By the end of 2023, there were 94,803 unsold properties in Delhi-NCR, a 23 percent decrease from the 10-year low. Anarock

By the end of 2023, there were 94,803 unsold properties in Delhi-NCR, a 23 percent decrease from the 10-year low. Anarock

By the end of 2023, there were 94,803 unsold properties in Delhi-NCR, a 23 percent decrease from the 10-year low. Anarock

According to statistics from real estate consultancy Anarock, the number of unsold apartments in Delhi-NCR decreased to 94,803 units at the end of last year against 1,23,692 units at the end of 2022.

According to Anarock, developers of real estate in Delhi-NCR concentrated on clearing off unsold apartments from their present projects rather than starting numerous new residential projects.

According to Anarock, the rapid speed of sales and limited availability of new residential units have caused the unsold housing stock in Delhi-NCR to decrease by 23% from its level at the end of 2022 to the end of last year.

According to statistics from real estate consultancy Anarock, the number of unsold apartments in Delhi-NCR decreased to 94,803 units at the completion of last year from 1,23,692 units at the end of 2022.

According to the consultant, Delhi-NCR's unsold stock has dropped below one lakh units for the first time in the previous ten years, to its lowest point in a decade.

Santosh Kumar, vice chairman of Anarock, ascribed the drop in unsold housing stock to more sales than new releases in the previous year's calendar.

He stated that although new supply in the area was 36,735 units, home sales in Delhi-NCR were 65,625 units in 2023.

In order to concentrate on finishing their projects and so lowering their past unsold stock, developers continue to purposefully limit fresh supply in the region, according to Kumar.

According to the vice chairman of Anarock, the Mumbai Metropolitan Region (MMR), where the inventory on hand has surpassed 2 lakh units, currently has much more unsold stock than the Delhi-NCR region.

One of the top real estate brokerage companies, Anarock, provided data indicating that Gurugram's unsold housing inventory fell by 27% from 51,312 units at the end of the previous year to 37,575 units at the end of 2023.

The number of unsold housing units in Noida decreased by 15% from 10,171 units at the end of 2022 to 8,658 units at the end of the previous year.

In Greater Noida, the quantity of unsold housing units decreased by 28%, from 26,096 to 18,825 units.

The number of unsold housing units in Ghaziabad decreased by 19%, from 15,475 to 12,546 units.

The total number of unsold housing units in Faridabad, Delhi, and Bhiwadi at the end of the previous year was 17,199, a 17% decrease from the 20,638 units at the end of 2022.

According to Anarock, developers of real estate in Delhi-NCR concentrated on clearing off unsold apartments from their present projects rather than starting numerous new residential projects.

The advise also noted that, out of the top seven cities, Delhi-NCR has had the largest yearly drop in unsold housing stock, at 23%.

Housing sales in Delhi-NCR increased slightly to 65,625 units last year against 63,710 units in the 2022 calendar year, according to Anarock statistics.

Delhi-NCR had a rise in new supply from 25,355 units in the previous year to 36,735 units in 2023.

The adviser noted that there had been a notable decrease in the unsold inventory of residential homes since the fresh supply was much less than the sales figures.