 "image")
The sales of residential property sales in Delhi-NCR have gone up since the pandemic and the inventory of unsold housing in the region declined by over 21 per cent in the quarter that ended on June 30 as compared to last year, according to property consultancy Anarock.
It is the steepest drop of available stock among the top seven cities in India.
As of June 30, Delhi-NCR's unsold stock stood at 110,990 units against 141,250 units in the corresponding period of 2022. The steepest decline of 25 per cent was seen in the mid-segment houses, priced between Rs 40 lakh and Rs 80 lakh.
Its stock fell from 47,160 units in the quarter in 2022 to 35,450 units by June-end.
Affordable category sees biggest fall in unsold stock
In the affordable housing category, priced below Rs 40 lakh, unsold stock was reduced by over 24 per cent. It fell from 51,680 units last year to 39,400 units this year.
More From This Section
Interestingly, new supply in this segment reduced by 19 per cent from 1,570 units to 1,260 units this year. "The moderated new supply pipeline helped developers clear their previous stock," Anarock said.
The premium houses, priced between Rs 80 lakh and Rs 1.5 crore, witnessed a 23 per cent year-on-year (YoY) decline in unsold stock. At the end of June 2022, 22,940 units were unsold in NCR, and by June 30 this year, it had declined to 17,650 units.
The luxury homes, priced between Rs 1.5 crore and Rs 2.5 crore saw unsold inventory reduce 19 per cent from 11,920 units to 9,610 units.
The ultra-luxury homes were the only category that saw a rise in the stock. In this category, priced over Rs 2.5 crore, the available inventory rose by 18 per cent. The current stock, however, in this category was the lowest among all the categories at 8,800.
"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," Santhosh Kumar, vice chairman of Anarock group, says.
"Today, despite very healthy sales, branded developers are carefully calibrating the supply pipeline. Besides the yearly drop, if we consider the pre-coronavirus June 2019-end period, there has been a 39 per cent reduction in overall unsold housing stock in the whole of NCR."
Steepest fall in Noida
Among all the regions in NCR, the unsold stock fell the steepest in Noida at 31 per cent. The number of unsold houses in the region fell from 12,150 last year to 8,440 this year.
It was followed by Ghaziabad which saw its unsold stock fall 26 per cent from 18,000 units to 13,385 units during the period.
Gurgaon saw the third-highest fall in unsold stock at 21 per cent from 59,120 units to 46,650 units.
