Thursday, June 20, 2024
Business

Delhi-NCR real estate inventory low

In 2023, Delhi-NCR emerged as one of the most dynamic residential markets among the top 7 cities, marked by a 23% yearly decline in unsold inventory, according to real estate consultancy firm Anarock. Despite robust sales, developers restrained new supply to facilitate the liquidation of existing unsold stock, resulting in a substantial reduction in market inventory. Delhi-NCR’s unsold stock reached a decadal low, dropping below 100,000 units for the first time in the last decade.

ANAROCK Research reported a decrease from about 123,692 units at the end of 2022 to nearly 94,803 units at the end of 2023. Santhosh Kumar, vice-chairman of ANAROCK Group, noted that developers in the region consciously limited new supply to focus on project completions and reduce previous unsold stock. The current unsold stock in NCR is significantly lower than other realty hotspots like MMR, Pune, and Hyderabad, showcasing a remarkable shift from historical trends where NCR had a higher unsold stock burden among the top 7 cities. Gurugram, with around 37,575 units, holds the maximum unsold stock in NCR, marking a 27% annual decrease.

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