Outlook:
Santhosh Kumar, Vice Chairman for ANAROCK Group, highlights the region’s focus on completing projects and reducing unsold stock. This strategic approach results in Delhi-NCR having lower unsold inventory than Hyderabad and Pune for the first time, showcasing a promising shift in market dynamics.
