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Q3 2019 Real Estate Tracker – NCR and MMR


New Supply Overview

Collectively, NCR saw a new supply of 5,790 units in Q3 2019 as against 4,200 units a year ago and nearly 13,570 units in the preceding quarter of Q2 2019. If we break it city-wise:

  • Gurgaon saw maximum new launches in Q3 2019 comprising approx. 2,030 units, increasing by 75% from 1,160 units in Q3 2018. On a q-o-q basis, the city saw new launches decline 71% against the preceding quarter.
  • Faridabad followed next and saw new launches of approx. 1,190 units in Q3 2019, up by 36% against the preceding quarter. Interestingly, there were no new launches in the corresponding period of 2018.
  • Ghaziabad witnessed a new supply of approx. 880 units in the third quarter this year, increasing by 27% against the previous quarter and by more than 220% on yearly basis.
  • Noida and Greater Noida together saw minimal new supply (approx. 740 units) added in the third quarter of 2019. In fact, Noida saw no new launches during the period.
  • Delhi and Bhiwadi together clocked in a new supply of more than 950 units with the former seeing launch of over 760 new units.

Absorption Overview
Altogether, NCR saw housing sales of nearly 9,830 units in Q3 2019, dropping yearly by 13% and nearly 22% on a quarterly basis. Among the top 7 cites, NCR was second in recording maximum decline on a quarterly basis.

  • Interestingly, Greater Noida and Noida that saw minimal new supply clocked in maximum sales in the third quarter this year (sale of 4,580 units). In fact, Greater Noida independently saw nearly 3,200 units sold in Q3 2019 – more than even Gurgaon which clocked in housing sales of 2,690 units during this period.
  • Q-o-Q, sales in both Noida and Greater Noida have gone down by 23% and 22% respectively while on yearly basis it went down by 8% and 14% respectively. In Gurgaon, sales on a quarterly basis went down by 25% from 3,580 units in Q2 2019. While on a y-o-y basis, the millennium city saw its sales plummet by 11%. It was 3,010 units in Q3 2018.
  • Ghaziabad recorded housing sales of 1,700 units in Q3 2019, decreasing by 20% on a quarterly basis from 2,120 units sold in Q2 2019. Over a year, sales decreased by 15% from 1,990 units sold in Q3 2018.
  • Faridabad recorded sales of 350 units, followed by Bhiwadi which saw nearly 380 units sold and Delhi registered housing sales of <140 units in Q3 2019. On a quarterly basis, the three cities saw sales fall by 18%, 21% and 22% respectively while on a year basis it declined by 23% and 35% in that order. Delhi saw a meager 1% rise in sales in a year.

Unsold Inventory

 Unlike its other major counterpart MMR, NCR has fared better in shedding its overall unsold stock on both a quarterly and yearly basis. It saw its stock decline by 7% in a year – from 1,90,650 units in Q3 2018 to 1,77,900 units in Q3 2019. On a quarterly basis, the region reduced its unsold stock by 2% – far better than most top cities except Hyderabad.

  • City-wise, interestingly, Noida and Greater Noida have shed maximum stock – both on a quarterly and yearly basis. Unsold inventory in Noida reduced by 7% q-o-q to be 19,480 units in Q3 2019. Similarly, the city saw a yearly reduction of 16% since Q3 2018 when the unsold stock was close to 23,300 units. Alternately, in Greater Noida, the unsold inventory is more than double that in Noida. As of Q3 2019, the unsold stock in Greater Noida was 48,350 units, reducing 5% from 50,810 unsold units since Q2 2019. On yearly basis, Greater Noida saw its unsold stock declined by a whopping 19%. It was 59,990 units in Q3 2018.
  • Gurgaon currently has the maximum unsold stock in the entire NCR region at 55,900 units, which reduced only marginally by 1% against the preceding quarter. On yearly basis, the city saw its unsold inventory pile-up by a whopping 13% – it was 49,500 units in Q3 2018.
  • Both Faridabad and Delhi have also added more stock to the unsold category, both on a yearly and q-o-q basis. Faridabad’s unsold stock was 4,780 units in Q3 2018 which have piled up to 6,020 units as of Q3 2019 while it was 5,180 units in Q2 2019. As for the national capital, the yearly stock has piled up from 10,900 units in Q3 2018 to 12,960 units in Q3 2019. It was 12,340 units in Q2 2019.
  • In contrast, Ghaziabad has also been able to shed its unsold stock by 18% on yearly basis – from 35,790 units in Q3 2018 to 29,440 units in Q3 2019. On a quarterly basis, the city saw the stock reduce by 3% from 30,250 units as of Q2 2019.
  • Unsold stock in Bhiwadi has also reduced by 10% since the corresponding period in 2018 – from 6,390 units in Q3 2018 to 5,750 units in Q3 2019. It was 5,930 units in the preceding quarter of Q2 2019.

MMR Residential Update City-wise

New Supply Overview

  • Of the total 14,040 new units launched in the entire MMR in Q3 2019, Mumbai witnessed a new supply of 9,390 units comprising 67% share, followed by Navi Mumbai which saw a launch of 2,430 new units (17% share) while Thane saw 2,220 units launched during the period.
  • On a y-o-y basis, new stock in Mumbai reduced by 33%. It was 14,040 units in Q3 2018 – exactly the same number of launches that are seen by the entire MMR in this quarter. The quarterly decline recorded was 38%.
  • Navi Mumbai saw its new supply reduce by 21% in the third quarter this year – from 3,060 units in Q3 2018 to 2,030 units in Q3 2019. On q-o-q, the new supply declined by 34% and was 3,710 units in Q2 2019.
  • Thane saw its new stock decline by 19% on a y-o-y basis. It was 2,740 units in Q3 2018 and now stands at 2,220 units in Q3 2019. It saw a 48% decline over the preceding quarter – Q2 2019.

Absorption Overview

  • Of the total 17,180 units sold in the entire MMR in Q3 2019, Mumbai witnessed housing sales of 11,630 units comprising over 68% share in the entire region. On a y-o-y basis, the city saw its sales decline by 9%. It was 12,750 units in Q3 2018. On a quarterly basis, housing sales in Mumbai fell by 22% – from 14,850 units in Q2 2019.
  • Thane witnessed a yearly reduction of meager 1% in Q3 2019 – from 2,690 units in Q3 2018 to 2,660 units in Q3 2019. Q-o-Q, the city saw a 16% decline in housing sales. Approx. 3,170 units were sold in Thane in Q2 2019.
  • Navi Mumbai saw housing sales rise yearly by 5% – from 2,740 units in Q3 2018 to 2,890 units in Q3 2019. However, on a q-o-q basis, sales declined by 13% from 3,340 units in Q2 2019.

Unsold Inventory

  • As of Q3 2019, MMR had an unsold stock of nearly 2,20,870 units. Of this, Mumbai comprised 66% share with approx. 1,46,380 unsold units. On yearly basis, the city was able to shed its unsold stock by 3% while q-o-q only saw a 1% reduction in the unsold stock.
  • Thane has a total unsold stock of 34,950 units as of Q3 2019, declining by 1% on a quarterly basis and by 2% on y-o-y. Unsold stock as of Q3 2018 was 35,700 units approx.
  • Navi Mumbai’s unsold inventory is at 39,530 units in this quarter. Q-o-q, inventory declined by 1% from 39,990 units in Q2 2019. On yearly basis, the city saw its unsold stockpile by 7%. Unsold inventory was 37,000 units in Q3 2018.

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