Delhi-NCR housing market: Sales fall 19%, new supplies down 56% in Apr-Jun.
According to Anarock data, home sales in Delhi-NCR decreased 19% to 15,340 apartments in April-June from the before quarter because of the result of reducing demand brought on by rising real estate prices and borrowing rates. There were 18,835 house transactions in the NCR from January to March 2022.
Data produced by Anarock, one of the top real estate consultancies in India, shows that new launches or supplies fell by 56% in Delhi-NCR from 9,300 apartments in the other quarter to 4,070 homes in April-June. At the conclusion of the June quarter, there were 1,41,235 unsold housing units in Delhi-NCR compared to 1,51,500 at the end of March 2022, a fall of 7%.
According to Anarock, who broke down the Delhi-NCR data, house sales in Gurugram decreased to 7,580 apartments from 8,850 units. From 7,890 units, new releases decreased to 2,830 units. Housing sales in Noida fell from 2,045 flats in the before quarter to 1,650 units in April–June 2022. In contrast to 270 units the quarter before, there were no new releases in the city in the June quarter.
Greater Noida’s housing sales decreased from 3,450 to 2,750 units, while new launches increased from 0 to 390 units from April to June.
Housing sales in Ghaziabad decreased from 2,080 units in the before quarter to 1,650 properties in April–June, although new launches increased to 740 homes from 220 units. Between April and June 2022, the cumulative number of housing transactions in Faridabad, Delhi, and Bhiwadi decreased from 2,410 units the other quarter to 1,710. The number of new launches reduced from 920 units to 110 units.
Gurugram now has a big stock of unsold inventory in Delhi-NCR, with around 59,120 apartments, a 7% decrease from the March quarter. At the conclusion of the June quarter, Greater Noida’s unsold housing inventory dropped 8% to 28,875 units.
In Q2 2022, Ghaziabad’s unsold stock decreased by 5% from Q1 2022’s 18,900 to 17,990 units. Noida’s unsold housing stock decreased 11% to 12,150 homes at the end of June from 13,800 units the quarter before. In the meantime, as of June 30, 2022, there were approximately 23,100 unsold units in Delhi, Faridabad, and Bhiwadi combined. The data showed that there were 24,700 machines at the end of Q1 2022.
One of the country’s largest real estate markets, the Delhi-NCR has been greatly impacted by the halted and drastically postponed housing developments. The worst impacted customers are those who reserved apartments in the NCR since they have not still taken possession of their apartments despite having nearly paid the total purchase price to the developers. Owners of flats make EMI payments on their mortgages.
According to Anarock figures, 4,79,940 units costing Rs 4,48,129 crore are “stalled or severely delayed” in these seven cities from May 31, 2020.
A whopping 50% of these 2,40,610 stopped or delayed units, valued at Rs 1,81,410 crore, are in Delhi-NCR alone. Nearly 70% of all stalled or delayed units are located in the Noida and Greater Noida region when compared to only 13% in Gurugram.
There are 1,65,348 apartments worth Rs. 1,18,578 crore that are blocked or behind schedule in Noida and Greater Noida.
The Ghaziabad sector has 22,128 such units valued at Rs 9,254 crore, compared to Gurugram’s 30,733 units worth Rs 44,455 crore that are blocked or delayed. The stuck/delayed units in Delhi, Faridabad, Dharuhera, and Bhiwadi total 22,401 and are valued at Rs 9,124 crore.
Sales decline
Greater Noida’s housing sales decreased from 3,450 to 2,750 units, while new launches increased from 0 to 390 units from April to June. Housing sales in Ghaziabad decreased from 2,080 units in the before quarter to 1,650 units in April–June, although new launches increased to 740 homes from 220 units. Between April and June 2022, the cumulative number of housing transactions in Faridabad, Delhi, and Bhiwadi decreased from 2,410 units the other quarter to 1,710. From 920 units, there were 110 fewer new releases.
Gurugram now has a huge stock of the overall unsold inventory in Delhi-NCR, with roughly 59,120 units, a 7% decrease from the March quarter. As of June 30, 2022, there were about 23,100 unsold units in Delhi, Faridabad, and Bhiwadi combined.
The worst impacted customers are those who reserved apartments in the NCR since they have not yet taken possession of their apartments despite having nearly paid the total purchase price to the developers. Owners of flats make EMI payments on their mortgages.
Gurugram presently has a big inventory of the total unsold stock in Delhi-NCR, comprising over 59,120 models, a 7% decrease from the March quarter. Greater Noida’s unsold house stockpiles decreased 8% to 28,875 models at the end of June. Ghaziabad has clearly observed a 5% decrease in its unsold inventory from 18,900 units in Q1 2022 to 17,990 cars in Q2 2022.
In Noida, the number of unsold housing shares decreased 11% from 13,800 models in the first quarter of 2022 to 12,150 models at the end of June.
At the same time, in the time of June 30, 2022, there were over 23,100 empty models in Delhi, Faridabad, and Bhiwadi combined. The data confirmed that there were 24,700 models at the end of Q1 2022.
One of the country’s leading real estate markets, the Delhi-NCR, has been negatively impacted by halted and majorly delayed housing projects. The worst affected customers are those who reserved apartments in the NCR. However, they haven’t taken possession of their apartments. They have almost wholly paid the purchase price to the developers. Owners of flats make EMI payments on their mortgages.
As of May 31, 2020, 4,79,940 models costing Rs 4,48,129 crore are “stalled or badly delayed” across these seven locations, according to Anarock information.
A staggering 50% of these 2,40,610 halted or delayed models, costing Rs 1,81,410 crore, are in Delhi-NCR alone. Nearly 70% of all caught/delayed models come from the Noida and Greater Noida area when compared to Gurugram’s share of 13%. There are 1,65,348 models costing Rs. 1,18,578 crore that are blocked or behind schedule in Noida and Greater Noida.
While 30,733 models worth Rs 44,455 crore were captured or delayed in Gurugram, 22,128 of these models were sold in the Ghaziabad market for Rs 9,254 crore.
Twenty-two thousand four hundred one models were caught or delayed in Delhi, Faridabad, Dharuhera, and Bhiwadi costing a total of Rs 9,124 crore.
Lower gross sales
Housing sales in Greater Noida decreased from 3,450 to 2,750 pieces, while new launches increased from 0 to 390 products in the before quarter. In Ghaziabad, housing gross sales dropped from 2,080 items in the preceding quarter to 1,650 items in April–June, although new launches increased to 740 products from 220 articles.
Between April and June 2022, housing sales in Faridabad, Delhi, and Bhiwadi combined decreased from 2,410 items in the coming quarter to 1,710 pieces. From 920 goods, new launches have dropped all the way to 110 items.
Gurugram presently has an extensive inventory out of all the unsold goods in Delhi-NCR, with roughly 59,120 products, a 7% decrease from the Third quarter. As of June 30, 2022, there were about 23,100 unsold products in Delhi, Faridabad, and Bhiwadi combined.
The hardest affected are those who reserved apartments in the NCR; although they haven’t taken possession of their apartments, they have majorly paid the total purchase price to the developers. Additionally, apartment owners are making EMI payments on their mortgages.
edited and proofread by nikita sharma
