Pending Apartment Sales Pick up in Greater Noida and Ghaziabad: ANAROCK-NAREDCO Report
Real estate in NCR region has been facing tough times for last few quarters. But, the recent news suggest that unsold inventory levels have reduced in many pockets in NCR. The unsold inventory witnessed rise in Gurugram and Delhi. A report on real estate sector in NCR by ANAROCK-NAREDCO follows....
The top 3 UP cities within NCR – Noida, Greater Noida and Ghaziabad – saw the maximum decline in overall unsold housing stock in two years in the state. A joint report by ANAROCK and NAREDCO - 'Addressing Challenges & Progressing Ahead in Real Estate' - released at the 1st National RERA Conclave in Lucknow today finds that the collective unsold stock in these cities of UP had declined by 26% - from 1,31,150 units in Q3 2017 to approx. 97,270 units by Q3 2019 end.
Greater Noida saw the highest reduction of 27% in unsold stock in two years – from 66,570 units in Q3 2017 to 48,350 units in Q3 2019.
Noida and Ghaziabad each reduced unsold stock by 24% in the same period; they now have 19,480 units and 29,440 unsold units respectively.
Gurugram saw unsold housing inventory increase by approx. 7% and currently has the highest unsold stock in NCR - 55,900 unsold units (52,460 units in Q3 2017).
Delhi's unsold stock increased by 20% in this period - from 10,770 units in Q3 2017 to 12,960 units in Q3 2019.
Remarking on the report, Anuj Puri, Chairman – ANAROCK Property Consultants says, “Noida, Greater Noida and Ghaziabad succeeded in significantly reducing unsold stock primarily because of developers' conscious restriction of new supply in favour of ongoing project completion. While Gurugram alone saw more than 2,030 units launched in Q3 2019, these three key cities of UP collectively launched a mere 1,610 units. Two years ago, as well, the Millennium City saw new supply of 3,520 units while the other three cities launched just 1,220 units in the same quarter.”