The number of unsold housing units in the National Capital Region (NCR) stood at 1.82 lakh worth Rs 107,290 crore in Q2 2018, according to a new report by ANAROCK Property Consultants.

As per ANAROCK data, of the total 1.82 lakh unsold units in entire NCR market as on Q2 2018, Gurgaon accounted for nearly 56,550 units (31 percent share) of total unsold stock – the highest in the region – followed closely by Greater Noida with 50,800 unsold units.

The total value of 56,550 unsold units in Gurgaon is nearly Rs 80,570 crore, while in Greater Noida, the value of 50,800 unsold units is roughly Rs 26,720 crore.

According to the report, the unsold properties in Gurgaon largely belong to the luxury segment against affordable properties in Greater Noida (the difference between unsold units is less in comparison to their overall value).

In the last two years, Gurgaon had the dubious distinction of adding 10 percent to its unsold stock rather than seeing a decrease. In Q2 2017, Gurgaon had nearly 51,220 unsold units (piled up further to stand at 56,550 units in Q2 2019.)

In contrast, Noida had 27,000 unsold homes in Q2 2017 which decreased to 20,860 units in Q2 2019 - an impressive 23 percent reduction. Similarly, in Greater Noida, unsold inventory decreased by 26 percent between Q2 2017 and Q2 2019 - from 69,080 units to 50,810 units.

These are clear indicators that affordable markets are finding favour with buyers, which is in line with the fact that affordable housing is leading the pack across markets - most notably in NCR, said the report.

Gurgaon vs Other NCR Markets

Greater Noida’s inventory overhang declined from 82 months to 39 months in the last two years, followed by Gurgaon which saw it sliding from 80 months in Q2 2017 to nearly 51 months as quarter ending June.

Noida also saw a decline in its inventory overhang from 68 months to 37 months in two years.

Gurgaon vs Other NCR Markets

As per ANAROCK data, the average property prices in Gurgaon in Q2 2019 stood at Rs 6,065 per square feet – reducing by 1 percent in the last two years.

In contrast, markets including Ghaziabad, Noida and Greater Noida, the average property prices rose by a mere 2 percent, 1 percent and 1 percent respectively.

Prashant Thakur, director & head - research, ANAROCK Property Consultants, said, “When it comes to unsold housing stock, NCR has been in the ‘limelight’ in recent times. Gurgaon, the Millennium City, tends to be something of a focal point for such analyses."

First Published:Aug 21, 2019 4:21 PM IST