Unsold homes in Delhi-NCR fall 23% to 94,803 units at 2023-end: Anarock

Unsold housing stock in Delhi-NCR at the end of last year has fallen 23 per cent from 2022-end level driven by high velocity of sales and restricted new supply of residential properties, according to Anarock.

Real estate consultant Anarock data showed that number of unsold units in Delhi-NCR fell to 94,803 units at the end of last year from 1,23,692 units in 2022-end.

Delhi-NCR's unsold stock is currently at a decadal low, dropping below one lakh units for the first time in the last 10 years, the consultant pointed out.

Anarock Vice Chairman Santhosh Kumar attributed the fall in unsold housing stock to higher sales transactions compared with new launches during the last calendar year.

In 2023, housing sales in Delhi-NCR stood at 65,625 units while new supply in the region was 36,735 units, he said.

"Developers continue to consciously restrict new supply in the region so that they can remain focused on project completions and thus reduce their previous unsold stock," Kumar said.

The current unsold stock in the Delhi-NCR region is way below the Mumbai Metropolitan Region (MMR), where the available stock has risen to more than 2 lakh units, the Anarock Vice Chairman said.

Anarock, one of the leading housing brokerage firms, data showed that unsold housing inventories in Gurugram declined 27 per cent to 37,575 units in 2023-end from 51,312 units at the end of previous calendar year.

In Noida, the unsold housing stock declined 15 per cent to 8,658 units at the end of last year from 10,171 units in 2022-end.

Greater Noida saw a 28 per cent fall in unsold housing inventories to 18,825 units from 26,096 units.

Unsold housing stocks in Ghaziabad dipped 19 per cent to 12,546 units from 15,475 units.

Faridabad, Delhi, Bhiwadi combined had unsold housing stock of 17,199 units at the end of last year, a reduction of 17 per cent from 20,638 units at 2022-end.

Anarock noted that real estate developers did not launch many housing projects in Delhi-NCR as they focused on clearing the unsold flats in their ongoing projects.

The consultant also highlighted that a 23 per cent decline in unsold housing stock in Delhi-NCR is the highest annual decline among the top 7 cities.

As per the Anarock data, housing sales in Delhi-NCR rose marginally to 65,625 units last year from 63,710 units in 2022 calendar year.

New supply in Delhi-NCR increased to 36,735 units in 2023 from 25,355 units in the previous year.

New supply was much below the sales number, leading to a significant fall in unsold inventories of residential properties, the consultant explained.