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NCR inventory overhang reduces to 27 months in Q2’22 from 80 months last year

  • In Q2 2022, NCR now has the lowest housing inventory overhang since Q1 2015, aided by robust sales & restricted new supply
  • Unsold stock sees a whopping 16% yearly decline – from approx. 1,68,710 units in Q2 2021-end to approx. 1,41,240 units as of Q2 2022-end
  • Delhi-NCR developers remained cautious & restricted new supply despite robust sales; approx. 4,070 units were launched in Q2 2022 

Gurugram,  July 6, 2022: Robust sales and restricted new supply helped NCR outpace the other top cities in reducing its housing inventory overhang by 53 months, shows latest ANAROCK Research. NCR’s inventory overhang stood at 80 months as of Q2 2021, and reduced to 27 months in Q2 2022. Since Q1 2015, Q2 2022 has seen the lowest inventory overhang in Delhi-NCR, indicating a very favourable residential market scenario in a very long time.

“Inventory overhang basically reflects the sales velocity at a given time,” says Prashant Thakur, Sr. Director & Head – Research, ANAROCK Group. “Inventory measured in months indicates the number of months it will take for the current unsold housing stock on the market to sell at the current absorption rate. NCR saw its unsold stock decline by 16% on yearly basis – from approx. 1,68,710 units in Q2 2021-end to approx. 1,41,240 units as of Q2 2022-end.”

With remarkable restraint in this previously highly speculative market which saw an unrealistically high number of projects launched in earlier years, developers in Delhi-NCR have restricted their new supply despite robust sales. Merely 4,070 units were launched in Delhi-NCR in Q2 2022. 

Delhi-NCR Unsold Stock:

  • Of the total unsold inventory in NCR, Gurugram currently has the maximum stock of around 59,120 units, which decreased by 7% on quarterly basis 
  • Greater Noida has more than 28,875 unsold units as of Q2 2022-end, and reduced its stock by 8% on a quarterly basis
  • Ghaziabad saw its unsold stock decline to 17,990 units in Q2 2022 from 18,900 units in Q1 2022 – a 5% quarterly decline
  • Noida has approx. 12,150 units of unsold stock by Q2 2022-end, against 13,800 units in preceding quarter of 2022 – a decline of 12%
  • DelhiFaridabad and Bhiwadi together have approx. 23,100 unsold units by Q2 2022-end – a 6% decline from 24,700 units by Q1 2022-end
Available Inventory (Units)
 Q1 2022 Q2 2022 
Greater Noida31,23528,875
Faridabad, Delhi, Bhiwadi24,70023,100

Source: ANAROCK Research

Delhi-NCR New Housing Supply:

As per ANAROCK data, overall new housing supply in Delhi-NCR declined by 56% on quarterly basis – from 9,300 units in Q1 2022 to nearly 4,070 units as of Q2 2022.

  • Gurugram saw maximum launches of 2,830 new units in Q2 2022, comprising a 70% share of the total new launches in entire NCR. On a quarterly basis, Gurugram saw a decline of 64% in new supply – from 7,890 units in Q1 2022 to 2,830 units in Q2 2022. 
  • Noida saw no new supply in Q2 2022, while Greater Noida saw just 390 new units launched in Q2 2022. Developers are consciously restricting new supply into these two markets. 
  • Ghaziabad saw approx. 740 new units launched in Q2 2022. In preceding quarter of 2022, the city saw new supply of 220 units. 
  • FaridabadDelhi and Bhiwadi together saw just 110 new units launched in Q2 2022, in sharp contrast to 920 units launched in the first quarter of 2022. 
New Supply (Units)
 Q1 2022 Q2 2022 
Greater Noida0390
Faridabad, Delhi, Bhiwadi920110

Source: ANAROCK Research

Delhi-NCR Residential Sales: 


Approx. 15,340 homes were sold in NCR in Q2 2022 – the second-highest after MMR. On a quarterly basis, sales decreased by 19% – in Q1 2022, approx. 18,835 units were sold across NCR. 

Housing Sales (Units)
 Q1 2022 Q2 2022 
Greater Noida3,4502,750
Faridabad, Delhi, Bhiwadi2,4101,710

Source: ANAROCK Research 

  • In Gurugram, housing sales decreased by 14% on a quarterly basis – from approx. 8,850 units in Q1 2022 to approx.. 7,580 units in Q2 2022. 
  • Noida saw approx. 1,650 units sold in Q2 2022, as against 2,045 units in the preceding quarter – decreasing by 19%. 
  • Greater Noida saw sales decrease by 20% on a quarterly basis. 3,450 units were sold in Q1 2022, and 2,750 units in Q2 2022.
  • Ghaziabad, which saw 2,080 units sold in Q1 2022 and 1,650 units in Q2 2022, saw a quarterly decrease of 21%. 
  • FaridabadBhiwadi and Delhi collectively saw approx. 1,710 units sold in Q2 2022, against 2,410 units in Q1 2022 – declining by 29%.