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 per cent annually – the steepest drop of available stock among all the top 7 cities, finds Anarock Research data.
Delhi-NCR’s unsold stock as of Q2 2023-end stands at approx. 1,10,990 units against approx. 1,41,250 units in the corresponding period of 2022. Segmenting the data by budget categories:
Inventory of mid-segment homes priced (between INR 40 – 80 lakh) saw the highest yearly decline of 25 per cent – from approx. 47,160 units at Q2 2022-end to approx. 35,450 units by Q2 2023-end.
Within the affordable housing category, unsold stock reduced by over 24 per cent annually from approx. 51,680 units in Q2 2022 to approx. 39,400 units as of Q2 2023-end. Interestingly, new supply in this budget segment reduced by 19 per cent annually – from approx. 1,570 units by Q2 2022-end to approx. 1,260 units as of Q2 2023. The moderated new supply pipeline helped developers clear their previous stock.
Premium homes witnessed an over 23 per cent y-o-y decline in unsold stock. As on Q2 2022-end, approx. 22,940 units were unsold in NCR in this budget category; by Q2 2023-end, it had declined to approx. 17,650 units.
Luxury homes (priced INR 1.5 Cr – INR 2.5 Cr) saw unsold inventory reduce from approx. 11,920 units by Q2 2022-end to approx. 9,610 units by Q2 2023-end – 19 per cent annual drop.
Ultra-luxury homes (priced >INR 2.5 Cr), on the other hand, saw available inventory rise by 18 per cent 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 approx. 8,880 units – the lowest among all budget categories.
Budget Segmentation | Unsold Inventory as on Q2 2023-end | Unsold Inventory as on Q1 2022-end | % Change |
< INR 40 Lakh | 39,400 | 51,680 | -24% |
INR 40 Lakh - INR 80 Lakh | 35,450 | 47,160 | -25% |
INR 80 Lakh - 1.5 Cr | 17,650 | 22,940 | -23% |
INR 1.5 Cr - 2.5 Cr | 9,610 | 11,920 | -19% |
> INR 2.5 Cr | 8,880 | 7,550 | 18% |
Total Inventory | 1,10,990 | 1,41,250 | -21% |
Source: ANAROCK Research
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.”
NCR City-wise Analysis
Currently, Gurgaon has the maximum unsold stock of approx. 46,650 units, followed by Greater Noida with approx. 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 per cent), Gurgaon (21 per cent) and Greater Noida (20 per cent). Gurgaon took the third spot since it saw a lot of new supply added in the last 1-2 years.
Cities | Unsold Stock as on Q2 2023-end | Unsold Stock as on Q2 2022-end | % Change |
Gurgaon | 46,650 | 59,120 | -21% |
Noida | 8,440 | 12,150 | -31% |
Greater Noida | 23,170 | 28,870 | -20% |
Ghaziabad | 13,385 | 18,000 | -26% |
Faridabad, Delhi, Bhiwadi | 19,345 | 23,110 | -16% |
Total | 1,10,990 | 1,41,250 | -21% |
Source: ANAROCK Research