Big relief for homebuyers: NCR developers to deliver over 54,000 housing units by March end

Projects delays have led to several real estate developers in the national capital region to struggle for their survival. However, this has also led to other developers making their best effort to deliver more, at least recent PropTiger data shows the same. The PropTiger data suggests that by March end Delhi-NCR developers are poised to deliver for 54,000 units to the home buyers waiting for possession.

Ankur Dhawan, Chief Investment Officer, PropTiger.com told Zee Business Online that real estate developers will deliver over 30,000 housing units in Noida itself. He said that possession of over 57,000 units has already been given in the last fiscal. "Real estate developers will deliver over 30,000 housing units in the Noida property market in last quarter of the current financial year (i.e. by end of March 2019). They have already given possession for over 57,000 units during this fiscal — a record high when compared to deliveries in half a decade," he said. 

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Giving an idea of the area where these units would be made available Dhawan said, "Most of the units that would be ready for possession for homebuyers are concentrated along the Yamuna Expressway and Noida Expressway areas. In FY20, over 94,000 additional units are likely to be delivered in this market, known for its affordable property." 

On Gurugram, Ankur Dhawan said, "Developers in Gurugram are likely to deliver nearly 24,000 housing units during the quarter ending March. So far during this fiscal, they have delivered over 56,000 units in the market. Again, this is the highest number of unit deliveries in Gurugram in half a decade." 

Giving details of the Gurugram units and its locality Rakesh Yadav, CMD, Antriksh India Group told, "Of the units that are set to be delivered in the March quarter, almost 12,300 units are concentrated in the micro markets of Dwarka Expressway and Sohna. Nearly 43,000 units are expected to be offered for possession to the homebuyers in FY20."

In terms of new launches, however, the two cities witnessed opposite trends during the December quarter. While new launches declined 54 per cent in Noida year-on-year, new supply in Gurugram more than doubled during the same period. While home sales saw a marginal increase of 4 per cent during the third quarter of FY19 in Noida, home sales in Gurugram declined 26 per cent during the same period.