Restricted New Supply Helps Noida, Greater Noida Shed Unsold Stock

Faridabad saw more new housing units launched in the year compared to both Noida and Greater Noida

Restricted New Supply Helps Noida, Greater Noida Shed Unsold Stock
Restricted New Supply Helps Noida, Greater Noida Shed Unsold Stock
Vishav - 14 January 2021

Amidst restricted new supply in Noida and Greater Noida in 2020 due to COVID, unsold housing stock there reduced by around 12 per cent in the year – from 64,010 units as of 2019-end to nearly 56,620 units as of 2020-end, according to an analysis by ANAROCK Property Consultants. In contrast, Gurgaon saw its unsold stock increase by 7 per cent in the same period, to around 61,880 units as of 2020-end.

From a new launch perspective, the whole of NCR saw a total of approximately 18,540 units launched in 2020, of which Noida and Greater Noida collectively accounted for a mere 15 per cent share (2,800 units). On the other hand, Gurgaon saw a new supply of nearly 11,180 units during the year – denoting a significant 60 per cent overall share.

Interestingly, Faridabad saw more new housing units launched in the year (3,050 units) in comparison to both Noida and Greater Noida. Ghaziabad saw a housing supply of just around 500 units in 2020 while Delhi saw absolutely no new launches in 2020, the data revealed.

Meanwhile, housing sales in the entire NCR stood at over 23,220 units in 2020. Of this, Noida and Greater Noida together comprised a 44 per cent share at 10,190 units, while sales in Gurgaon stood at 7,240 units – nearly a 31 per cent share.

Santhosh Kumar, Vice Chairman, ANAROCK Property Consultants, saidCOVID-19 impacted both new launches and housing sales in all the top cities, including NCR.

"However, data trends clearly indicate the caution with which developers in Noida and Greater Noida applied in terms of new launches. These two markets previously had a lot of unsold stock and developers’ focus is now primarily on completing and selling previously launched projects. A reduction of over 12 per cent unsold stock in one year is remarkable, and indicates that developers’ offers and discounts bore fruit in this period,” he added.

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