Restricted new supply helps Noida, Gr Noida shed unsold stock by 12 pc Y-o-Y: ANAROCK

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An ANAROCK report

Amidst restricted new supply in Noida and Greater Noida in 2020, unsold housing stock there reduced by as much as 12 per cent in the year – from 64,010 units as on 2019-end to nearly 56,620 units as on 2020-end. In contrast, Gurugram saw its unsold stock increase by 7 per cent in the same period, to approx. 61,880 units as on 2020-end.

From a new launch perspective, the whole of NCR saw a total of approx. 18,540 units launched in 2020, of which Noida and Greater Noida collectively accounted for a mere 15 pc share or approx. 2,800 units. While Gurugram saw new supply of nearly 11,180 units during the year – denoting a significant 60 pc overall share.

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

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

City 2019 2020
Supply Absorption Supply Absorption
Gurgaon 19,350 13,240 11,180 7,240
Noida 2,950 6,620 980 3,240
Greater Noida 4,090 15,150 1,820 6,950
Ghaziabad 2,430 7,860 500 3,780
Faridabad 2,860 1,630 3,050 970
Delhi 2,260 620 0 350
Bhiwadi 1,340 1,790 1,010 690
Total 35,280 46,910 18,540 23,220

Source: ANAROCK Research

 

Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants says, “COVID-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 by over 12 pc unsold stock in one year is remarkable, and indicates that developers’ offers and discounts bore fruit in this period.”

Meanwhile, luxury housing in NCR also embarked on a more gradual recovery.

Luxury Housing in NCR

As per ANAROCK research, NCR in 2020 saw total housing sales of more than 23,220 units of which nearly 4 pc was in the luxury segment priced >INR 1.5 crore onwards. Back in 2019, the share was just 3 pc.

  • Gurugram saw housing sales of approx. 7,240 units in entire 2020 of which luxury sales comprised 5 pc share.
  • Greater Noida saw housing sales of approx. 6,950 units in 2020 of which luxury segment consisted of just 2 pc share.
  • Noida witnessed housing sales of approx. 3,240 units in 2020 of which luxury comprised 9 pc share.
  • Ghaziabad saw housing sales of 3,780 units in 2020 of which luxury share was just 1 pc.
  • Faridabad too saw limited sales in luxury segment. Of the total sales of 970 units in 2020 luxury comprised just 1 pc share.