Highlighting sluggish demand in the realty sector, nearly 2 lakh housing units remained unsold in the National Capital Region (NCR) in the second quarter of 2018, a report said.
Highlighting sluggish demand in the realty sector, nearly 2 lakh housing units remained unsold in the National Capital Region (NCR) in the second quarter of 2018, a report said. The highest number of unsold inventory is located in Gurgaon followed closely by Greater Noida, said the report by ANAROCK Property Consultants, adding the total 1.82 lakh units stand to the tune of Rs 107,290 crore in the period under review.
Of the total 1.82 lakh unsold units in entire NCR market, Gurgaon accounted for nearly 56,550 units (31 percent share) of total unsold stock, the highest in the region, followed by Greater Noida with 50,800 unsold units. While 56,550 units that remained unsold in Gurgaon stood at Rs 80,570 crore, the value of 50,800 unsold units is nearly Rs 26,720 crore in Greater Noida.
“Noida had 27,000 unsold homes in Q2 2017 which decreased to 20,860 units in Q2 2019 – an impressive 23% reduction. Similarly, in Greater Noida, unsold inventory decreased by 26% between Q2 2017 and Q2 2019 – from 69,080 units to 50,810 units. Meanwhile, Ghaziabad saw its unsold stock decrease to 30,250 units in Q2 2019 – declining by 22% in two years,” the report said.
The average property prices in Gurgaon in the second quarter of 2019 stood at Rs 6,065 per square feet, reducing by 1 percent in the last two years, the data showed.
“Faridabad, having least unsold inventory in NCR (of 5,180 units) saw the stock fall by 27% since Q2 2017 while Bhiwadi with current unsold inventory of 5,930 units saw a whopping 47% decline during the last two years. Contrary to this, Delhi saw its unsold stock pile up to 12,340 units in Q2 2019, increasing by 4% since Q2 2017,” the report added.
“When it comes to unsold housing stock, NCR has been in the ‘limelight’ in recent times. Gurgaon, the Millennium City, tends to be something of a focal point for such analyses,” Prashant Thakur, director & head research, ANAROCK Property Consultants said.