Unsold housing inventory reduces by 27% in Noida, Greater Noida, Ghaziabad: Report

Unsold housing inventory reduces by 27% in Noida, Greater Noida, Ghaziabad: Report

November 5, 2019 in Real Estate News

The collective unsold stock in these cities of UP had declined by 26% – from 1,31,150 units in Q3 2017 to approx. 97,270 units by Q3 2019 end.
NCR towns of Uttar Pradesh managed to reduce the number of unsold inventories by up to 27%. According to the latest report by property consultant Anarock and National Real Estate Development Council (NAREDCO), Noida, Greater Noida and Ghaziabad saw the maximum decline in overall unsold housing stock in two years in the state.
The collective unsold stock in these cities of UP had declined by 26% – from 1,31,150 units in Q3 2017 to approx. 97,270 units by Q3 2019 end.

The festive period around Diwali is the peak sales season in India as many believe it an auspicious time to buy everything from gold to consumer durables and houses.

“Noida, Greater Noida and Ghaziabad succeeded in significantly reducing unsold stock primarily because of developers’ conscious restriction of new supply in favour of ongoin ..
Interestingly, Gurugram saw unsold housing inventory increase by approximately 7% and currently has the highest unsold stock in NCR – 55,900 unsold units.

Delhi’s unsold stock increased by 20% in this period – from 10,770 units in Q3 2017 to 12,960 units in Q3 2019.
“The Indian real estate sector continues to face challenges in terms of reduced construction finance and high levels of unsold inventory. Real estate regulation and other positive measures by the government have made the market more responsible towards deliveries. This especially reflects in the NCR market, where along with a decline in launches, developers are focused on completion of unsold inventory,” said Parveen Jain, Vice Chairman, NAREDCO.

Source : economictimes.indiatimes.com

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