Delhi-NCR housing market: Sales fall 19 pc, new supply down 56 pc in Apr-Jun
Housing sales in Delhi-NCR fell 19 per cent to 15,340 units in April-June compared to the previous quarter on lower demand due to rise in property prices as well as mortgage rates, according to Anarock data. In January-March 2022, housing sales stood at 18,835 units across NCR.
According to data compiled by Anarock, one of the leading real estate consultants in India, the new launches or supply declined 56 per cent in Delhi-NCR to 4,070 units in April-June from 9,300 units in the previous quarter. The unsold housing stocks declined 7 per cent in Delhi-NCR to 1,41,235 units at the end of June quarter from 1,51,500 units as on March 31, 2022.
Giving breakup of the Delhi-NCR data, Anarock said that housing sales in Gurugram fell to 7,580 units from 8,850 units. New launches dipped to 2,830 units from 7,890 units.
In Noida, housing sales declined to 1,650 units in April-June 2022 from 2,045 units in the previous quarter. There were no new launches in the city in June quarter as against 270 units in the previous quarter. Housing sales in Greater Noida fell to 2,750 units from 3,450 units, while new launches rose to 390 units in April-June from nil in the previous quarter.
In Ghaziabad, housing sales declined to 1,650 units in April-June from 2,080 in the previous quarter but new launches rose to 740 units from 220 units. Housing sales in Faridabad, Delhi and Bhiwadi combined fell to 1,710 units during April-June 2022 from 2,410 units in the previous quarter. New launches, too, were down to 110 units from 920 units.
Out of the total unsold inventory in Delhi-NCR, Gurugram currently has the maximum stock of around 59,120 units, a 7 per cent decline from March quarter. Unsold housing inventories in Greater Noida fell 8 per cent to 28,875 units at the end of June quarter.
Ghaziabad saw its unsold stock decline by 5 per cent to 17,990 units in Q2 2022 from 18,900 units in Q1 2022. Unsold housing stocks in Noida fell 12 per cent to 12,150 units at the end of June quarter as against 13,800 units in preceding quarter of 2022.
Meanwhile, Delhi, Faridabad and Bhiwadi together have over 23,100 unsold units as on June 30, 2022. It was 24,700 units at the Q1 2022-end, the data showed.
The Delhi-NCR is one of the biggest real estate markets in the country, but it has been severely affected due to stalled and significantly delayed housing projects.
Homebuyers who booked flats in NCR are worst affected, as they have not received possession of their flats but almost paid the entire purchase value to the builders. Flat owners are also paying EMI on their home loans.
According to the Anarock data, 4,79,940 units worth Rs 4,48,129 crore are “stalled or heavily delayed” across these seven cities as of May 31, 2020.
Out of this, Delhi-NCR alone accounts for a whopping 50 per cent with 2,40,610 stalled or delayed units worth Rs 1,81,410 crore. Noida and Greater Noida region account for nearly 70 per cent of total stuck/delayed units while Gurugram’s share is only 13 per cent. In Noida and Greater Noida, there are 1,65,348 units worth Rs 1,18,578 crore stalled or delayed.
While Gurugram has 30,733 units worth Rs 44,455 crore stuck/delayed, the Ghaziabad market has 22,128 such units valuing Rs 9,254 crore. Delhi, Faridabad, Dharuhera and Bhiwadi together have 22,401 stuck/delayed units worth Rs 9,124 crore