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Delhi-NCR's real estate market marked a significant turnaround in 2023, maintaining its status as a vibrant residential hub among the top 7 cities. Despite robust sales, developers strategically curtailed new supply, resulting in a substantial reduction in unsold inventory, reaching a decade-low of approximately 94,803 units by the end of 2023. This marked a 23% YoY decline from 2022-end. This remarkable achievement positions Delhi-NCR as the city with the highest annual decline in unsold housing stock among the top 7 cities.
Santhosh Kumar, Vice Chairman of ANAROCK Group, emphasized the conscious effort by developers to limit new supply, focusing instead on completing existing projects. The region witnessed the launch of around 36,735 units in 2023, coupled with robust housing sales totaling approximately 65,625 units. The current unsold stock in Delhi-NCR stands significantly below other real estate hotspots like MMR, where available stock has surged to over 2 lakh units.
Historically burdened with high unsold stock, the region's strategic approach has led to a remarkable shift, setting it apart from its counterparts. Delhi-NCR's inventory has dipped below other major cities, including Pune and Hyderabad. This has happened for the first time. Santhosh Kumar reiterated that the decline in housing inventory is a result of prioritizing sales over new launches in the previous calendar year.
Gurugram had the highest unsold stock at approximately 37,575 units, but it experienced a notable 27% YoY decline. Other areas in NCR, such as Greater Noida, Noida, Ghaziabad, Delhi, Faridabad, and Bhiwadi, collectively had over 17,199 unsold units by the end of 2023, each showcasing varying degrees of decline in inventory.
In terms of housing sales, Delhi-NCR experienced a marginal increase, reaching 65,625 units in 2023 from 63,710 units in the previous year. The new supply in the region also saw a noteworthy uptick, rising to 36,735 units in 2023 from 25,355 units in the preceding year.
Delhi-NCR's real estate market has managed to create a remarkable turnaround by focusing on project completion over new launches and focus on robust sales. This strategic recalibration has helped position Delhi-NCR as a standout success story among major cities in the real estate sector.
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