NCR Housing Inventory Declines Sharply

24 May 2024 CW Team

The National Capital Region (NCR) has witnessed a remarkable 57% reduction in unsold housing inventory over the past five years, marking the highest decline in the country. From approximately 200,000 units at the end of the first quarter of 2018, the unsold stock plummeted to 86,420 units by the end of the first quarter in 2024. This trend reflects a significant upturn in the residential real estate sector, driven by increased demand and strategic market adaptations by developers.

Particularly noteworthy are the areas of Greater Noida and Ghaziabad, where unsold inventories have decreased dramatically. Greater Noida saw a reduction of 70% in its unsold stock since the first quarter of 2018, while Ghaziabad's unsold inventory declined to 11,011 units from 37,005 units during the same period. Noida also reported a substantial decline, with unsold units dropping to 7,451 from 25,669.

This positive shift is anticipated to spur a wave of new residential projects, especially in the luxury segment, as developers respond to a recovering market and growing consumer confidence. The decline in unsold stock is partly attributed to changing consumer behaviors post-COVID-19, with an increased number of buyers preferring to own homes rather than rent. This shift has been supported by various factors, including favorable property prices and government incentives such as GST rate cuts.

The reduction in unsold housing inventory is a significant indicator of market recovery in the NCR, suggesting a healthier balance between supply and demand. This is expected to stabilize property prices and encourage further investments in the region's real estate sector. As the market continues to recover, the focus on nearly completed or ready-to-move-in apartments is likely to persist, appealing to buyers eager to avoid risks associated with under-construction projects.

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