Delhi-NCR Real Estate Unsold Inventory Decline: 57% Reduction
Once notorious for oversupply and market disarray, the Delhi-NCR real estate sector is witnessing a reversal of fortunes. According to the latest report by real estate consultant Anarock Group, the unsold inventory in the region has declined by a massive 57 per cent in the last five years.
The report highlights that the Delhi-NCR real estate unsold inventory decline from approximately 2 lakh units at the end of Q1 2018 to around 86,420 units by the end of Q1 2024. This trend is in stark contrast to the main southern cities, which saw a more modest decline in their unsold stock during the same period.
Among the key areas, Gurgaon holds the highest stock with approximately 33,326 units, marking a 37 per cent decrease. Greater Noida follows with about 18,668 units, having reduced its stock by 70 per cent. Ghaziabad’s inventory declined dramatically by 70 per cent to around 11,011 units. Noida saw a 71 per cent decrease, with approximately 7,451 unsold units remaining. Combined, Delhi, Faridabad, and Bhiwadi have about 15,964 unsold units, a 31 per cent reduction since 2018, as per the report.
The report also observes that the top southern markets, including Bengaluru, Hyderabad, and Chennai, saw their collective unsold stock shrink by 11 per cent in this period. In the West, Mumbai Metropolitan Region (MMR) and Pune saw their cumulative unsold stock reduced by 8 per cent. Kolkata in the East experienced an impressive 41 per cent decline in unsold inventory during this period.
Explaining the reasons behind the varying declines in unsold inventory, the real estate consultant pointed out that Hyderabad has witnessed massive new property launches, particularly over the last two years, leading to a nearly quadrupled housing stock in the city. Bengaluru saw a 50 per cent decline in unsold inventory during this period. In the West, MMR and Pune witnessed an 8 per cent decrease in unsold stock in the last five years, from approximately 3.13 lakh units in Q1 2018 to approximately 2.90 lakh units in Q1 2024.
These trends indicate a significant shift in the real estate market dynamics, with Delhi-NCR standing out for its remarkable reduction in unsold inventory compared to other major cities.
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