PARALLEL EXISTENCE: An old dilapidated building that was demolished by the riots during partition coexists today with newly built houses in South Delhi
Anarock data reveals that unsold housing stock in Delhi-NCR dropped by 23% at the close of last year, reaching 94,803 units compared to 2022’s year-end level of 1,23,692 units.
This marks a decade-low in unsold stock, attributed to heightened sales velocity and a constrained influx of new residential properties.
Anarock’s Vice Chairman, Santhosh Kumar, credits the decline to increased sales transactions compared to new launches in the past calendar year, with 65,625 units sold and 36,735 units introduced in 2023.
The deliberate limitation of new supply by developers has aided in reducing previous unsold stock.
Notably, Delhi-NCR’s unsold stock is significantly lower than Mumbai Metropolitan Region’s 2 lakh units.
In Gurugram, unsold inventories decreased by 27%, reaching 37,575 units, while Noida saw a 15% decline to 8,658 units. Greater Noida experienced a 28% fall to 18,825 units, Ghaziabad dipped by 19% to 12,546 units, and Faridabad, Delhi, Bhiwadi combined witnessed a 17% reduction to 17,199 units.
Anarock emphasizes that developers prioritized completing existing projects over launching new ones, leading to the highest annual decline of 23% in unsold housing stock among the top 7 cities.
Housing sales in Delhi-NCR increased marginally to 65,625 units in 2023 from 63,710 units in 2022, while new supply rose to 36,735 units from 25,355 units the previous year, resulting in a significant reduction in unsold inventories.
(With PTI inputs)
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