In the real estate landscape of India, the National Capital Region (NCR) emerged as a beacon of resilience and vibrancy in 2023, maintaining its status among the top-7 cities, according to the latest report by Anarock, a renowned real estate consultancy firm. The report unveiled a distinctive trend in the Delhi-NCR real estate market, reflecting a strategic approach by developers to balance robust sales with controlled new supply, resulting in a substantial reduction in unsold inventory.
ANAROCK Research reveals a remarkable 23 per cent yearly decline in Delhi-NCR’s unsold inventory, dropping from approximately 1,23,692 units at the end of 2022 to nearly 94,803 units at the close of 2023. This reduction marks the highest annual decline in unsold housing stock among the top 7 cities and propels NCR’s unsold stock to a decadal low, dipping below the one lakh units threshold for the first time in the past decade.
Strategic Decision-Making Drives Real Estate Stability: Delhi-NCR’s Balanced Approach in 2023:
Santhosh Kumar, Vice-Chairman of ANAROCK Group, emphasized the strategic decisions made by developers in the region. In 2023, around 36,735 units were launched in Delhi-NCR, coupled with robust housing sales reaching nearly 65,625 units. The deliberate limitation on new supply allows developers to concentrate on completing existing projects, thereby facilitating the liquidation of previous unsold stock. Kumar highlighted the significant disparity between NCR and other realty hotspots like MMR (Mumbai Metropolitan Region), where the available stock has surged beyond 2 lakh units.
Notably, NCR’s inventory has not only surpassed historical levels but has also dipped below that of other top cities, including Pune and Hyderabad. This is a noteworthy shift for NCR, considering its historical position with one of the highest unsold stock burdens among the top 7 cities.
The reduction in unsold stock in NCR is evident when comparing the figures from the end of 2022 to the conclusion of 2023. The total unsold inventory in NCR decreased from approximately 1.24 lakh units to about 94,803 units during this period.
Breaking down the unsold inventory across NCR, Gurugram emerges with the highest stock of around 37,575 units by the end of 2023, showcasing a commendable 27 per cent annual decrease. In 2022, Gurugram’s unsold stock stood at about 51,312 units, indicating a substantial improvement.
Greater Noida, the next prominent locality in NCR, exhibited a reduction in unsold units from approximately 26,096 units at the end of 2022 to about 18,825 units at the close of 2023, reflecting a notable 28 per cent yearly decline.
Ghaziabad, too, witnessed a positive trajectory with its unsold stock declining to approximately 12,546 units by the end of 2023, down from 15,475 units at the end of 2022, marking a 19 per cent yearly decline.
Noida demonstrated a similar trend, showcasing a 15 per cent yearly reduction in unsold stock, decreasing from approximately 10,171 units in 2022 to 8,658 units by the end of 2023.
In a collective effort, Delhi, Faridabad, and Bhiwadi displayed a decline in unsold units from around 20,638 units in 2022 to approximately 17,199 units by the end of 2023, signifying a 17 per cent reduction.
The strategic approach adopted by developers, coupled with the positive market dynamics, has propelled the Delhi–NCR real estate market into a phase of sustainable growth, positioning it as a beacon of stability and progress in the ever-evolving Indian real estate landscape.