NCR’s Unsold Housing Stocks Decline 21 Per Cent Amid Robust Sales: Report

ANAROCK data showed inventory of mid-segment homes priced (between Rs 40 and Rs 80 lakh) saw the highest yearly decline of 25 per cent, from 47,160 units at Q2 2022-end to 35,450 units by Q2 2023-end

Delhi-NCR’s residential property sales skyrocketed since the pandemic and there are no indications of this momentum slowing in the second quarter of 2023. Unsold housing inventory in the region declined by over 21 per cent annually, the steepest drop of available stock among all the top 7 cities, according to ANAROCK Research data on Wednesday. Unsold stock in Delhi-NCR as of Q2 2023-end stands at 1,10,990 units against 1,41,250 units in the corresponding period of 2022.

ANAROCK Research data revealed inventory of mid-segment homes priced (between Rs 40 and Rs 80 lakh) saw the highest yearly decline of 25 per cent, from 47,160 units at Q2 2022-end to 35,450 units by Q2 2023-end.

Within the affordable housing category, unsold stock reduced by over 24 per cent annually from 51,680 units in Q2 2022 to 39,400 units as of Q2 2023-end. Interestingly, new supply in this budget segment reduced by 19 per cent annually, from 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 saw an over 23 per cent YoY decline in unsold stock. As on Q2 2022-end, 22,940 units were unsold in NCR in this budget category; by Q2 2023-end, it had declined to 17,650 units.

Luxury homes (priced Rs 1.5 crore – Rs 2.5 crore) saw unsold inventory reduce from 11,920 units by Q2 2022-end to 9,610 units by Q2 2023-end – 19 per cent annual decline.

Ultra-luxury homes (priced above Rs 2.5 crore), on the other hand, saw available inventory rise by 18 per cent 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 8,880 units, the lowest among all budget categories.

Santhosh Kumar, vice chairman, ANAROCK Group, said, "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 per cent reduction in overall unsold housing stock in the whole of NCR.”

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