New Delhi, 5 July 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 was 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 of 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.
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 burdened by excessive supply from unbranded players. Despite very healthy sales today, branded developers are carefully calibrating the supply pipeline. Besides the yearly drop, if we consider the pre-Covid Q2 2019-end period, there has been a 39% reduction in overall unsold housing stock in the whole of NCR.”
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 at approx. 8,440 units as of Q2 2023-end.
In terms of yearly change, Noida saw the maximum annual 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 supplies added in the last 1-2 years.
