Q2 2023 sees NCR’s unsold housing stock drop 21%
Real Estate

Q2 2023 sees NCR’s unsold housing stock drop 21%

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 seven cities, finds Anarock Research data.

Delhi-NCR’s unsold stock as of Q2 2023-end stands at approximately 1,10,990 units against approximately 1,41,250 units in the corresponding period of 2022.

Inventory of mid-segment homes priced (between Rs 40 – 80 lakh) saw the highest yearly decline of 25% – from approximately 47,160 units at Q2 2022-end to approximately 35,450 units by Q2 2023-end.

Within the affordable housing category, unsold stock reduced by over 24% annually from approximately 51,680 units in Q2 2022 to approximately 39,400 units as of Q2 2023-end. Interestingly, new supply in this budget segment reduced by 19% annually – from approximately 1,570 units by Q2 2022-end to approximately 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 on Q2 2022-end, approximately 22,940 units were unsold in NCR in this budget category; by Q2 2023-end, it had declined to approximately 17,650 units.


    Source: ANAROCK Research

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

Ultra-luxury homes (priced >Rs 2.5 crore), 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 approximately 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 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% 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 approximately 23,170 units. Noida has the least unsold stock of approx. 8,440 units as of Q2 2023-end.

In terms of yearly change, Noida saw the maximum yearly 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 supply added in the last 1-2 years.

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 seven cities, finds Anarock Research data.Delhi-NCR’s unsold stock as of Q2 2023-end stands at approximately 1,10,990 units against approximately 1,41,250 units in the corresponding period of 2022.Inventory of mid-segment homes priced (between Rs 40 – 80 lakh) saw the highest yearly decline of 25% – from approximately 47,160 units at Q2 2022-end to approximately 35,450 units by Q2 2023-end.Within the affordable housing category, unsold stock reduced by over 24% annually from approximately 51,680 units in Q2 2022 to approximately 39,400 units as of Q2 2023-end. Interestingly, new supply in this budget segment reduced by 19% annually – from approximately 1,570 units by Q2 2022-end to approximately 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 on Q2 2022-end, approximately 22,940 units were unsold in NCR in this budget category; by Q2 2023-end, it had declined to approximately 17,650 units.    Source: ANAROCK ResearchLuxury homes (priced Rs 1.5 crore – Rs 2.5 crore) saw unsold inventory reduce from approx. 11,920 units by Q2 2022-end to approximately 9,610 units by Q2 2023-end – 19% annual drop.Ultra-luxury homes (priced >Rs 2.5 crore), 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 approximately 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 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% 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 approximately 23,170 units. Noida has the least unsold stock of approx. 8,440 units as of Q2 2023-end.In terms of yearly change, Noida saw the maximum yearly 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 supply added in the last 1-2 years.

Next Story
Infrastructure Energy

Sungrow Launches New Energy Storage System at Smart Energy Week 2025

Sungrow, a global leading PV inverter and energy storage system provider, is set to unveil its latest energy storage and power conditioning systems (PCS) at Smart Energy Week [PV EXPO] 2025 at Tokyo Big Sight. The showcase features over 13 state-of-the-art products, including the newly developed water-cooled C&I energy storage system ST510CS-4H, PowerTitan Series grid-scale energy storage system, and JET-certified 5.5kW string inverter SG5.5RS-JP. ST510CS-4H: Next-generation liquid cooling C&I energy storage system At Sungrow's booth, the newly launched ST510CS-4H features its inno..

Next Story
Real Estate

Dubai's Housing Market Soars: 55% More Deals, 44% Sales Value Jump

During the October–December 2024 quarter, Dubai’s residential market recorded 33,110 registered transactions, representing a 55 per cent year-on-year (Y-o-Y) increase compared to the 21,405 transactions recorded during the same period in 2023. This growth in annual activity demonstrates strong buyer interest, while the minor quarterly adjustment indicates a steady, healthy market. The registered home sales value (GTV) for the quarter reached AED 65.23 billion, marking a 44 per cent Y-o-Y increase over the AED 45.45 billion reported in October–December 2023. Average registered home sales ..

Next Story
Real Estate

Rising Rents Boost Homeownership Appeal: Magicbricks

Magicbricks, India’s leading real estate platform, has unveiled new insights highlighting a significant surge in rental values across key Indian cities, making renting increasingly unaffordable for end-users. The Rent to Price Growth Differential (RPGD) indicates that cities where rental appreciation has outpaced capital value growth—such as Mumbai (3.61), Greater Noida (2.27), Delhi (2.12), Chennai (1.76), and Ahmedabad (1.46)—are becoming costlier for tenants. As rents soar, more tenants may be encouraged to reconsider homeownership as a more financially viable alternative. According ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?