Report states that the collective unsold stock in these cities of UP declined by 26% — from 1,31,150 units in Q3 2017 to 97,270 units in Q3 2019.
Three cities in Uttar Pradesh, all falling within the national capital region (NCR), — Noida, Greater Noida and Ghaziabad — have seen the maximum drop in the overall unsold housing inventory in two years.
The finding is part of a joint report by Anarock and Naredco, Addressing Challenges & Progressing Ahead in Real Estate, which was released at the first National RERA Conclave in Lucknow on Monday. The report states that the collective unsold stock in these cities of UP declined by 26% — from 1,31,150 units in Q3 2017 to 97,270 units in Q3 2019.
Among these three, Greater Noida saw the highest reduction of 27% in unsold inventory in two years — from 66,570 units in Q3 2017 to 48,350 units in Q3 2019, while Noida and Ghaziabad reduced their unsold stock by 24% each in the same period. These two cities now have 19,480 and 29,440 unsold units, respectively.
However, Gurugram in Haryana has seen its unsold housing inventory increasing by approximately 7%, from 52,460 units in Q3 2017 to 55,900 units in Q3 2019 — the highest unsold stock in the NCR. Delhi’s unsold stock, too, has increased 20% in the period — from 10,770 units in Q3 2017 to 12,960 units in Q3 2019.
Speaking on the occasion, Anuj Puri, chairman of ANAROCK Property Consultants, said Noida, Greater Noida and Ghaziabad had succeeded in significantly reducing unsold stock primarily because of developers’ conscious restriction in new supply in favour of ongoing project completion. “While Gurugram alone saw more than 2,030 units launched in Q3 2019, the three cities in UP collectively launched a mere 1,610 units. Two years ago, Gurugram saw new supply of 3,520 units, while the other three cities launched just 1,220 units in the same quarter,” he said.
The report also points out that that while other states had diluted policies from the Real Estate (Regulation and Development) Act (RERA), the Uttar Pradesh government has proactively revisited its RERA rules to eliminate dilutions and favour aggrieved homebuyers — particularly in Noida and Greater Noida — where several projects are either stuck or delayed.
Praising the work done by Rera till now, Uttar Pradesh CM Yogi Adityanath said his government would soon announce a package for reviving the stressed housing projects, 80% of which are concentrated in the NCR. “For the past 10 years, there were about 3 lakh homebuyers who could not get their accommodation. Without putting any undue pressure, we were able to get accommodation for 1 lakh buyers in Noida, Greater Noida and Yamuna Expressway in the first one year through dialogue”, he said, adding that almost 80% complaints regarding not getting possession of homes after paying the entire amount has been received from eight districts of the state.
While stating that safeguarding homebuyers’ interest is of paramount importance to him, Yogi said his government would neglect the interest of other sectors associated with the real estate. “If builders fulfil their promises in a transparent manner, they too will be given all possible help as per the rules. If this happens, the real-estate sector will once again recover from recession and touch new heights,” he said.