New Delhi, Aug 22 (IANS) Unsold housing inventory in Gurugram rose over 10 per cent during the last two years, in contrast to a decline in stocks in other parts of the National Capital Region (NCR), an Anarock report said on Thursday.
The report noted that the unsold inventory in Gurugram rose from 51,220 units in the second quarter of 2017 to 56,550 during the corresponding period of 2019.
“In the last two years, Gurgaon had the dubious distinction of adding 10 per cent 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),” it said.
The report further said that in contrast to Gurugram, Noida had 27,000 unsold homes in Q2 of 2017 which decreased by 23 per cent to 20,860 units in Q2, 2019. Similarly, in Greater Noida, unsold inventories decreased by 26 per cent between Q2, 2017 and Q2, 2019, from 69,080 units to 50,810 units.
“Meanwhile, Ghaziabad saw its unsold stock decrease to 30,250 units in Q2, 2019 — declining by 22 per cent in two years. Faridabad, having least unsold inventory in NCR (of 5,180 units) saw the stock fall by 27 per cent since Q2, 2017,” it said.
However, Delhi saw its unsold stock pile up to 12,340 units during the April-June 2019, increasing by 4 per cent since the corresponding period of 2017.
Commenting on the rise in Gurugram’s housing inventory in contrast to other parts of NCR, Prashant Thakur, Director and Head of Research, Anarock Property Consultants said: “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.”
Property prices in Gurugram are higher than those in Noida or Greater Noida. The report showed that the total value of the unsold units in Gurgaon (56,550 units) is nearly Rs 80,570 crore while in Greater Noida, the value of 50,800 unsold units is roughly Rs 26,720 crore. Noida’s 20,860 unsold units are worth Rs 18,380 crore.
It indicates that the unsold properties in Gurugram largely belong to the luxury segment against affordable properties in Greater Noida, the report said.