Unsold housing inventory in the National Capital Region (NCR) contracted by 57 per cent over a five-year period to 86,420 units as of March 31, 2024, according to property consultant ANAROCK. That reflected the better health of the northern markets compared to their counterparts in the other parts of the country, amid moderate supply additions, renewed buyer confidence and steady post-COVID demand.

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Source: ANAROCK

Five years ago, the NCR market was “notorious for speculation-driven oversupply and all-round market disarray”, according to the consultant.
While Kolkata saw its unsold inventory decline by 41 per cent in the five-year period, Bengaluru, Hyderabad and Chennai saw their collective unsold stock shrink by 11 per cent, and the Mumbai Metropolitan Region (MMR) and Pune saw their cumulative unsold stock contract by 8.0 per cent.
So, what led to better supply absorption in the NCR?
"What really worked for the NCR market was developers’ determination to keep new supply additions under control. ANAROCK data indicates that NCR witnessed a total new supply of approx. 1.81 lakh units between Q1 2018 and Q1 2024,” said Santhosh Kumar, Vice Chairman of ANAROCK Group.
In stark contrast, the southern and western markets saw significantly higher new supply additions of approximately 6.07 lakh units and 8.42 lakh units, respectively.
While the NCR’s unsold stock declined from approximately 2 lakh units as of March 31, 2018, to approximately 86,420 units by March 31, 2024, the main southern cities saw their unsold stock decline from over approximately 1.96 lakh units to over 1.76 lakh units, according to ANAROCK data.
The relatively low decline rate of unsold inventory in the southern region of the country is mainly attributable to “a massive new launch rate in Hyderabad, most notably over the last two years”, the consultant said.

Source: ANAROCK

“NCR's upbeat performance also reflects renewed buyer confidence in the region… RERA, GST, and the intervention of AIFs like the SWAMIH fund have played a major role in this sentiment revival. As a result, more leading and listed players have increased supply in the region,” added ANAROCK’s Kumar.
 Here are some highlights of the unsold inventory of the National Capital Region, which encompasses the surrounding areas of the capital city including Gurugram, Noida and Ghaziabad:

 

  • Noida has approximately 7,451 unsold units, down 71 per cent vs 25,669 units five years ago
  • Greater Noida is next with approximately 18,668 units, down 70 per cent
  • Ghaziabad’s unsold stock down 70 per cent at approximately 11,011 units
  • Gurgaon has the maximum stock of approximately 33,326 units, down 37 per cent over the five-year period
  • Delhi, Faridabad and Bhiwadi have approximately 15,964 unsold units, down 31 per cent