Delhi-NCR remained one of the most vibrant residential markets among the top-7 cities in 2023, according to the latest report by real estate consultancy firm Anarock. It said that despite robust sales in the region last year, developers throttled back new supply to support the liquidation of previously unsold stock, leading to a significant reduction in market inventory.
According to ANAROCK Research, there was a 23 per cent yearly decline in Delhi-NCR’s unsold inventory – from about 1,23,692 units by 2022-end to nearly 94,803 units by 2023-end. This is the highest annual decline in unsold housing stock among the top 7 cities. NCR’s unsold stock is currently at a decadal low, sinking below one lakh units for the first time in the last 10 years.
Santhosh Kumar, vice-chairman of ANAROCK Group, said, “Delhi-NCR witnessed about 36,735 units launched in 2023, and robust housing sales of nearly 65,625 units. Developers continue to consciously restrict new supply in the region so that they can remain focused on project completions and thus reduce their previous unsold stock. The current unsold stock in the region is way below the other realty hotspot MMR, where the available stock has risen to more than 2 lakh units.”
He added that NCR’s inventory has also reached below other top cities, including Pune and Hyderabad. This is remarkable, considering that NCR historically had one of the highest unsold stock burdens among the top 7 cities.
NCR saw its unsold stock reduce from approx. 1.24 lakh units by 2022-end to about 94,803 units by 2023-end.
Of the total unsold inventory in NCR, Gurugram currently has the maximum stock of around 37,575 units, nevertheless marking a 27 per cent annual decrease. Back in 2022-end, the city’s unsold stock stood at about 51,312 units.
Greater Noida comes next with approx. 18,825 units unsold by 2023-end, against about 26,096 units back in 2022-end. Greater Noida was able to reduce its stock by 28 per cent on a yearly basis.
Ghaziabad saw its unsold stock decline to approx. 12,546 units by 2023-end from 15,475 units by 2022-end — a 19 per cent yearly decline.
Noida had unsold stock of approx. 8,658 units by 2023-end, against approx. 10,171 units a year ago – thus reducing by 15 per cent yearly.
Delhi, Faridabad and Bhiwadi together had around 17,199 unsold units by 2023-end. The tally was approx. 20,638 units a year ago, thus reducing by 17 per cent.
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