Delhi-NCR's Housing Market Sees Rapid Revival Post-Pandemic
Delhi-NCR's unsold homes decline rapidly post-pandemic
Delhi NcrHousing MarketReal EstateUnsold HomesAnarockKrisumi CorporationReal Estate NewsMay 28, 2024
This decline is a significant improvement from the region's notorious reputation for speculation-driven oversupply and market disarray. The southern and western markets, on the other hand, have seen a relatively slower decline in unsold homes, with a 11% and 8% drop respectively.
According to Santhosh Kumar, Vice Chairman of Anarock Group, the NCR market's improvement is attributed to developers' determination to keep new supply additions under control. What really worked for the NCR market was developers' determination to keep new supply additions under control. ANAROCK data indicates that NCR witnessed a total new supply of approx. 1.81 lakh units between Q1 2018 to Q1 2024, he said.
Mohit Jain, Managing Director of Krisumi Corporation, also attributes the decline in unsold inventory to strong demand in recent years. The high demand for housing is driven by those seeking a modern, luxurious, and integrated lifestyle. This positive outlook is expected to result in a surge of new residential projects, especially in the luxury segment, catering to the growing number of discerning buyers and investors, he said.
Data from CREDAI-Colliers also shows that Pune has witnessed the steepest drop in unsold inventory levels, with a 10% YoY decline in unsold units. The reduction in unsold units coincides with a major 13% annual rise in average housing prices.
The Delhi-NCR region has been notorious for its oversupply of unsold homes, but recent data suggests that the region is witnessing a significant revival. With a 57% drop in unsold units between 2018 and 2024, the region is emerging as a leader in the country's housing market.
Anarock is a leading real estate consultancy firm that provides expert insights and data analysis on the Indian real estate market. Krisumi Corporation is a real estate developer that focuses on creating luxurious and integrated residential projects.
Frequently Asked Questions
What is the current state of Delhi-NCR's housing market? A: Delhi-NCR's housing market is witnessing a rapid revival with unsold residential units declining at the fastest pace in the country Q: What is the reason behind the decline in unsold homes in Delhi-NCR? A: The decline in unsold homes in Delhi-NCR is attributed to developers' determination to keep new supply additions under control Q: Which region has witnessed the steepest drop in unsold inventory levels? A: Pune has witnessed the steepest drop in unsold inventory levels with a 10% YoY decline in unsold units Q: What is driving the demand for housing in Delhi-NCR? A: The high demand for housing is driven by those seeking a modern luxurious and integrated lifestyle Q: What is the expected outcome of the current market trends in Delhi-NCR? A: The current market trends are expected to result in a surge of new residential projects especially in the luxury segment catering to the growing number of discerning buyers and investors
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