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

06 Jul 2023 CW Team

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.