Amidst restricted new provide in Noida and Greater Noida in 2020, unsold housing stock there lowered by as significantly as 12% in the year – from 64,010 units as on 2019-finish to almost 56,620 units as on 2020-finish. In contrast, Gurgaon saw its unsold stock boost by 7% in the very same period, to about 61,880 units as on 2020-finish.
From a new launch point of view, the complete of NCR saw a total of about 18,540 units launched in 2020, of which Noida and Greater Noida collectively accounted for a mere 15% share or approx. 2,800 units. Gurgaon saw new provide of almost 11,180 units for the duration of the year – denoting a substantial 60% general share.
Interestingly, Faridabad saw more new housing units launched in the year (approx. 3,050 units) in comparison to each Noida and Greater Noida. Ghaziabad saw housing provide of just <500 units in 2020 when Delhi saw completely no new launches in 2020.
Meanwhile, housing sales in the complete NCR stood at more than 23,220 units in 2020. Of this, Noida and Greater Noida collectively comprised a 44% share or approx. 10,190 units, when sales in Gurgaon stood at 7,240 units – almost a 31% share.
Commenting on the very same, Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants, mentioned, “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% 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 study, NCR in 2020 saw total housing sales of more than 23,220 units, of which almost 4% was in the luxury segment priced >INR 1.5 crore onwards. Back in 2019, the share was just 3%.
# Gurgaon saw housing sales of approx. 7,240 units in complete 2020, of which luxury sales comprised 5% share.
# Greater Noida saw housing sales of approx. 6,950 units in 2020 of which luxury segment consisted of just 2% share.
# Noida witnessed housing sales of approx. 3,240 units in 2020, of which luxury comprised 9% share.
# Ghaziabad saw housing sales of 3,780 units in 2020, of which luxury share was just 1%.
# Faridabad also saw restricted sales in the luxury segment. Of the total sales of 970 units in 2020, luxury comprised just 1% share.