Unsold housing stocks in the Delhi-NCR region dropped by 21 percent in the second quarter of 2023 as residential property sales continued the upward momentum gained after the pandemic. ANAROCK Research data shows that the drop of 21 per cent annually is the steepest fall in available stock among the top seven cities in the country. 

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At the end of the second quarter, Delhi-NCR’s unsold stock stood at approximately 1,10,990 units from the stock of 1,41,250 unsold units in the same period last year.

Talking about the segments, the data showed that the inventory of mid-segment homes priced between Rs 40 lakh and Rs 80 lakh, saw the highest yearly decline of 25 per cent – from approximately 47,160 units at Q2 2022-end to approximately 35,450 units by Q2 2023-end. 

In 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 per cent 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 per cent 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.
 
Luxury homes (priced Rs 1.5 crore – Rs 2.5 crore) saw unsold inventory reduce from approximately 11,920 units by Q2 2022-end to approximately 9,610 units by Q2 2023-end – 19 per cent annual drop. 

Ultra-luxury homes (priced Rs 2.5 crore), 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 approximately 8,880 units – the lowest among all budget categories.
Regarding the change in the trend, Santhosh Kumar, Vice Chairman of ANAROCK Group, said, "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 per cent reduction in overall unsold housing stock in the whole of NCR.”

 

Delhi-NCR Real Estate Trends: City-wise unsold stocks 

Currently, Gurugram has the maximum unsold stock of approximately 46,650 units, followed by Greater Noida with approximately 23,170 units. Noida has the least unsold stock of approximately 8,440 units as of Q2 2023-end. 

In terms of yearly change, Noida saw the maximum yearly decline of 31 per cent, followed by Ghaziabad (26 per cent), Gurugram (21 per cent) and Greater Noida (20 per cent). Gurugram took the third spot since it saw a lot of new supply added in the last 1-2 years.

Noida: Unsold stock down 31 per cent annually - from approximately 12,150 units by Q2 2022-end to approximately 8,440 units by Q2 2023-end.

Ghaziabad: Unsold stock down 26 per cent annually - from approximately 18,000 units by Q2 2022-end to approximately 13,385 units by Q2 2023-end.

Gurugram: Unsold stock down 21 per cent - from approximately 59,120 units by Q2 2022-end to approximately 46,650 units by Q2 2023-end.

Greater Noida: Unsold stock down 20 per cent annually - from approximately 28,870 units by Q2 2022 to approximately 23,170 units by Q2 2023-end.

Faridabad, Delhi & Bhiwadi: Cumulative unsold stock down 16 per cent annually - from approximately 23,110 units by Q2 2022 to approximately 19,345 units by Q2 2023-end.